211–220 of 255 posts
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Not particularly strange. There are whole web pages devoted to the "right time of day" to submit something to this site to catch the most early up votes.
Really? I didn’t know that. It makes sense that there would be patterns though.
Is it a coincidence that CE and SBF were both raised by professors at elite institutions (MIT/Stanford)? Or are these just two people who were academically successful and parlayed that success into what looks to be a massive fraud?
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If anything, the pressure on Sam might result in him turning on Tether/Binance/other-frauds with key insider evidence for reduced sentencing. The guy's a pvp gamer at heart so probably min-maxing with his lawyers what he can do as a criminal informant.
> The guy's a pvp gamer at heart so probably min-maxing with his lawyers what he can do as a criminal informant. What? That's such a bizarre idea. Do you think the lawyers go "thank god this man plays Starcraft, so he understands the need to have a strategy in court!"
She’s the queen of wallstreetbets. I think she’ll hold the yolo record for a long time. I wish we knew what the fateful market play was that sunk her ship. She mentioned she’s not a fan of stop losses, so I wonder if she went to bed with an open market position and woke up to negative three billion. Also I wonder if the entity on the other side of that trade realized they were making someone insolvent. It’ll be inter…
I think you are assuming way too much here. She's not the queen of anything, she's a fraudster that will spend a long time in jail and that has probably much less understanding of the mechanisms involved than you give her credit for. If she did she wouldn't be in the position she's in. The last thing we really need is for people to start lionizing her.
in prison
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Two years is nothing. It took the government 20 years to end the Madoff scam and for many of those years Markopolos was screaming about it at the top of his lungs. It wasn't until his family turned him in that the government acted in earnest - and only because he was about to close up shop and give whatever was left to his family a few days later. These things go on for a long time, often in plain sight, so if that's…
So why doesn't the NYAG charge them with the most obvious scam in history according to HN? If it's so clear from outside that Tether is not backed by actual dollars, how come the NYAG which has subpoena power and so one doesn't latch on such an easy and infamous case?
They... did. That was the suit that was settled.
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Well, FTX, as a stable business, should be a money printing machine - but that definitely wasn't an obstacle for its leaders to risk the business and jail time to speculate with customers' funds.
If Tether put all its money into low-yield short term US treasuries, the founders could pay every employee $10MM USD a year and still be paying themselves $1 billion USD a year. That is a phenomenal amount of risk free income. That's putting the founders somewhere high, probably first 50 names high, on the Forbes 400 list. That seems foolish to risk to commit crimes.
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Are either in even the same ballpark as the SoftBank guy? Didn’t he light something like $40b on fire one year?
It depends on how we're counting, but Musk is down over $100 billion in the last year: https://www.cnn.com/2022/12/07/business/elon-musk-wealth/ind...
As of December 2022, Son ranks 67th on the Forbes list of The World's Billionaires 2022,[10] despite having the distinction of losing the most money in history (approximately $70bn during the dot com crash of 2000).[11]
That’s $121b inflation adjusted
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Yes it is quite funny when people get surprised that a get rich scheme isn’t real.
Even those who aren't informed enough to know better than to be taken advantage of?
Is this just a big deal because crypto or purely because of the amount of money defrauded? This whole thing is sort of bizarre to me. It just seems to me a lot of people are blaming crypto as part of this problem when it was basically a couple of people who let the popularity/success of what they created get to their head and began to cover up mistakes of mismanagement and poor decision making. Now they face the full…
Crypto is like snake oil. The seller makes all kinds of claims about what it can do, and the layman has no idea whether it's true or not, they just want it because it has the promise of solving their problems.
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Two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Maximum sentence of 110 years.
I have always wondered why "x" and "conspiracy to commit x" are different counts.
Now, a wiretap of a boss ordering a hit could result in the same sentence as the gunman.
Unfortunately it has been abused greatly, including drivers who never got out of the car sentenced to death for a 7/11 robbery gone bad, etc.
Further, as you can imagine, it gives the prosecution massive (many would say unfair) leverage over associates to a crime, given that they could face the same, full sentence if they don't cooperate. It's a major reason behind the enormous percentage of criminal charges not going to trial.