One of my favourite parts of this embezzlement of customer funds to spend elsewhere is that their Anthropic investment may pay off alot of the hole that FTX du

One of my favourite parts of this embezzlement of customer funds to spend elsewhere is that their Anthropic investment may pay off alot of the hole that FTX dug themselves. SBF could end up like Martin Shekreli where they can technically pay back the money they stole but will still end up in prison because they committed fraud to begin with. With the reports that Alemeda minted about $40B of Tether I was hoping that the government would capture that amount and then hand it to Tether to force a redemption back to USD. Saddly they don't seem to have that Tether around anymore. For a bunch of people who worked for a respected traditional trading firm in Jane street, they dont' seem to have been very good traders at all. The government's done a pretty good job with their end of the trial, by - first making it clear that SBF ordered that FTX remove the borrow constraint for Alemeda that everyone else had, - then by showing how all of Sam's purchases and political donations were done with money that he first sent to Alemeda and - then by having the head of legal at FTX go through their terms of service that make it clear that FTX could not lend out customer money for any reasons at all except for margin accounts. They are now closing by making it clear to the jury that "effective altruism" is not a valid defense for fraud and theft. Side note, the bankruptcy team has announced that individuals who pulled out less than $250,000 in the weeks leading up to the collapse will not be pursued for claw backs, which is great news for small retail investors. They also announced that FTX and FTX.US customers would precede vendors in the payback hierarchy which is good news for those of us who bought bankruptcy claims. Now seeing them valued in the 45cents on the dollar range.