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Any sane person who realizes that their job is to be thrown under the bus has two options: Either go along with it and be a conspirator, secure your means of ge

Any sane person who realizes that their job is to be thrown under the bus has two options: Either go along with it and be a conspirator, secure your means of getting away, or start talking to the law enforcement to cover your ass. The people running Binance should have realized that the first option did not happen and they should have prepared for the second option. Although it is good that this didn’t happen, SEC now has an easier case because of this.

wpietri 3y ago
I suspect it's very hard for people to realize that. Thinking back on my career, there were jobs I stayed at too long because I was hoping things would turn around, that I could make more of a difference than I ultimately did. That was hard enough for me to realize as a low-level worker. It has to be a fair bit harder if you've got a fancy title and a fancy salary. "It is difficult to get a man to understand something when his salary depends on his not understanding it."
- anonylizard 3y ago
  Learning how to code fizzbuzz is hard for most people, it isn't for us. Learning basic corporate politics is hard for most people, not for prospective CEOs.
  - wpietri 3y ago
    True, but I think that hurts them here. Corporate politics is about fitting into a status hierarchy and working your way up it. You exchange your own identity and concerns for that of the organization, and are rewarded with status and money. A fake CEO like Zhao appeared to want here would be doing exactly the same thing he's been doing on the way up: rolling over for whatever the more powerful person wants. It's just that the stakes have quietly changed, with a sudden downside of "5-10 in a federal prison". As people like Caroline Ellison have recently realized.
- emodendroket 3y ago
  I think this guy can probably easily find an equivalent position, so had less reason to put blinders on.
wmf 3y ago
I suspect Binance is prepared and they will simply not comply. Nothing is physically in the US to be seized (except maybe the binance.us domain).
- cft 3y ago
  [flagged]
  - jfghi 3y ago
    War on illegal activity
  - 0cf8612b2e1e 3y ago
    I am not sure I understand. Do you think this suit is baseless?
    - cft 3y ago
      Why aren't they suing Coinbase as well?
      - nindalf 3y ago
        Why would they? Have Coinbase done anything similar to what Binance is being sued by the SEC for? You could check the court filing and let us know. And don't stop there. If you've found wrongdoing at Coinbase the SEC would be interested in, feel free to submit a tip to the SEC (https://www.sec.gov/whistleblower/submit-a-tip https://www.sec.gov/whistleblower/submit-a-tip). Many people have made millions off these tips. This could be your time to shine.
        Semon132 3y ago
        On a separate note, if I wanna file a compliant against a couple other fintechs regarding serious violations, how would I be rewarded? Do you have more clarity? Would appreciate some help!

wpietri 3y ago

I suspect it's very hard for people to realize that. Thinking back on my career, there were jobs I stayed at too long because I was hoping things would turn around, that I could make more of a difference than I ultimately did. That was hard enough for me to realize as a low-level worker. It has to be a fair bit harder if you've got a fancy title and a fancy salary. "It is difficult to get a man to understand something when his salary depends on his not understanding it."

anonylizard 3y ago
Learning how to code fizzbuzz is hard for most people, it isn't for us. Learning basic corporate politics is hard for most people, not for prospective CEOs.
- wpietri 3y ago
  True, but I think that hurts them here. Corporate politics is about fitting into a status hierarchy and working your way up it. You exchange your own identity and concerns for that of the organization, and are rewarded with status and money. A fake CEO like Zhao appeared to want here would be doing exactly the same thing he's been doing on the way up: rolling over for whatever the more powerful person wants. It's just that the stakes have quietly changed, with a sudden downside of "5-10 in a federal prison". As people like Caroline Ellison have recently realized.
emodendroket 3y ago
I think this guy can probably easily find an equivalent position, so had less reason to put blinders on.

wmf 3y ago

I suspect Binance is prepared and they will simply not comply. Nothing is physically in the US to be seized (except maybe the binance.us domain).

cft 3y ago
[flagged]
- jfghi 3y ago
  War on illegal activity
- 0cf8612b2e1e 3y ago
  I am not sure I understand. Do you think this suit is baseless?
  - cft 3y ago
    Why aren't they suing Coinbase as well?
    - nindalf 3y ago
      Why would they? Have Coinbase done anything similar to what Binance is being sued by the SEC for? You could check the court filing and let us know. And don't stop there. If you've found wrongdoing at Coinbase the SEC would be interested in, feel free to submit a tip to the SEC (https://www.sec.gov/whistleblower/submit-a-tip https://www.sec.gov/whistleblower/submit-a-tip). Many people have made millions off these tips. This could be your time to shine.
      - Semon132 3y ago
        On a separate note, if I wanna file a compliant against a couple other fintechs regarding serious violations, how would I be rewarded? Do you have more clarity? Would appreciate some help!