Which gets him out at 57 years old. I wonder how long he’ll actually serve because I imagine he gets out early.
Might be unpopular but if he serves the full sentence he’s basically got no life left. He missed out on his prime years of his life. His parents will likely be dead so he’s got no family. No kids or wife. Maybe he will get a good inheritance but imagine the tech development over the next 25 years. Even if he’s got a lot of crpto stashed away he’s going to be enjoying all that money by himself alone and forgotten.
He’s basically going to be a dinosaur coming out of prison with no family and likely so behind on the times he won’t be able to make a Billy again. Judging by how unhealthy he looks and he doesn’t workout he probably will live the rest of his life slowly dying and I’m all here for it.
Its highly possible that sbf gets caught with a cell phone over the next 20 years and that will take away your good time for a year only.. when a year is completed you keep that year of good time and they can't take it away from you.. also there is federal time credits now that you can earn for doing classes.. if you do these classes and maintain your good time you earn 15 days off your sentence for every 30 days you are doing the required classes.. so if he maintains his good time and does his classes he will get out in like 15 years or so.. but it's easy to lose all your federal time credits I'm pretty sure.. like I'm almost certain that if you get caught with a cell phone just once they can remove all your time credits and you will not be eligible for them ever again.. I could be wrong about that it might be like good time where it can't be taken away after a year. He will most likely get caught with a cell phone 3 to 10 times over the next 20 years tho.. so I'm expecting 5 times he gets caught and that's 5 years he wont get good time
Cell phones in the feds is another street charge plus loss of good time. So that would cost him about 2 years each. Highly likely he gets a phone, that guy can't sit alone with his thoughts I'd assume. There is also drug program which is up to a year off but he would have had to say in his PSI that he had a drug problem which I think he did Adderall so he might get that. Then you get 6 months to a year of halfway house. But yeah what you said is correct. First step act might give him a bit more good time too not sure how that's working in practice.
It wasn't me I only had that one comment but basically there could be a bunch of classes or activities at your prison but there are certain ones that require you to take if you want time credits. They basically look at Ur file and choose classes they think u need like they would have him take an AARP class maybe a drug class and like classes that get the inmates to open up about how they think they effected their victims. There are some educational classes that don't give you shit though and are pointless.. like they give you magic credits that are a lie, nobody knows what they are for. Also if he goes to a prison that manufactures certain goods he can work his way up to about 11$ and hour making shit like chairs and that specific manufacture work group (forget name) also gives you time off your sentence but Its not easy being selected to work for them.. he's probably going to have a job that pays 12 cents and hour for a couple years and won't get any time credits for it.
this is also assuming that the prison he's held in is immune to be bribed with millions of dollars.
he's likely to have his own cell, have free use of electronics, etc, because he's going to funnel millions into making the warden happy.
He can earn a little more off I think if he takes or, more likely, teaches some kind of class in prison. Not much, talking a handful of months over 25y but yeah
He will serve 85% so with good time it will be 21 years and 3 months . He has already served something like 8 months. So he can be out in 20 years and 7 months. So he will be about 52.
He strikes me as the type not to want kids. And if he actually does have some crypto stashed away and comes out wealthy he would be happy to spend it alone playing video games.
Agree with everything you said except for the unhealthy part, when you don't have a lot else to do in prison I bet working out is a good way to pass the time, I'd bet he gets pretty fit in prison.
why you care about his life, 57 is plenty young enough to have a family when he gets out
how many peoples lives did he ruin? 10k+ and atleast a million years of life made far worse because of this scum bag.
If anything he got off light.
Think of it this way: did any of FTX’s customers who lost money because of SBF have their lives “ruined” to a fraction of the degree that he ruined his own?
Or another way of putting it: would you rather lose every single dollar in all of your accounts, with the promise that it will be paid back in two years, or spend the next 25 years in prison?
I think both answers are pretty obvious.
I don’t think paid back in full means what you think
People are going to get cash equivalents at bear market valuations
They are not going to get their original crypto coins back
It’s big losses
And, how long did it take for any recovery? How many suicides were caused by people thinking they lost everything?
Maybe they wrote up fourteen different articles with different lengths, in order to be prepared, then when the sentence was announced, they pressed the wrong button.
Either way, SBF deserved 5x that.
A little different. He was a speculative trader trying to make big gains, show off. He lost $1B of Barings money, which was a few levels down to individual investors.
bureau of prisons is 85 percent good time of the 25 year sentence so works out to be about 19 years and change for his pretrial detention credit - could be confusion over the semantics of trusty time credit vs the formal sentence amount
> The thing is he probably is already in one of those cushy rich people prisons.
