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Remember: this is not a cryptocurrency problem, it's a banking problem. This guy created a literal bank. People deposited funds in it. Instead of simply being a custodian, he took the money and "invested" it. And lost it all. I wish this sort of thing would happen every time bankers screwed things up. Instead the government bails them out.
No he didn't. He created a hedge fund and a crypto exchange.
Don’t teach your kids Consequentialism folks.
https://www.nytimes.com/live/2023/11/02/business/sam-bankman...
Remember: this is not a cryptocurrency problem, it's a banking problem. This guy created a literal bank. People deposited funds in it. Instead of simply being a custodian, he took the money and "invested" it. And lost it all. I wish this sort of thing would happen every time bankers screwed things up. Instead the government bails them out.
Pretty sure banks get audited to prevent this exact scenario from happening.
One question for legal people—why is there such a long gap between conviction and sentencing? In this case, the sentence won't be set until March of next year.
Remember: this is not a cryptocurrency problem, it's a banking problem. This guy created a literal bank. People deposited funds in it. Instead of simply being a custodian, he took the money and "invested" it. And lost it all. I wish this sort of thing would happen every time bankers screwed things up. Instead the government bails them out.
Pretty sure banks get audited to prevent this exact scenario from happening.
I hope they go after his parents next.