331–340 of 498 posts
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Pretty great example of Hacker News when the top comment is "They should have done more crime but in a different way."
As long as those who are affected by some kind of loss are (reasonably) made whole, most legal systems won't give a flying f..k about anything.
SBF decided to testify against CZ to try to save his own ass, giving justice dept and sec something to fine CZ with. Govt collects a big crypto fine, fine makes the big losers in FTX whole, problem solved. CZ should have just bought FTX and closed the deal and made people whole, woulda saved himself some drama.
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Crypto is pretty centralised thanks to these exchanges and many blockchains running solely on AWS such as Ethereum. Crypto being ‘decentralised’ is a well known myth.
Ethereum running “solely” on AWS is a myth. If AWS were shut down, the chain would continue as usual.
> If AWS were shut down, the chain would continue as usual.
Continue laundering money for foreign state actors and narcotics businesses, sounds about right as this is is what crypto is good for.
https://www.justice.gov/usao-nj/pr/united-states-seized-and-...
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As long as those who are affected by some kind of loss are (reasonably) made whole, most legal systems won't give a flying f..k about anything.
Tort/civil lawsuits are about being "made whole." Criminal lawsuits are not because they represent crimes against the state/society.
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Ethereum running “solely” on AWS is a myth. If AWS were shut down, the chain would continue as usual.
Even Vitalik knows that Ethereum is centralised. > If AWS were shut down, the chain would continue as usual. Continue laundering money for foreign state actors and narcotics businesses, sounds about right as this is is what crypto is good for. https://www.justice.gov/usao-nj/pr/united-states-seized-and-...
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What billions will he wind up with? Binance did a lot of fraud and money laundering. Clawbacks are coming. There will be no fortune when the legal system is done with him.
> What billions will he wind up with? You can pretty trivially check Binance's declared funds here: https://www.binance.com/en/proof-of-reserves By my calculations they have >$6 billion in excess of customer deposits. Since he owns Binance, he principally owns those profits.
https://qz.com/binance-proof-of-reserves-solvency-1849884404
Do not forget. Binance operates in a space full of scammers and fraudsters. They've already admitted to money laundering at scale. After that, the question isn't whether they are dishonest. The question is how dishonest they are. The history of other crypto exchanges suggests that the appropriate prior we should start with should be heavily waited towards Ponzi scheme.
SBF decided to testify against CZ to try to save his own ass, giving justice dept and sec something to fine CZ with. Govt collects a big crypto fine, fine makes the big losers in FTX whole, problem solved. CZ should have just bought FTX and closed the deal and made people whole, woulda saved himself some drama.
Why would these fines go to debtors of a private institution? I believe DOJ fines typically get deposited into the US Treasury.
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Rumor is that FTX is not that awful financially right now, because of their Anthropic investment.
... I mean right now maybe, OTOH that space is as volatile as Crypto was 13ish months ago.
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Tort/civil lawsuits are about being "made whole." Criminal lawsuits are not because they represent crimes against the state/society.
The state also brings civil actions that are not about damages or being made whole. See the ongoing business fraud case in NY against Trump.
There's so many people who Trump and his various enterprises left stuck with sometimes very huge bills that it's a miracle he didn't get dinged years ago. And that is why Trump is being on the receiving end of the stick at the moment... he forgot one crucial point: never make too many enemies in life because eventually they will team up to get their revenge on you.
[1] https://eu.northjersey.com/story/news/columnists/mike-kelly/...
[2] https://eu.usatoday.com/story/news/politics/elections/2016/0...
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Tort/civil lawsuits are about being "made whole." Criminal lawsuits are not because they represent crimes against the state/society.
The state also brings civil actions that are not about damages or being made whole. See the ongoing business fraud case in NY against Trump.