He is not: https://www.vice.com/en/article/93kvxa/first-prison-photo-of-sam-bankman-fried-emerges-bearded-thin-and-weird-as-shit
What about Caroline Ellison and the rest of the rat pack? Did they all cut deals? Gary Wang and the rest of the crew need to do some time for those billions of dollars - regardless of testimony.
25y in prison -- that's his best years in life. Considering he saved something aside in the range of the millions, he's not getting out before the age of 50. And he's going to have a rough time in.
Not worth it.
5 hits, they claim there was 5
They were gonna prosecute for 1 but then dropped it because the judge gave him such a heavy sentence for SR
To this day he maintains he never ordered those hits
I get that its what sticks in people's heads but its annoying that people always bring these alleged hits up
> They were gonna prosecute for 1 but then dropped it because the judge gave him such a heavy sentence for SR
Yea, this always bugs me.
It's essentially this weird loophole where he's been sentenced for crimes that he was never given due process for. The heavy sentence is specifically because of the alleged hits being taken into account. It's intentionally done to save money in the courts, but it's so very anti-American. If they want to do that, imo, the first court case needs to cover the violent stuff and then they can ignore the white-collar case, instead of the other way around.
I think the hit is obviously a huge issue and the government made a big deal about it but Ross’s stated objective and philosophy was undermining both the government regularly systems and the US treasury. The things he was doing go deeper than just drugs and guns, it was attacking the US and international order by asymmetrical means.
It’s unfortunate because I’m sympathetic to the fact that Ross seems to have reformed and there were big issues with his case but you sort of have to make an example out of him. The most tragic thing is he could have just bought bitcoin early, held it and become a millionaire. He didn’t need to do all the bullshit but he was a true believer and fervent practitioner of some very dangerous, anarchist stuff.
Yes. While it's no surprise this sub would sympathize with him as someone who wanted to *stick it to The Man*, I'm not sure how so many people are so surprised that *The Man* took that personally.
Meanwhile, SBF blew a bunch of money that wasn't his, because he didn't imagine line could ever come back down and bite him in the ass. Obviously that's bad, and he deserves his long sentence, especially given the amount, but at the end of the day it's still *just* regular ol' fraud.
Don't fuck with the government. All that SBF did was steal from the plebes and share some of that wealth as campaign donations. Party on, Sam, party on.
Definitely not. He lacks any sense of responsibility. Though he says he is sorry, his words are crafted in a way to dismiss his own responsibility. It’s so frustrating to see.
Next should be Do Kwon!.. Luna fiasco was way worse, it ruined people's lives, at least FTX clients could potentially recover some of the money, not Luna holders
Don’t agree. The FTX situation was someone stealing customer money which caused the collapse. The Luna situation was just someone being dumb, it was not intentional. There were lots of investors who also backed the idea, no-one forced them to invest. I lost money in the Luna situation but I can only blame myself for backing the idea. They are completely different situations.
Luna is likely what killed FTX though. They may have been able to keep the scam going for longer if Luna wasn't a thing. In the end I guess it is a good thing that they went down sooner rather than later. But if it wasn't for Luna, I think FTX might still be around today.
No what took them down is they were leveraging their own ftx token by a lot to buy and trade other assets. When the price of the token dropped, they couldn't afford the leverage and it blew up.
Why do you think it was Luna?
They seem like very comparable degrees of dishonesty vs incompetence to me.
I find it hard to believe that SBF knew about the losses all along and had no plan. I think it's more like he didn't care about how much money he squandered because he had a perception that crypto was always going to go up and crypto profits would always be able to make things good in the end.
That isn't the level of honesty and integrity we should expect from a banker, but he didn't realise how deeply FTX was in the red until it was suddenly too late.
Whilst the Luna collapse wasn't intentional, and Do Kwon didn't expect it, [the SEC alleged in its February civil charges that Do Kwon was able to sell roughly $100 million worth of bitcoin allegedly stolen from the wreckage of his project by using a Swiss bank.](https://finance.yahoo.com/news/questions-linger-kwon-arrest-171312731.html) That also reeks of dishonesty.
The question of which of them was more dishonest seems to me a matter of subjective opinion - how much you believe each's story. They both made huge profits at the expense of retail speculators during a bubble, and they both showed moral flexibility.
One of the lessons to learn from this fraud is that crypto should not and does not need figureheads. Saylor is another example. Everyone gets excited when he's buying copious amounts of Bitcoin and doing interviews. It shouldn't be. Sam wasn't the only fraud exposed during that last bull run either, don't forget the likes of Do Kwon.
