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Yes, but he gambled depositors' money. He defrauded his customers. He stole their deposits. He stated he would not take their deposits, yet he did. He commi
by siftrics 4y ago
Yes, but he gambled depositors' money.
He defrauded his customers.
He stole their deposits.
He stated he would not take their deposits, yet he did.
He committed fraud. He committed wire fraud.
He stole.
- elkos 4y agoAnd that's horrible, but I always miss the initial part of the story. My understanding of crypto and the economics of scale around it is poor, but was FTX was one of the largest exchanges. Doesn't such a thing need huge initial capital investments, sales, etc?
- siftrics 4y agoYes. It did have huge initial capital investments. In fact, in one of the rounds, $420m was raised and SBF personally took $300m for himself. He just funneled it to his own entities. I'm sure investors wouldn't be happy. I would not be surprised if he defrauded them in that situation, too.