The shock over FTX’s sudden collapse is turning to anger as it becomes clear that CEO Sam Bankman-Fried used customer funds from the exchange to plug losses in his failing crypto empire. The question now is what the consequences will be for the one-time icon known to everyone as SBF.
It’s been a week, what’s come of this?
That’s right, absolutely nothing.
Even if the facts may seem damning on the surface, lawyers contacted by Fortune cited two potential obstacles to any criminal conviction—though ones prosecutors could likely overcome.
The first is jurisdiction. Since FTX is an offshore business with headquarters in the Bahamas, and did not cater to Americans, defense lawyers could argue the actions of its executives are beyond the reach of U.S. law enforcement.
The second potential obstacle to a criminal prosecution comes in the form of intent. Specifically, Eliason says that any conviction will turn on whether SBF was not simply incompetent but whether he deliberately deceived investors.
“Mismanaging your company and losing a bunch of other people’s money is not criminal. It happens all the time. For a criminal case, there has to be deception,” he said.
Sam Bankman-Fried literally stole his clients money and put it into another corporation of his, Alameda. It wasn’t all that complicated of a scheme. Plenty of people had many suspicions over FTX/Bankman well before any of the specifics came to light.
Although as if to prove my point that big business is fake, here’s Democracy Class dipshit Kevin O’Leary outright praising Sam Bankman-Fried.
Yes, we have egg on our faces [for investing in FTX]. But we met the team. We met the parents. We met Sam. And for all the negative things said about him, I don’t know of a more productive and efficient and disciplined, for a while anyway, trader of crypto.
And I’ve gotta tell you something. There are very few that could do what he did. Now, does he end up in jail, no idea. Was he brilliant, was he in the 1%? Yes he was.
He literally played video games during meetings with investors.
Most of the people in the world of high finance are clowns, they’re just in on a rigged game. Kevin O’Leary is yet another example of this. He can’t understand how delusional he sounds praising this guy, because it’s the kind of thing said behind all the closed doors that actually matter in the world of finance.
Now back to our Fortune article.
A longtime crypto lawyer, however, told Fortune he has no doubt that SBF’s behavior and FTX’s business practices clearly demonstrated fraud. The lawyer, who spoke on condition of anonymity, pointed to evidence like FTX’s terms of service as well as the company’s investor presentations and public statements by SBF.
The crypto lawyer added that all the elements are in place for Justice Department prosecutors to bring a case under a federal criminal law called Section 1343, which covers wire fraud—a term that describes a variety of fraud committed with the aid of electronic tools. The statute carries a maximum penalty of 20 years in prison.
Let’s see who runs the Justice Department.
Oh, right. In a weird cohencidence there have been no arrests of anyone involved in the FTX/Alamada theft. Speaking of Alameda, how’s the CEO being described in Forbes?
In recent days, [Alameda CEO Caroline] Ellison has faced a barrage of particularly nasty criticism from crypto boosters who blame her for overseeing the downfall of Alameda. But amid the vitriol she has found some defenders in an unlikely group of people who have celebrated the musings about race science and imperialism on a blog she allegedly wrote in college. Some of her defenders, who call her “Queen Caroline,” are followers of Curtis Yarvin, a neoreactionary political theorist and far right darling. Many of the people who have flocked to Ellison’s defense gather on Urbit, a peer-to-peer platform created by Yarvin, one of her online supporters told Forbes. They think Ellison was set up to be the fall person, and claim that former co-CEO Sam Trabucco, who they derisively call “Sam Tabasco,” is behind Alameda’s implosion. Trabucco didn’t respond to multiple requests for comment.
“I definitely think she’s innocent,” one said. “I think Caroline can be saved.”
So nice to see the Jew Curtis Yarvin hop in to defend Caroline Ellison. It gives me Weinsteingate flashbacks, where some ostensibly “based” fags take up one of the most unpopular positions possible. (((Sam Bankman-Fried))) and (((Caroline Ellison))) are the perfect example to use of insane Jew nepotism and corporate power. So of course these fags have found Caroline Ellison saying something like “blacks r dumb” in a blog post a decade ago, so that means she’s on our side now, goy.
Can’t be holding Forbes’ feet to the fire for promoting this scam.
By the time Ellison arrived at Stanford as a math major in 2012, her professional ambitions were taking shape, and while adjusting to college life, she took to Tumblr to publish her daily musings. The now-deleted blog, called WorldOptimization, is unsigned but a close associate confirmed that it was hers. In it, she wrote that “the sexual revolution was a mistake” and that she believed “women are better suited to being homemakers and rearing children than doing Careers.” She also mused about race science, in one post saying the “genetic differences there are massive” when it comes to Indian people from different provinces and castes — which has become a source of discrimination in Silicon Valley. And at the top of her list of “~cute boy things~” was “controlling most major world governments.”
I know this is going to come as a shock to some constantly online e-fags, but zionists are all race realists. None of these people believe any bullshit about White People not being more intelligent than Blacks. They push anti-White narratives pretending otherwise because they are malicious. Doing things like destroying meritocratic entrance to universities lets them hurt a competitor race, Whites, while also allowing them to put themselves into these universities despite not deserving to be there. That they might post a blog about racial differences in IQ when they think no one is watching is entirely besides the point.
But then again I’m trying to find reason in people who are followers of this guy, so maybe I’m the real retard.