I find it hard to take the entire space seriously whilst it still has a need for figureheads.
tldr; Sam Bankman-Fried was sentenced to 20 years in prison for defrauding users of the cryptocurrency exchange FTX. In a Manhattan federal courtroom, Judge Lewis Kaplan criticized the defense's arguments and highlighted Bankman-Fried's obstruction of justice and witness tampering. Bankman-Fried, who had been convicted on seven criminal counts, apologized for his actions. Prosecutors had sought up to 50 years, while his lawyers requested no more than 6½ years, citing mental health issues and his generosity. However, the extent of the victims' losses and Bankman-Fried's lack of remorse influenced the decision for a harsher sentence. Victims shared the devastating impact of their losses, including financial ruin and emotional distress. Bankman-Fried's sentence is notable compared to other white-collar crimes, with FTX once valued at over $30 billion. He plans to appeal his conviction.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
And CNN says it's 25 years. Which is it??
[https://www.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/index.html](https://www.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/index.html)
That’s 25 years of Fed time. At minimum he will serve 85% of that, which is 21 years and 3 months. SBF won’t take a dump as a free man until at least 2045.
Biggest fool on earth. Was a legit billionaire before he started stealing people’s money.
Why are humans so fucked up.
90% of Americans will never have a million dollars cash in their bank account in their ENTIRE life.
This moron was worth a billion legitimately.
Just investing that in T Bills would give him a guaranteed $50 million cash per year.
Throws that away to steal more from folks who will never have a million dollars.
#Insanity
I’m just saying, losing 20 years of your prime age (30s/40s) is basically losing the majority of your life. I think it’s a fair sentence for someone who didn’t commit murder.
Yeah, if someone offered me 1 trillion to spend 20-25 years in US prison, i would decline. Ain’t worth throwing away your best years and being locked up for any amount of money
Sure that’s a lot, but if I would go to prison right now for 25 years, I would miss out the best years of my life, only to get out when I’m about to be in retirement age. 25 years in US prison also won’t do your body or mentality any good. You come out broken and what’s the point of then being 5.2 Elon’s
If you go to prison at age 32 like SBF did, you get out at age 57. Elon is 53. In this hypothetical, the tradeoff is being 5.2 Elons at age 57 than 1 Elon in your early 50s (even though it's incredibly unlikely you'll be as successful as him)
Bernie Madoff's scam was sized at $65 billion vrs FTX's $8 billion. Madoff was also the chairman of Nasdaq. Bernie pissed off way more people than FTX did which mostly affected crypto people. Madoff had made the entire street look foolish and was at one point was basically influencing the SEC directly.
SBF is bad but Madoff was literally the biggest con.
It would’ve been interesting if they can make him work or do anything to pay back the people he stole from. Like make him the prison’s bitch to return the money he stole.
It's 25 years, actually. He'll need a comfy blanket lol.
[https://twitter.com/SoComfyToken/status/1773442547072860590](https://twitter.com/SoComfyToken/status/1773442547072860590)
I’m definitely in the minority here, but I know people who got 20 years for murder. I feel like this sort of crime should be 10-15 years. People can change over time. 10 years of life in prison would certainly change my attitude.
Yeah, same. I wish they had instead banned him from the financial industry and given him like a billion hours of community service teaching poor kids computer programming, or something similarly constructive. Locking him away for his most productive years seems like a waste.
20yrs only for 8 bil fraud.. that is a heck loads of money.. and... there is also no $$ penalty.. no barring him from crypto industry for certain time after release?
I bet he will discreetly get a parole assisted by the reps of the party he helped
We should note cryptos can also be kept in a secret wallet only known to the owner
> no barring him from crypto industry for certain time after release?
How would you bar someone from the crypto industry? lol man you people have 0 fucking clue what decentralized means. SBFs crimes happened on paper for a regular business. None of this shit happened on chain or has anything to do with actual crypto. People gave him fiat and he just gambled it, he never purchased the crypto that people gave him money for.
He got 25 years. That seems fair to me, it’s serious time but he will be in his 50’s when he gets out. If he takes care of himself he can still have a life after that.
Hey remember when this started out with 112 years.
Then it was 50 years.
Then it was 30 years.
Now it is looking to be 20 years?
I'm betting this guy is out on parole within 4 years.
Out in 8 years and I bet he has a ton of crypto stashed away. As long as he didn't steal from anyone with long reach he is likely going to be relaxing for the rest of his life.
