SBF Arrested by Bahamian Authorities • Hacker News Board

Re: SBF Arrested by Bahamian Authorities

#661

Post by hsbauauvhabzb » Tue, Dec 13, 2022, 4:50 AM UTC

synergy20 wrote: post #541

hsbauauvhabzb wrote: post #526

Earlier quoted context omitted.

What does her polyamory have to do with anything other than a thinly veiled attempt to slut shame a woman?

just a quote from wikipedia as a whole paragraph, you can verify it, did not think that much, no need to over react, everyone is so sensitive these days.

Whether or not you thought about it much, or whether you think I’m over reacting and calling me sensitive is you disregarding your own actions rather than acknowledging the sexist undertones. Bet your mother is proud.

Re: SBF Arrested by Bahamian Authorities

#662

Post by hn_throwaway_99 » Tue, Dec 13, 2022, 4:54 AM UTC

Semaphor wrote: post #632

hn_throwaway_99 wrote: post #617

Earlier quoted context omitted.

I posted a Twitter thread about this in an early story that I can look up that was super informative with a lot of detail, but the short of it is that it was all a house of cards based on FTT. If Alameda died, it would have tanked the value of FTT, which would have in turn killed FTX, because they were assigning huge value to FTT on their balance sheet (which is, in and of itself, insane because FTT worked more like…

Sidebar > which is, in and of itself, insane because FTT worked more like a stock of FTX itself - a company doesn't put its own stock on the asset side of the balance sheet Thinking about it, it makes sense. But I never did before. So where does a company’s own stock normally end up at, balance-wise?

On a balance sheet, assets - liabilities = shareholder equity. This calculated shareholder equity amount is known as a stock's book value, but this can of course differ from its market value: https://www.investopedia.com/ask/answers/how-are-book-value-...

Re: SBF Arrested by Bahamian Authorities

#663

Post by abawany » Tue, Dec 13, 2022, 4:55 AM UTC

trynewideas wrote: post #369

What a time for Popehat to quit Twitter: https://popehat.substack.com/p/goodbye-twitter

He is on Mastodon and Substack and certainly bringing his timely and usual joy to the former.

Re: SBF Arrested by Bahamian Authorities

#664

Post by tempsy » Tue, Dec 13, 2022, 5:02 AM UTC

iudqnolq wrote: post #599

mbreese wrote: post #534

Earlier quoted context omitted.

But DOJ would have needed someone who had the receipts (who could also explain it all) to be able to act this quickly. So, in this case, I think it's a reasonable theory (but not the only viable one). Maybe part of the urgency was also the planned congressional testimony.

> But DOJ would have needed someone who had the receipts (who could also explain it all) to be able to act this quickly. Citation needed? I'm not a lawyer, but it seems plausible to me that SBF's public admissions of crimes, plus the full records of his company, are sufficient.

I mean obviously receipts help. and SBF didn’t admit to any intentional wrongdoing publicly.

I’m sure he was more truthful in private signal or telegram chats amongst executives

Re: SBF Arrested by Bahamian Authorities

#665

Post by Animats » Tue, Dec 13, 2022, 5:02 AM UTC

fullshark wrote: post #337

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.

Illegal transactions and money laundering isn't going to disappear. A generation of engineers obsessed with crypto will not suddenly stop caring even if a bunch of coins go to zero. The potential prize (control of a global currency/commodity) at the cost of just writing a bunch of code is too potentially lucrative to make people stop trying.

Maybe, maybe not. Anyone still working on 3D TV?

Re: SBF Arrested by Bahamian Authorities

#666

Post by walkon » Tue, Dec 13, 2022, 5:08 AM UTC

rjbwork wrote: post #34

chrchang523 wrote: post #14

Earlier quoted context omitted.

Nit: Madoff was faster, but that's because he confessed everything to his children.

You're right. I was thinking of the 3 months between the arrest and the sentencing, not the collapse and arrest. You'll have to forgive a memory 13 years hence. ;)

Consider an edit to your post since it’s at the top?

Re: SBF Arrested by Bahamian Authorities

#667

Post by jahewson » Tue, Dec 13, 2022, 5:09 AM UTC

dopamean wrote: post #470

mikeyouse wrote: post #339

Earlier quoted context omitted.

Holmes got 11 years in Federal prison for her first offense for financial crimes.. that is a long sentence. SBF obviously won’t get life behind bars, nor should he.

Yes 11 years is a long time to be imprisoned however I think it was in the low end of what she could have gotten which is why people say she didn't get a long sentence.

No it wasn’t. It was basically right in the middle. The prosecutors, who typically ask for something a wide margin higher than realistic asked for 15. Remember this is a federal sentence, so no parole.

Re: SBF Arrested by Bahamian Authorities

#668

Post by russdill » Tue, Dec 13, 2022, 5:12 AM UTC

323 wrote: post #22

rjbwork wrote: post #4

Much sooner than I expected. Figured it'd be a couple of years before the AG was secure enough in their case to bring charges. This is MUCH faster than Madoff or Holmes. Then again, he's been much more out in the open about everything. He pretty much laid the prosecution's case out to the public for them.

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

The requirements to prove white collar crime are very different. You have to prove the person did the criminal action knowingly. It's not like proving a case for literal bank robbery where you just need to play the tape. Because of this prosecutions of white collar crime tend to take longer. In this case though I suspect that things like discussing your criminal activity in a chat channel called wirefraud tended you accelerate things.

Re: SBF Arrested by Bahamian Authorities

#669

Post by dmix » Tue, Dec 13, 2022, 5:15 AM UTC

tempsy wrote: post #664

iudqnolq wrote: post #599

Earlier quoted context omitted.

> But DOJ would have needed someone who had the receipts (who could also explain it all) to be able to act this quickly. Citation needed? I'm not a lawyer, but it seems plausible to me that SBF's public admissions of crimes, plus the full records of his company, are sufficient.

I mean obviously receipts help. and SBF didn’t admit to any intentional wrongdoing publicly. I’m sure he was more truthful in private signal or telegram chats amongst executives

Besides there's a very extensive history of state procescutors offering deals to co-conspirators early on. Even in obvious sure things they've sided on the safest possible option.

It probably reflects the inherent risk-aversion that comes with a gov lawyer job.

A more balanced tolerance to risk is often missing from much of gov policy making. Probably has a lot to do with people who care more about highly visible and immediate prosecutions to satisfy the public > balanced long-term justice. Politics selects for that. You see the same thing happen on social media where emotions reign king.

Re: SBF Arrested by Bahamian Authorities

#670

Post by tomjakubowski » Tue, Dec 13, 2022, 5:15 AM UTC

siftrics wrote: post #78

Gigachad wrote: post #62

Time to put all these frauds in jail and wrap up the crypto saga. Good practical demonstration why regulation and traditional finance work the way they do.

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.

What's the total value (say, in USD) of cryptocurrency wallets kept on exchanges vs. self-custodied?