Just for some perspective here, the DOJ could be pursuing SBF for wire fraud, which comes with a maximum sentence of twenty years. FTX’s bankruptcy couldn’t be construed as a mistake past the first day or so of last week, and this is still very generous. I find that this forum has consistently underestimated how grievous the actions taken by SBF, Alameda and FTX have been compared to the individuals I know who work in finance or crypto.
Sorry for the confusion, I was adding on to your comment. I agree with you obviously. It was more a statement on the forum over the past five-six days.
As far as I was concerned, by 24-36 hours(D+1-D+1.5) after the liquidity crisis turned fraud, I already raised the hypothesis of outright stealing and fraud to serious attention, and 48-72 hours after the crisis first broke (D+2-D+3) I assumed fraud and stealing was happening there. I also was right to distrust crypto several months before, because it’s very structure lends it to fraud, with no other legal use.
Just for some perspective here, the DOJ could be pursuing SBF for wire fraud, which comes with a maximum sentence of twenty years. FTX’s bankruptcy couldn’t be construed as a mistake past the first day or so of last week, and this is still very generous. I find that this forum has consistently underestimated how grievous the actions taken by SBF, Alameda and FTX have been compared to the individuals I know who work in finance or crypto.
https://fortune.com/crypto/2022/11/13/could-sam-bankman-fried-go-to-prison-for-the-ftx-disaster/
That’s a max of 20 years per count, by the way. If there was massive fraud, hard to accomplish that in only a single count of wire fraud...
Which part of my comment did you find as underestimating how grievous SBF/Alameda/FTX’s actions were? (I’m genuinely unsure)
Sorry for the confusion, I was adding on to your comment. I agree with you obviously. It was more a statement on the forum over the past five-six days.
As far as I was concerned, by 24-36 hours(D+1-D+1.5) after the liquidity crisis turned fraud, I already raised the hypothesis of outright stealing and fraud to serious attention, and 48-72 hours after the crisis first broke (D+2-D+3) I assumed fraud and stealing was happening there. I also was right to distrust crypto several months before, because it’s very structure lends it to fraud, with no other legal use.
Links here:
https://www.currentaffairs.org/2022/05/why-this-computer-scientist-says-all-cryptocurrency-should-die-in-a-fire
https://www.currentaffairs.org/2021/04/why-cryptocurrency-is-a-giant-fraud