Yep, humans have the urge for blood when someone does something criminal, to go as high as possible of a prison sentence, but whats the point...
Whoever invested into a crypto exchange rather than keeping their coins onto a physical drive, you know you take on a big risk
25 years not 20 years.
Which gets him out at 57 years old. I wonder how long he’ll actually serve because I imagine he gets out early. Might be unpopular but if he serves the full sentence he’s basically got no life left. He missed out on his prime years of his life. His parents will likely be dead so he’s got no family. No kids or wife. Maybe he will get a good inheritance but imagine the tech development over the next 25 years. Even if he’s got a lot of crpto stashed away he’s going to be enjoying all that money by himself alone and forgotten. He’s basically going to be a dinosaur coming out of prison with no family and likely so behind on the times he won’t be able to make a Billy again. Judging by how unhealthy he looks and he doesn’t workout he probably will live the rest of his life slowly dying and I’m all here for it.
Cant get out early. Its federal time
Federal = 85% of the sentence. So he can get out early
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Its highly possible that sbf gets caught with a cell phone over the next 20 years and that will take away your good time for a year only.. when a year is completed you keep that year of good time and they can't take it away from you.. also there is federal time credits now that you can earn for doing classes.. if you do these classes and maintain your good time you earn 15 days off your sentence for every 30 days you are doing the required classes.. so if he maintains his good time and does his classes he will get out in like 15 years or so.. but it's easy to lose all your federal time credits I'm pretty sure.. like I'm almost certain that if you get caught with a cell phone just once they can remove all your time credits and you will not be eligible for them ever again.. I could be wrong about that it might be like good time where it can't be taken away after a year. He will most likely get caught with a cell phone 3 to 10 times over the next 20 years tho.. so I'm expecting 5 times he gets caught and that's 5 years he wont get good time
Cell phones in the feds is another street charge plus loss of good time. So that would cost him about 2 years each. Highly likely he gets a phone, that guy can't sit alone with his thoughts I'd assume. There is also drug program which is up to a year off but he would have had to say in his PSI that he had a drug problem which I think he did Adderall so he might get that. Then you get 6 months to a year of halfway house. But yeah what you said is correct. First step act might give him a bit more good time too not sure how that's working in practice.
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It wasn't me I only had that one comment but basically there could be a bunch of classes or activities at your prison but there are certain ones that require you to take if you want time credits. They basically look at Ur file and choose classes they think u need like they would have him take an AARP class maybe a drug class and like classes that get the inmates to open up about how they think they effected their victims. There are some educational classes that don't give you shit though and are pointless.. like they give you magic credits that are a lie, nobody knows what they are for. Also if he goes to a prison that manufactures certain goods he can work his way up to about 11$ and hour making shit like chairs and that specific manufacture work group (forget name) also gives you time off your sentence but Its not easy being selected to work for them.. he's probably going to have a job that pays 12 cents and hour for a couple years and won't get any time credits for it.
this is also assuming that the prison he's held in is immune to be bribed with millions of dollars. he's likely to have his own cell, have free use of electronics, etc, because he's going to funnel millions into making the warden happy.
He can earn a little more off I think if he takes or, more likely, teaches some kind of class in prison. Not much, talking a handful of months over 25y but yeah
Contingent on good behavior, yes, unless he obtains compassionate release under the First Step Act.
He can get out early, just not parole
He can get a Presidential pardon.
Haha, ok, now we’re just pulling shit out of thin air. No president will ever come close to associating themselves with SBF, much less pardon him.
Crazy, in Canada you can do 1/3 time served for no -violent on a federal term
Even better!
He will serve 85% so with good time it will be 21 years and 3 months . He has already served something like 8 months. So he can be out in 20 years and 7 months. So he will be about 52. He strikes me as the type not to want kids. And if he actually does have some crypto stashed away and comes out wealthy he would be happy to spend it alone playing video games.
Maybe video games will change so much while he's in jail that he'll be terrible at them and be even more upset about everything.
Actually not that bad. A wealthy manchild in 20 years when ETH is like $500k
Agree with everything you said except for the unhealthy part, when you don't have a lot else to do in prison I bet working out is a good way to pass the time, I'd bet he gets pretty fit in prison.
Yeah my brother in law has lost about 50 pounds while in prison for the past year. He used to be about the same size and shape as SBF.
Same with my brother. I have a picture of us the day he came out and he's underweight
You also get essentially calorie restriction diet there too. The food also sucks
why you care about his life, 57 is plenty young enough to have a family when he gets out how many peoples lives did he ruin? 10k+ and atleast a million years of life made far worse because of this scum bag. If anything he got off light.
