Shouldn't be be in custody?
My understanding is the Bahamas has confiscated his passport and is working with the DOJ to decide who prosecutes first as they aren't happy he ripped off rich people either.
SBF scheduled to testify tomorrow at US House hearing on FTX collapse
71–80 of 204 posts
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#72Having followed a lot of the SBF discussion since he keeps giving interviews, here's the FAQ-- 1) How did you lose $5ish billion of customer deposits? - They were deposited to Alameda, a totally independent hedge fund run by an unrelated party (my ex-girlfriend who lives with me). We credited Alameda without properly debiting Alameda on FTX. 2) Why didn't you track them? - There was a bug in the dashboard. I made a b…
It'll be interesting to see if anything blows back on binance here. If politicians see CZ as having blown up the business of one of their big donors, they may be unhappy enough to do something really dumb.
Yea, like destroying 100s of thousands of small account owners on Binance. Because the guy looks “Chinese” (but he multiple times publicly stated he is not Chinese).
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#73Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#74Having followed a lot of the SBF discussion since he keeps giving interviews, here's the FAQ-- 1) How did you lose $5ish billion of customer deposits? - They were deposited to Alameda, a totally independent hedge fund run by an unrelated party (my ex-girlfriend who lives with me). We credited Alameda without properly debiting Alameda on FTX. 2) Why didn't you track them? - There was a bug in the dashboard. I made a b…
It'll be interesting to see if anything blows back on binance here. If politicians see CZ as having blown up the business of one of their big donors, they may be unhappy enough to do something really dumb.
I could see this maybe happening if SBF hadn't already done a media circuit where it was painfully clear he didn't know what he was doing. It would be hard to pin significant blame on Binance at this point. Whatever CZ did or didn't do the perception is that FTX was already doomed.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#75Earlier quoted context omitted.
His parents are endowed professors at Stanford Law, so it's not surprising that he learned these skills.
*were, neither are teaching this coming year due to 'pre-planned retirement'
It's likely they could end up in legal trouble as well as they were on FTX's payroll and had property gifted to them, likely bought with customer funds.
His mother ran a PAC which had large sums of money to spend on US politics... again with no accounting of where this money was coming from (likely customer funds).
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#76Having followed a lot of the SBF discussion since he keeps giving interviews, here's the FAQ-- 1) How did you lose $5ish billion of customer deposits? - They were deposited to Alameda, a totally independent hedge fund run by an unrelated party (my ex-girlfriend who lives with me). We credited Alameda without properly debiting Alameda on FTX. 2) Why didn't you track them? - There was a bug in the dashboard. I made a b…
Having also followed this unfolding drama, I can say this is sadly a reasonably accurate take. I'll add my own opinion which is that he seems to—at least on some level—legitimately believe that all of this is extremely complicated and impossible to understand unless you're someone of his intellectual caliber. It's so complicated, in fact, that even he struggles to keep it all in his head at once. I say this because I…
> These controls were skipped because SBF was convinced he was doing something extremely novel and complicated and such old-school concepts would only hinder his ability to execute on his brilliant ideas.
Don't let him sell the story that it was all very complex and he made a bunch of mistakes and he should have done better. They used Snapchat for company messaging so there wound't be records. This wasn't a mistake due to complexity. He knew he was risking customer funds with an extreme Alameda margin position. He just hoped the market would go up and he'd get away with it and come out with tens of billions in profit. His bet, that he illegally made with customer funds, did not pan out, and he ended up without the money to pay everyone back. His terms of service said he would not make such a bet, yet he did it anyway. He took extreme, fraudulent risk with other people's money. He knows that, but he's playing dumb and trying to sell the narrative that it was all a big mistake.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#77Oh this will be rich
Mark Zuckerberg’s-interrogation-by-the-congress-rich, or Bill Gates saying “I don’t know whether I wrote this” in front of a printout of his email, at the 1998 DoJ interrogation, rich?
Either way, neither were dismantled.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#78Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#79Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#80Question for folks here who have been very involved in the space - if you had 1-2 yes or no questions for SBF, what would they be?