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FTX Has Billions More Than Needed to Pay Bankruptcy Victims
- helsinkiandrew 2y agohttps://archive.ph/3c2zK https://archive.ph/3c2zK
- lesuorac 2y agoThere's less text in this link than the actual article.
- vanhanenjjv 2y agoThe rest of the article is behind a login/paywall.
- krunck 2y agohttps://archive.is/FZBWH https://archive.is/FZBWH
- rickcabana 2y agoHah, hopefully he can make them whole again!
- huhuhu111 2y ago[dead]
- FranGro78 2y agoPerhaps like myself, there are many people outside of the US who haven’t bothered with trying to claim? My exposure was pretty small, definitely not enough to justify trying to figure out this whole process would work in my case.
- dkasper 2y agoIt’s mostly because crypto is close to all time highs again.
- s1artibartfast 2y agoThis is due to non crypto holdings. They never recovered crypto from ftx
- dkasper 2y agoWell I meant crypto related investments too. But Anthropic might be a big piece of it, so I guess I stand “corrected”
- solean 2y agoYes, but if you had for example 1 ETH in FTX when it went down, you're not getting 1 ETH back now, you're only getting the dollar value of that ETH in November 22, which was much lower than current prices (> 50%).
- s1artibartfast 2y agoHow is this related to my point? Ability to cash out account holders is not related to crypto being up
- moralestapia 2y agoIf at the end of the story, everybody affected is made whole, could it be argued that his sentence should be reduced?
- underseacables 2y agoIf someone robs your house and steals your things, The police arrest the burglar and get your stuff back, does that mean the burglar should go free or get a reduced sentence? NO. THE ANSWER IS NO.
- moralestapia 2y agoThat's a different crime, so your reasoning does not apply. It my understanding (I could be wrong) that on financial crimes it does make a difference if you make the victims whole or not. No idea if it also applies somehow after the ruling, hence why I asked on this forum for intelligent discourse. Sorry if that bothers you, though.
- jamil7 2y agoI think the original poster was aware that it’s a different crime and was attempting to simplify the concept so you were able to grasp it a little easier.
- moralestapia 2y agoI appreciate the generosity, but I feel it needs to be simplified even more so you and GP are able to grasp it as well. Breaking and entering is a crime on its own, while most financial crimes are non-violent by nature; a whole different set of rules apply. Burglary is also different from fraud. Read about it, I can recommend a dictionary.
- phone8675309 2y agoThat's why B&E is charged differently depending on if there were occupants in the house or not. If not, the person doing the B&E gets a lighter sentence, but they still get punished.
- erikig 2y ago(Sentencing Judge Lewis) Kaplan also rejected Bankman-Fried’s claim that he deserves a lighter sentence because many of his victims may be made whole on their lost investments. "If a thief steals money, takes it to Las Vegas, and earns a handsome profit by gambling, he is still a thief, even if the funds are repaid." [1] [1] https://www.thedailybeast.com/ftx-crypto-fraudster-sam-bankman-fried-sentenced-to-25-years-in-prison https://www.thedailybeast.com/ftx-crypto-fraudster-sam-bankm... SBF's crime wasn't losing money, had he gotten authorization to make these investments from his depositors, he wouldn't have been in this position.
- FireBeyond 2y agoAnd even more, it was luck and 'fortune' that this is the case now. It's nothing of SBF's doing. They're only able to be made whole because of the market. Crypto could easily have crashed. And then...?
- s1artibartfast 2y agoThat's not quite true. Many of the investments did quite good and outperformed alternatives. Investment in anthropic AI would be a good example.
- echoangle 2y agoHow does that in any way contradict the comment you’re responding to? They’re saying it was luck, saying it was successful does not mean it wasn’t just luck…
- s1artibartfast 2y agoI was addressing the crypto markets being up portion of the post.
- FireBeyond 2y agoGreat. Many of those investments should never have been able to be made in the first place, because they came through fraudulent actions. Sure, those gains can be used to make investors whole. No, SBF shouldn't get any credit for his "foresight" because they can. There was a point within a couple of months of the Madoff collapse where it was shown that if he'd sent out an email to his investors saying, "Here's the deal, we're freezing. No more deposits. No withdrawals for now", and he'd left everything untouched for four years, he would have been in the black. His efforts wouldn't have been right or net-zero if he'd done that, though.
- xhkkffbf 2y agoSo who gets the extra? Is it split evenly? Or do the lawyers make off with it?
- cbluth 2y agocertainly central authorities will seize said spoils snickering all the way
- mmcclure 2y agoIt all goes to the creditors + interest. > Although all debts will be paid in full, plus interest, nothing will be leftover for equity holders > Depending on the type of claim they hold in the case, some creditors could recover as much as 142% of what they are owed. The vast majority of customers, however, will likely get 118% of what they had on the FTX platform the day the company entered Chapter 11 bankruptcy.
- laura074 2y ago[dead]
- Marsandd02 2y ago[dead]
- Marsandd02 2y ago[dead]
- laura074 2y ago[dead]