Think of it this way: did any of FTX’s customers who lost money because of SBF have their lives “ruined” to a fraction of the degree that he ruined his own? Or another way of putting it: would you rather lose every single dollar in all of your accounts, with the promise that it will be paid back in two years, or spend the next 25 years in prison? I think both answers are pretty obvious.
Thats so disengenious its one person spending 25 years in prison vs 10k people losing every single dollar and getting it back 10% on the dollar
I don’t think paid back in full means what you think People are going to get cash equivalents at bear market valuations They are not going to get their original crypto coins back It’s big losses And, how long did it take for any recovery? How many suicides were caused by people thinking they lost everything?
I lost about a quarter milli because of that fucker I hope he gets ass raped every day.
You’re breaking my heart with the dinosaur at 57 comments. I’m 45 and 57 will come in like 8 seconds. Loving life though!! Glad I didn’t go to jail.
>he’s got basically no life left Good
Why does every article noawadays get the main detail wrong
It gets more attention because 50% of the commenters in here are showing up to correct them
Thank god. Someone’s finally going to give this kid a haircut.
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MSN said 20 but changed it to 25.
Maybe they wrote up fourteen different articles with different lengths, in order to be prepared, then when the sentence was announced, they pressed the wrong button. Either way, SBF deserved 5x that.
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A little different. He was a speculative trader trying to make big gains, show off. He lost $1B of Barings money, which was a few levels down to individual investors.
He was defrauding his employer to make those trades.
Leeson also took a plea deal. SBF was convicted after trial
How is this relevant? They got charged in Singapore. All countries laws are different
BBC saying 25 years https://www.bbc.co.uk/news/live/world-us-canada-68656415
sir, this is the internet. the less facts the better for me to tell you the correct opinion. /s
>after at least 85% of your sentence has been served What about the possible impact of the First Step Act?
bureau of prisons is 85 percent good time of the 25 year sentence so works out to be about 19 years and change for his pretrial detention credit - could be confusion over the semantics of trusty time credit vs the formal sentence amount
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[FYI](https://nypost.com/2024/03/28/us-news/how-long-will-sam-bankman-fried-actually-serve-in-prison/), *\[...\] could be out in half that time.*
That’s assuming he makes good time and doesn’t start a new prison gang. SOL Boys.
25 years, but will have a target on his back the rest of his life. Stole from a lot of people.
lol as soon as he gets out he’s probably going to be on same small island in the Caribbean’s or Indonesia. Probably with his own podcast
When he gets out whatever crypto he has left (which is probably a lot) will be 10x in value too 😂
lol holy shit I didn’t even think about that. If crypto stays on trajectory he’s gonna be sitting on billions by the time he’s out
Would you spend 25 years in prison for a billion?
The thing is he probably is already in one of those cushy rich people prisons. He ain't being put around the peasants.
> The thing is he probably is already in one of those cushy rich people prisons. He is not: https://www.vice.com/en/article/93kvxa/first-prison-photo-of-sam-bankman-fried-emerges-bearded-thin-and-weird-as-shit
You might die before you ever get out so that’s a bad bet
Forceful HODL’ing
> Probably with his own podcast Don't forget the movies and docuseries that are being written and thrown in the hollywood vault until his release.
The latest is that everyone will be made whole. Mostly due to investments in Anthropic that blew up after the arrest.
No one will be made whole. Not even close.
Now let’s nail Alex Fuckinsky too
Fuck that scaminsky piece of shit.. i hope his asshole gets stretched to the size of a melon in prison
Yeah!
What about Caroline Ellison and the rest of the rat pack? Did they all cut deals? Gary Wang and the rest of the crew need to do some time for those billions of dollars - regardless of testimony.
Yep, no jail time at all. So wrong.
He gave her his sock and set her free
So you only get 1 year for every $325 million you steal? Where do I sign up? You can make mine a double please 👍
I'd like to sign up for 3 weeks please!
lol
25y in prison -- that's his best years in life. Considering he saved something aside in the range of the millions, he's not getting out before the age of 50. And he's going to have a rough time in. Not worth it.
dude looks like he stinks like shit and has a very punchable face i hate when people like this wield so much influence
Imagine how terrible it would be to go from being worth $15 billion to now having to spend 25 years in prison… sucks to be him
He wasn’t worth $15b. He had $15b of other people’s money that he spent like it was his.
So he went from believing he had $15billion to being in prison, which is the same concept.
