SBF Arrested by Bahamian Authorities • Hacker News Board

Re: SBF Arrested by Bahamian Authorities

#391

Post by wsc981 » Tue, Dec 13, 2022, 1:42 AM UTC

bagels wrote: post #230

throw_m239339 wrote: post #178

Earlier quoted context omitted.

It's purely my opinion: She was staying completely silent since the moment FTX collapsed while he was spilling the beans everywhere. She obviously cut a deal while he was parading on social media for god knows what reason instead of shutting his mouth. SBF is a complete moron who didn't understand how the party was already over for him, I put it on his upbringing given the kind of ideology his scholar parents preach…

Yes, any lawyer would have told him to shut up. It means his hubris was so great that he thought he didn't need one, or chose to ignore their advice.

Somewhat relevant, always good to keep in mind: https://m.youtube.com/watch?v=d-7o9xYp7eE

Re: SBF Arrested by Bahamian Authorities

#392

Post by encryptluks2 » Tue, Dec 13, 2022, 1:43 AM UTC

DabbyDabberson wrote: post #27

mardifoufs wrote: post #7

Why did he stay in the bahamas? Was he allowed to travel?

I can't imagine why he wouldn't flee. If i was committing ~9 figures worth of fraud, I would have huge stashes of 1oz gold bars buried in countries without extradition like Vietnam and venezuela. He seems like he had no exit plan thought up. Madoff got 150 years in prison, and i dont see any reason why SBF would get any less.

You'd have to be able to get to Vietman or Venezuela. I'm guessing he was being watched like a hawk. They could have arrested him at anytime, but having more evidence before an arrest is always a better position.

Re: SBF Arrested by Bahamian Authorities

#393

Post by siftrics » Tue, Dec 13, 2022, 1:43 AM UTC

halfmatthalfcat wrote: post #382

siftrics wrote: post #312

Earlier quoted context omitted.

How does self-custody hand control to someone else?

Imagine thinking people actually want self-custody. Look around, people want centralization. The fringes who constantly parrot “not your wallet, not your coins” will forever be in the minority as mom and pop don’t trust themselves to any kind of cold storage. Crypto-obsessed will forever live in this fantasy world.

Okay.

People have successfully avoided fraud, theft, and the tyrannical seizure of their assets by arbitrary decisions of arbitrary government officials.

Billions of dollars worth of assets are stored on blockchains.

Unless you have a mathematical argument against the properties of a blockchain, I will continue to believe the properties are true.

Re: SBF Arrested by Bahamian Authorities

#394

Post by smcl » Tue, Dec 13, 2022, 1:43 AM UTC

woeirua wrote: post #262

This is good for Crypto. Seriously. Because SBF is probably going to help the US make their case against Binance and that will flush out all the bad actors. Many coins will go to zero. The entire ecosystem will wither and die, but if Crypto survives it will be because there is some fundamental value to it besides digital beanie babies.

Do you think crypto is still gonna go survive as an investment asset and maybe go up?

Re: SBF Arrested by Bahamian Authorities

#395

Post by michaericalribo » Tue, Dec 13, 2022, 1:43 AM UTC

papichulo4 wrote: post #260

object-a wrote: post #8

Inevitable, but a lot of talking heads used the delay after FTX's collapse to sow doubt about corruption, media failure, etc. Feds were probably gathering evidence from Day 1, and the restructuring CEO seems to have found it: https://docs.house.gov/meetings/BA/BA00/20221213/115246/HHRG...

How/why is this dated December 13, 2022?

It’s a statement submitted to the record for a Congressional hearing tomorrow.

Seems SBF won’t be attending after all…

Re: SBF Arrested by Bahamian Authorities

#396

Post by dougSF70 » Tue, Dec 13, 2022, 1:44 AM UTC

In the absence of consumer protections in crypto it seems the authorities want a high profile trial to send a warning to others and to would be crypto "investors".

Re: SBF Arrested by Bahamian Authorities

#397

Post by root_axis » Tue, Dec 13, 2022, 1:44 AM UTC

woeirua wrote: post #262

This is good for Crypto. Seriously. Because SBF is probably going to help the US make their case against Binance and that will flush out all the bad actors. Many coins will go to zero. The entire ecosystem will wither and die, but if Crypto survives it will be because there is some fundamental value to it besides digital beanie babies.

New bad actors will replace the old ones, this has all happened before, this will all happen again. Replace SBF with Mark Karpeles and the discourse is exactly the same, except at least back then the critics didn't have a legacy of fraud to point to.

Re: SBF Arrested by Bahamian Authorities

#398

Post by tempsy » Tue, Dec 13, 2022, 1:44 AM UTC

dahdum wrote: post #320

tomp wrote: post #145

Earlier quoted context omitted.

Hm... does that mean she gets away scot-free? Not sure that's fair, she seems very complicit.

I haven’t seen any evidence Alameda itself committed any crime, only that they were terrible traders and lost many billions on margin through FTX, who gave them special treatment for collateral. SBF then tried to bail them out with FTX customer funds since he owned both. I think Ellison will get off scot free since she only controlled Alameda, and not entirely. Her crimes are probably minor and worth forgiving for he…

This assumes a lot.

If Alameda executives knew that FTX customer funds were being commingled with Alameda’s then they were well aware their source of capital was from customer money they shouldn’t have been touching. It’s not just that they were given unlimited margin from FTX.

Re: SBF Arrested by Bahamian Authorities

#399

Post by sn_master » Tue, Dec 13, 2022, 1:44 AM UTC

woeirua wrote: post #262

This is good for Crypto. Seriously. Because SBF is probably going to help the US make their case against Binance and that will flush out all the bad actors. Many coins will go to zero. The entire ecosystem will wither and die, but if Crypto survives it will be because there is some fundamental value to it besides digital beanie babies.

"flush out all the bad actors".

Bad actors will keep on existing as long as crypto is useful, which it will remain for the foreseeable future, specially considering the ever more restrictive personal banking regulations.

Re: SBF Arrested by Bahamian Authorities

#400

Post by ckwalsh » Tue, Dec 13, 2022, 1:44 AM UTC

FormerBandmate wrote: post #26

323 wrote: post #22

Earlier quoted context omitted.

SBF literally stole billions from a bank account. Not a very subtle crime.

He commingled bank accounts for two separate companies. It didn’t all go to him buying Lamborghinis

You don't need to be spending money on yourself for a fraud conviction.

I was on the jury of a federal fraud case, where the defendants took millions of dollars in customer funds and used it to make bad business decisions and/or placate earlier customers.

It was very clear to us that even though they lived a very simple life (old car, $1,500/month rented house), they wanted to build the biggest company in their industry, and fraudulently used their customer's funds to do it.