561–570 of 1001 posts
Reminds me of working for MCI-Worldcom. When you think you’re working for crooks, you probably are. Run away.
Tell a naive young guy more. What are the red flags?
But really, anything to do with crypto or NFTs should be a red flag at this point.
Reminds me of working for MCI-Worldcom. When you think you’re working for crooks, you probably are. Run away.
Worked in crypto and I got that vibe so left. Regret it. For every SBF there are hundreds who get away with it. Tons of talentless crypto millionaires still roaming free. Look at the Axie Infinite guys plundering a whole country. Token could collapse, but there’ll be no justice and they’re sitting on at least 8 figures individually
What was the exact moment the fraud began? What should he have done instead?
What was the exact moment the fraud began? What should he have done instead?
When he used customer funds deposited into FTX to gamble through Alameda.
Since customer deposits into 'FTX' went straight to Alameda's bank account, it began pretty much the moment Alameda executed a trade. Everything after that was just more fraud to cover up the consequences of the original fraud.
> What should he have done instead?
Not treat customer deposits like a personal piggy-bank.
Reminds me of working for MCI-Worldcom. When you think you’re working for crooks, you probably are. Run away.
Tell a naive young guy more. What are the red flags?
Reminds me of working for MCI-Worldcom. When you think you’re working for crooks, you probably are. Run away.
Worked in crypto and I got that vibe so left. Regret it. For every SBF there are hundreds who get away with it. Tons of talentless crypto millionaires still roaming free. Look at the Axie Infinite guys plundering a whole country. Token could collapse, but there’ll be no justice and they’re sitting on at least 8 figures individually
> You’d think this MIT graduate would wise up, but he never did. The MIT campus has a major public road running through the middle of it, one of the busiest surface streets in the area. You don't have to stand there very long to see a crowd of students almost get hit by a car because they didn't look before they crossed the street. Point is, the old cliche is true, there really is such a thing as a person with a lot…
That's been my impression of SBF since FTX collapsed. Quite book smart, but zero experience in building a major service that custodies billions in other peoples' money. Raw intelligence is not enough in that context. Ideally you want to have apprenticed for at least a few years at a real exchange or custodial service. Somewhere you learn all the engineering details about how to architect it with proper financial cont…
Mmmm. 10-20 in prison sound about right?
I liked the article detailing how poorly he did on the stand: https://www.thefp.com/p/humiliating-cross-examination-sam-ba... “Did you say in private, ‘Fuck regulators?’ ” “Did you call some customers ‘dumb motherfuckers?’ ” “Did you fly to the Super Bowl in a private plane?” “Most FTX customers did not have a line of credit, correct?” “Do you deny that Alameda had a $65 billion line of credit?” And on, and on, and o…
> Under the circumstances, SBF’s wisest course would have been to just say yes—or yep—to her questions. Why did he take the stand at all?
https://www.justice.gov/usao-sdny/pr/statement-us-attorney-d... "This case is also a warning to every fraudster who thinks they're untouchable, that their crimes are too complex for us to catch, that they are too powerful to prosecute, or that they are clever enough to talk their way out of it if caught."