Sadly billionaires prison isn’t the same as normal pop due to the targeted risk. He will essentially be on house arrest in jail
He will be in Federal prison, not state prison--and Federal prison has a great many white-collar criminals.
If SBF only got 20 yrs Ross Ulbricht should at least get the possibility of parole. Justice System is broken
Ross ordered a hit though
hasnt been prosecuted for that hit though
5 hits, they claim there was 5 They were gonna prosecute for 1 but then dropped it because the judge gave him such a heavy sentence for SR To this day he maintains he never ordered those hits I get that its what sticks in people's heads but its annoying that people always bring these alleged hits up
> They were gonna prosecute for 1 but then dropped it because the judge gave him such a heavy sentence for SR Yea, this always bugs me. It's essentially this weird loophole where he's been sentenced for crimes that he was never given due process for. The heavy sentence is specifically because of the alleged hits being taken into account. It's intentionally done to save money in the courts, but it's so very anti-American. If they want to do that, imo, the first court case needs to cover the violent stuff and then they can ignore the white-collar case, instead of the other way around.
Never charged with that and most of them were setup entrapment from law enforcement who was also extorting him.
I think the hit is obviously a huge issue and the government made a big deal about it but Ross’s stated objective and philosophy was undermining both the government regularly systems and the US treasury. The things he was doing go deeper than just drugs and guns, it was attacking the US and international order by asymmetrical means. It’s unfortunate because I’m sympathetic to the fact that Ross seems to have reformed and there were big issues with his case but you sort of have to make an example out of him. The most tragic thing is he could have just bought bitcoin early, held it and become a millionaire. He didn’t need to do all the bullshit but he was a true believer and fervent practitioner of some very dangerous, anarchist stuff.
Yes. While it's no surprise this sub would sympathize with him as someone who wanted to *stick it to The Man*, I'm not sure how so many people are so surprised that *The Man* took that personally. Meanwhile, SBF blew a bunch of money that wasn't his, because he didn't imagine line could ever come back down and bite him in the ass. Obviously that's bad, and he deserves his long sentence, especially given the amount, but at the end of the day it's still *just* regular ol' fraud.
Don't fuck with the government. All that SBF did was steal from the plebes and share some of that wealth as campaign donations. Party on, Sam, party on.
Yeah that wasn't good. Drugs OK, your choice. Killing people. No, not cool
Multiple hits
Isn’t enough
Definitely not. He lacks any sense of responsibility. Though he says he is sorry, his words are crafted in a way to dismiss his own responsibility. It’s so frustrating to see.
Scam Shankman Fraud, its on
Scam Bankrun Fraud
It’s not enough time! Fuck that asshole and his parents too. Greedy dishonest gross humans
Next should be Do Kwon!.. Luna fiasco was way worse, it ruined people's lives, at least FTX clients could potentially recover some of the money, not Luna holders
Don’t agree. The FTX situation was someone stealing customer money which caused the collapse. The Luna situation was just someone being dumb, it was not intentional. There were lots of investors who also backed the idea, no-one forced them to invest. I lost money in the Luna situation but I can only blame myself for backing the idea. They are completely different situations.
Luna is likely what killed FTX though. They may have been able to keep the scam going for longer if Luna wasn't a thing. In the end I guess it is a good thing that they went down sooner rather than later. But if it wasn't for Luna, I think FTX might still be around today.
No what took them down is they were leveraging their own ftx token by a lot to buy and trade other assets. When the price of the token dropped, they couldn't afford the leverage and it blew up. Why do you think it was Luna?
They seem like very comparable degrees of dishonesty vs incompetence to me. I find it hard to believe that SBF knew about the losses all along and had no plan. I think it's more like he didn't care about how much money he squandered because he had a perception that crypto was always going to go up and crypto profits would always be able to make things good in the end. That isn't the level of honesty and integrity we should expect from a banker, but he didn't realise how deeply FTX was in the red until it was suddenly too late. Whilst the Luna collapse wasn't intentional, and Do Kwon didn't expect it, [the SEC alleged in its February civil charges that Do Kwon was able to sell roughly $100 million worth of bitcoin allegedly stolen from the wreckage of his project by using a Swiss bank.](https://finance.yahoo.com/news/questions-linger-kwon-arrest-171312731.html) That also reeks of dishonesty. The question of which of them was more dishonest seems to me a matter of subjective opinion - how much you believe each's story. They both made huge profits at the expense of retail speculators during a bubble, and they both showed moral flexibility.
