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Sam Bankman-Fried Convicted

nytimes.com

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Re: Sam Bankman-Fried Convicted

#13

Post by matheusmoreira »

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.

Re: Sam Bankman-Fried Convicted

#17

Post by candiddevmike »

matheusmoreira wrote: post #13

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.

Re: Sam Bankman-Fried Convicted

#18

Post by beezle »

AustinDev wrote: post #9

Well... this is justice. Sadly, we don't get to see justice very often. This is life in prison, correct? I know he hasn't been sentenced but all counts is easily several life sentences at the federal level. When do the parents go on trial? I can't see how they make it out of this without at least having all their ill-begotten assets stripped.

Probably a lot of concurrent sentences
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