More crimes are committed with cash, is cash a scam too? Criminals prefer cash, because as it turns out, most crypto transactions are very trackable, unlike cash.
People who do on-chain analysis have tracked FTX’s crypto movements, something you would be unable to do with cash. It seems many here have a fundemental misunderstanding of cryptocurrency, and why it was invented in the first place.
Sam was using his own invented crypto that was basically worthless as collateral to borrow real money to then trade or buy politicians, or whatever else he was doing with it. His crypto coin was a scam, and he literally went on Bloomberg and bragged about his “Ponzi” scheme, using those words. More than a few people in the crypto community have been warning about Sam for months, but those people were mocked, ridiculed, and ignored.
What Sam did was completely against the ethos of crypto, (especially when he started lobbying for regulations and attempting to buy elections) just as what he did was against the ethos of EA.
It isn’t fair or reasonable to judge all of crypto by his actions, just as it wouldn’t be fair or reasonable to judge all of EA by Sam Bankman-Fried.
Actually...
Facebook parent company fined in largest campaign finance penalty in U.S. history
Oct. 27th, 2022
— A Washington state judge on Wednesday fined Facebook parent company Meta nearly $25 million for repeatedly and intentionally violating campaign finance disclosure law, in what is believed to be the largest campaign finance penalty in U.S. history.
The penalty issued by King County Superior Court Judge Douglass North was the maximum allowed for more than 800
violations of Washington's Fair Campaign Practices Act,
passed by voters in 1972 and later strengthened by the Legislature. Washington Attorney General Bob Ferguson argued that the maximum was appropriate considering his office previously sued Facebook in 2018 for violating the same law.