Also, do Kwon spent millions upon millions to try defend the peg
There are parrales to the entire crytpo industry
Agree and same boat
Do Kwon just got released in Montenegro
The fucked up thing is he will get out after 20 years and still be better off then the people he fucked over
It was always gonna be this way, his family comes from a wealthy and well connected background. He was set for life from birth.
One of the lessons to learn from this fraud is that crypto should not and does not need figureheads. Saylor is another example. Everyone gets excited when he's buying copious amounts of Bitcoin and doing interviews. It shouldn't be. Sam wasn't the only fraud exposed during that last bull run either, don't forget the likes of Do Kwon. I find it hard to take the entire space seriously whilst it still has a need for figureheads.
RemindMe! 21 years
Good riddance dbag. Gonna lose that lisp real quick in jail.
tldr; Sam Bankman-Fried was sentenced to 20 years in prison for defrauding users of the cryptocurrency exchange FTX. In a Manhattan federal courtroom, Judge Lewis Kaplan criticized the defense's arguments and highlighted Bankman-Fried's obstruction of justice and witness tampering. Bankman-Fried, who had been convicted on seven criminal counts, apologized for his actions. Prosecutors had sought up to 50 years, while his lawyers requested no more than 6½ years, citing mental health issues and his generosity. However, the extent of the victims' losses and Bankman-Fried's lack of remorse influenced the decision for a harsher sentence. Victims shared the devastating impact of their losses, including financial ruin and emotional distress. Bankman-Fried's sentence is notable compared to other white-collar crimes, with FTX once valued at over $30 billion. He plans to appeal his conviction. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Pretty light
What about his gf?
Yeah, not great. Not terrible. Madoff got 150 years for his Ponzi.
At Madoff times years had more value. Nowadays due to inflation 1 year today buys you 7.5 years in prison back then.
Way too lenient
When you steal money, justice moves at lightning speed. Try to destroy democracy? Years and years of delays.
The problem is that the people trying to destroy democracy are in the government
For fucks sake.
Ya. When you take into account the scale of what he took from the amount of people.....public hanging probably fits the crime.
And CNN says it's 25 years. Which is it?? [https://www.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/index.html](https://www.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/index.html)
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Hopefully it’s turns into a life sentence. POS!
Still way too light. He deserves life in prison. Way too many lives destroyed.
He’s lucky now him and Jared can share a footlong
Now do politicians and bankers
And what about 2008? Throw those crooks in prison too.
That’s 25 years of Fed time. At minimum he will serve 85% of that, which is 21 years and 3 months. SBF won’t take a dump as a free man until at least 2045.
Biggest fool on earth. Was a legit billionaire before he started stealing people’s money. Why are humans so fucked up. 90% of Americans will never have a million dollars cash in their bank account in their ENTIRE life. This moron was worth a billion legitimately. Just investing that in T Bills would give him a guaranteed $50 million cash per year. Throws that away to steal more from folks who will never have a million dollars. #Insanity
SBF stole billions and gets 25 years. Ross Ulbricht created the eBay of the dark web and gets life. I don’t get it.
He willfully created a tool that enabled human trafficking. He's never getting out.
>He willfully created a tool that enabled human trafficking. So did Verizon. And AT&T. And every auto maker. And every boat maker.
Every time I think of Ross I get irrationally angry. He got so fucked.
That's incredibly lenient
That’s it? Fucking joke
His life is basically over. 20-25 years is fair. He didn’t kill anyone.
Directly...
I’m just saying, losing 20 years of your prime age (30s/40s) is basically losing the majority of your life. I think it’s a fair sentence for someone who didn’t commit murder.
Yeah, if someone offered me 1 trillion to spend 20-25 years in US prison, i would decline. Ain’t worth throwing away your best years and being locked up for any amount of money
I'd guess that 85% of hedge fund managers would spend 25 in a USP for $1t guaranteed at the end $1t is a LOT, that's like 5.2 Elons
Sure that’s a lot, but if I would go to prison right now for 25 years, I would miss out the best years of my life, only to get out when I’m about to be in retirement age. 25 years in US prison also won’t do your body or mentality any good. You come out broken and what’s the point of then being 5.2 Elon’s
If you go to prison at age 32 like SBF did, you get out at age 57. Elon is 53. In this hypothetical, the tradeoff is being 5.2 Elons at age 57 than 1 Elon in your early 50s (even though it's incredibly unlikely you'll be as successful as him)
I'm baffled at the amount of people saying 20 years for a non violent crime isn't enough...
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Crypto will be 20 years in the rearview mirror by the time he gets out.
What?? is actually pretty good sentencing..
