161–170 of 886 posts
SBF's public conduct over the past weeks, and alleged conduct over the past years, reinforces an image of unintelligence. Be it genuine stupidity, stimulants or both, he isn't top-of-the-doghouse material. (Granted, easy to say ex post facto .) The elephants in the room are Binance and Tether, together with certain high-profile investors. Taking some of these out could likely be worth a plea bargain. (For optics, he…
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What's an example of a puff piece?
The NYT profiling him as a well-meaning genius who was so focused on fixing climate change and education that he just overlooked a few things at his company, gosh darn it.
> But he would offer only limited details about the central questions swirling around him: whether FTX improperly used billions of dollars of customer funds to prop up a trading firm that he also founded, Alameda Research. The Justice Department and the S.E.C. are examining that relationship.
> Alameda had accumulated a large “margin position” on FTX, essentially meaning it had borrowed funds from the exchange, Mr. Bankman-Fried said. “It was substantially larger than I had thought it was,” he said. “And in fact the downside risk was very significant.” He said the size of the position was in the billions of dollars but declined to provide further details.
> Around the time the crypto market crashed this spring, Ms. Ellison explained, lenders moved to recall those loans, the person familiar with the meeting said. But the funds that Alameda had spent were no longer easily available, so the company used FTX customer funds to make the payments. Besides her and Mr. Bankman-Fried, she said, two other people knew about the arrangement: Mr. Singh and Mr. Wang.
https://www.nytimes.com/2022/11/14/technology/ftx-sam-bankma...
Friendly reminder that he could not have stolen the deposits in the manner he did if this was on-chain and the users self-custodied. Yes, DEXs exist. Yes, you can self-custody on DEXs.
That’s equivalent to saying if a bank goes insolvent you should’ve had your money in a safe at home. For crypto yes you can have a hard wallet, but it can still be stolen from you without anyone physically touching your hard wallet. I don’t and won’t see the appeal for crypto until it has a killer app that people NEED to use for another reason than “I can get rich quick”
How?
Now we'll see if having both parents who are Stanford Law Professors, and possibly many other legal minded connections, will save him from going to jail.
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"Kin"? If you mean to be anti-Semitic, you'll find yourself banned from this website.
And depending on the part of Ukraine, they are either closer to Polish or Russian (some % Mongolian), despite both countries Slavic. Ukranians calling Russians "orcs" during the war is quite interesting given that we would normally call that moniker racist.
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It's clear Caroline Ellison has turned against him. Stephanie Avakian, former SEC enforcement chief, is representing her in NY. I'm guessing they wouldn't have been able to file charges this quickly without Caroline becoming a cooperating witness.
Hm... does that mean she gets away scot-free? Not sure that's fair, she seems very complicit.
I guess this means he wont be testifying tomorrow ? https://techcrunch.com/2022/12/12/sbf-scheduled-to-testify-t...