5 ms·

Question: Will SBF still be a millionaire many times over after this?

by bigmattystyles 4y ago

friedman23 4y ago
He will likely end up in jail. If he's not in jail by the end of this there is just serious corruption.
- grensley 4y ago
  The corporate structure surrounding FTX is so complex, and given that Elizabeth Holmes is still walking free, I would guess it will be a long long time before anyone involved here sees a jail cell.
  - incompleteCode 4y ago
    Elizabeth Holmes defrauded investors. SBF gambled with customer deposits. I’d say the stakes are higher. Edit: fixed formatting.
    - a_bonobo 4y ago
      Plus, Holmes was judged to be guilty, the sentencing will be this week: https://www.theguardian.com/technology/2022/nov/14/theranos-elizabeth-holmes-sentencing-fraud https://www.theguardian.com/technology/2022/nov/14/theranos-...
      - grensley 4y ago
        I'm just saying that it's been 7 years since the fraud went public
    - carterschonwald 4y ago
      Yeah. The SEC was created to protect the general public. Not “sophisticated investors ” (aka those who care afford to lose money)
    - jimhi 4y ago
      Holmes made up device was in a few Walgreens giving people made up medical test results. I disagree the stakes are higher here.
- markdown 4y ago
  He's a citizen of the most corrupt country in the world and the (only?) one that legalised that corruption and gave it a different name. He was the biggest donor to the governing party. He'll be fine.
  - nwiswell 4y ago
    > He lives in USA This is incorrect, he's an actual physical resident of the Bahamas, where FTX is also domiciled.
    - markdown 4y ago
      Thanks, fixed.
  - ALittleLight 4y ago
    Most corrupt country in the world? By what measure?
    - markdown 4y ago
      It's legal in your country to pay huge sums of money to your politicians in order to buy influence. Ergo the laws of the country and the actions of the government are for sale to the highest bidder. In most other countries, this would land people in jail, but in the US it's so utterly brazen that you can find the details online. See https://www.opensecrets.org/ https://www.opensecrets.org/ Don't forget that the very phrase "Banana Republic" is a result of US corporations that had bought the US govt and gotten them to oust governments in 3rd world countries for the benefit of those US corporations.
      - ALittleLight 4y ago
        Transparency International maintains a global corruption index - the US ranks 27th in terms of "least corrupt" which is within the top quintile. Many other countries rank worse. For example, Fiji is rated 45th on the index. You can absolutely use money to influence politicians in the US, but that's likely true of wherever you live too. New Zealand is a very not-corrupt country according to the corruption index, but I seem to recall Peter Thiel had no trouble purchasing citizenship in contravention of their laws - I'm sure money had nothing to do with that though.
mikeyouse 4y ago
No, there's no world in which he is. Fraud on this level will see massive forfeiture as directed by the SEC and DOJ and then civil suits will clean up anything left afterward he's released from prison.
- deleted 4y ago
  [deleted]
- qaq 4y ago
  one thing crypto is pretty decent for is hiding a bunch of money from authorities
- devmunchies 4y ago
  > No, there's no world in which he is Sure there is. The scenario where he escape with a suitcase of gold to a country without extradition. Or another scenario would be if he had serious blackmail on several key govt officials.
  - BurningFrog 4y ago
    You need nothing that heavy. Many printed out bitcoins fit in an envelope.
    - friend_and_foe 4y ago
      Printed out bitcoins?
      - tarsinge 4y ago
        Yes having bitcoins is just having a private key. In 12 or 24 words format a wallet can even be memorized if needed. The blockchain is the global ledger of how much money there is on corresponding public keys.
  - friend_and_foe 4y ago
    When you're hitting at that level you can't hide, not anymore. Maybe in the 70s. Countries without extradition aren't usually the kinds of places you want to go these days, and people there are bound to know who you are and shake you down when you're a globally known rich guy.

Question: Will SBF still be a millionaire many times over after this?

friedman23 4y ago

He will likely end up in jail. If he's not in jail by the end of this there is just serious corruption.

grensley 4y ago
The corporate structure surrounding FTX is so complex, and given that Elizabeth Holmes is still walking free, I would guess it will be a long long time before anyone involved here sees a jail cell.
- incompleteCode 4y ago
  Elizabeth Holmes defrauded investors. SBF gambled with customer deposits. I’d say the stakes are higher. Edit: fixed formatting.
  - a_bonobo 4y ago
    Plus, Holmes was judged to be guilty, the sentencing will be this week: https://www.theguardian.com/technology/2022/nov/14/theranos-elizabeth-holmes-sentencing-fraud https://www.theguardian.com/technology/2022/nov/14/theranos-...
    - grensley 4y ago
      I'm just saying that it's been 7 years since the fraud went public
  - carterschonwald 4y ago
    Yeah. The SEC was created to protect the general public. Not “sophisticated investors ” (aka those who care afford to lose money)
  - jimhi 4y ago
    Holmes made up device was in a few Walgreens giving people made up medical test results. I disagree the stakes are higher here.
markdown 4y ago
He's a citizen of the most corrupt country in the world and the (only?) one that legalised that corruption and gave it a different name. He was the biggest donor to the governing party. He'll be fine.
- nwiswell 4y ago
  > He lives in USA This is incorrect, he's an actual physical resident of the Bahamas, where FTX is also domiciled.
  - markdown 4y ago
    Thanks, fixed.
- ALittleLight 4y ago
  Most corrupt country in the world? By what measure?
  - markdown 4y ago
    It's legal in your country to pay huge sums of money to your politicians in order to buy influence. Ergo the laws of the country and the actions of the government are for sale to the highest bidder. In most other countries, this would land people in jail, but in the US it's so utterly brazen that you can find the details online. See https://www.opensecrets.org/ https://www.opensecrets.org/ Don't forget that the very phrase "Banana Republic" is a result of US corporations that had bought the US govt and gotten them to oust governments in 3rd world countries for the benefit of those US corporations.
    - ALittleLight 4y ago
      Transparency International maintains a global corruption index - the US ranks 27th in terms of "least corrupt" which is within the top quintile. Many other countries rank worse. For example, Fiji is rated 45th on the index. You can absolutely use money to influence politicians in the US, but that's likely true of wherever you live too. New Zealand is a very not-corrupt country according to the corruption index, but I seem to recall Peter Thiel had no trouble purchasing citizenship in contravention of their laws - I'm sure money had nothing to do with that though.

mikeyouse 4y ago

No, there's no world in which he is. Fraud on this level will see massive forfeiture as directed by the SEC and DOJ and then civil suits will clean up anything left afterward he's released from prison.

deleted 4y ago
[deleted]
qaq 4y ago
one thing crypto is pretty decent for is hiding a bunch of money from authorities
devmunchies 4y ago
> No, there's no world in which he is Sure there is. The scenario where he escape with a suitcase of gold to a country without extradition. Or another scenario would be if he had serious blackmail on several key govt officials.
- BurningFrog 4y ago
  You need nothing that heavy. Many printed out bitcoins fit in an envelope.
  - friend_and_foe 4y ago
    Printed out bitcoins?
    - tarsinge 4y ago
      Yes having bitcoins is just having a private key. In 12 or 24 words format a wallet can even be memorized if needed. The blockchain is the global ledger of how much money there is on corresponding public keys.
- friend_and_foe 4y ago
  When you're hitting at that level you can't hide, not anymore. Maybe in the 70s. Countries without extradition aren't usually the kinds of places you want to go these days, and people there are bound to know who you are and shake you down when you're a globally known rich guy.