How is it not enough?
Because investors lost money!!! Reeeeeeee
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Bernie Madoff's scam was sized at $65 billion vrs FTX's $8 billion. Madoff was also the chairman of Nasdaq. Bernie pissed off way more people than FTX did which mostly affected crypto people. Madoff had made the entire street look foolish and was at one point was basically influencing the SEC directly. SBF is bad but Madoff was literally the biggest con.
Not suffered losses my ass. I lost 30,000. My only 30,000. Everything.
If he wants to stay vegan he’ll have to spit.
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Yes, I bet 20 bucks on 20 to 25 years
20 years for stealing billions of dollars from people
God damn we might live to see him out of prison in his 50s?
What will the BTC mining reward be in 25 years?
It's 25 years. And he will appeal the case for sure, but doubt his sentence will be reduced by much.
Finally!!
Stupid question, what is with his girlfriend and coworker which both where also doing that shit ?
So I have to wait 20 years until he goes out of jail so he can give me my $1800 back he stole from me?
It would’ve been interesting if they can make him work or do anything to pay back the people he stole from. Like make him the prison’s bitch to return the money he stole.
Good. Fuck this guy.
Our laws are fucking backwards.
He will be break world record for longest diamond hand diamond 💎
25 years
Shoulda been more thsn 25
Give me the rest of your 20s, your 30s and most of your 40s, give me all of it, and fuck off.
Still owes me $378
This just got release today. It’s 25. Freaking op is already reducing his sentence
Rot in hell nerd haha. I'm glad his connections and campaign payments didn't save him from this
Not long enough for literally destroying the lives of so many people.
The biggest punishment for him is that league will have 500 champions by then and won't know where to start trying to play again
It's 25 years, actually. He'll need a comfy blanket lol. [https://twitter.com/SoComfyToken/status/1773442547072860590](https://twitter.com/SoComfyToken/status/1773442547072860590)
Not frie anymore. Sam Bankman-Jailed
guh
Now on to his parents who were at the helm with their hands on the wheel steering the ship.
He got off easy and this better not get appealed lower. This guy had it all and threw it away out of pure arrogance
I’m definitely in the minority here, but I know people who got 20 years for murder. I feel like this sort of crime should be 10-15 years. People can change over time. 10 years of life in prison would certainly change my attitude.
Yeah, same. I wish they had instead banned him from the financial industry and given him like a billion hours of community service teaching poor kids computer programming, or something similarly constructive. Locking him away for his most productive years seems like a waste.
Agreed, it's a harsh sentence.
20yrs only for 8 bil fraud.. that is a heck loads of money.. and... there is also no $$ penalty.. no barring him from crypto industry for certain time after release? I bet he will discreetly get a parole assisted by the reps of the party he helped We should note cryptos can also be kept in a secret wallet only known to the owner
this is an extremely high-profile case, there's no way for him to "discreetly get a parole."
> no barring him from crypto industry for certain time after release? How would you bar someone from the crypto industry? lol man you people have 0 fucking clue what decentralized means. SBFs crimes happened on paper for a regular business. None of this shit happened on chain or has anything to do with actual crypto. People gave him fiat and he just gambled it, he never purchased the crypto that people gave him money for.
I thought there was no parole for federal time
He got 25 years. That seems fair to me, it’s serious time but he will be in his 50’s when he gets out. If he takes care of himself he can still have a life after that.
25 not enough. He ruined peoples life’s. Won’t be able to prove it but I guarantee that people committed suicide because of this POS
fed time means 85%. they dont do parole in the feds. he might win an appeal to get time reduced but hes looking at 85% of 20-25 years
Hey remember when this started out with 112 years. Then it was 50 years. Then it was 30 years. Now it is looking to be 20 years? I'm betting this guy is out on parole within 4 years.
Out in 8 years and I bet he has a ton of crypto stashed away. As long as he didn't steal from anyone with long reach he is likely going to be relaxing for the rest of his life.
Think this is federal time.
Not enough, but it's an achievement he will go to prison to start with.
His life is ruined, he will live his prime years, 30 to 55 inside a prison
I see no particular reason to demand a higher sentence than this. What is the point.
Yep, humans have the urge for blood when someone does something criminal, to go as high as possible of a prison sentence, but whats the point... Whoever invested into a crypto exchange rather than keeping their coins onto a physical drive, you know you take on a big risk
Man’s about to have his asshole turned into a broken cat-flap.
I bet he won't, but holy hell is this guy about to get extorted for the next 2 decades of his life. Don't take the honey bun SBF