Sam Bankman-Fried sentenced to 25 years in prison
https://www.web3isgoinggreat.com/single/sam-bankman-fried-sentencedOpen linkView original on lemm.ee122
Comments20https://www.web3isgoinggreat.com/single/sam-bankman-fried-sentencedOpen linkView original on lemm.ee
Boo, I was hoping for 40. He'll get out early enough to scam more.
Sure, I'd rather Sam spent the rest of his life making up to his victims through public service works.
His poor billionaire victims
Were there not a fair pile of 'mom and pop' / young idiot 'investors' who got on the hype train and put in thousands or tens of thousands?
That was probably the large majority. Anybody who knew what they were doing didn't leave their money on FTX.
the fall of FTX took out large swathes of the remaining crypto economy, especially in Africa. Everyone just used FTX as a shitty bank.
but then, if they knew what they were doing, they wouldn't have gone near crypto
Well yeah, you're right, it was more than just an exchange failing
you know, this is a pretty good point (and I think the rest of my thoughts align with what david's mentioned elsewhere in some of the threads)
This is probably to satisfy the public. He’ll probably get closer from 5-10 and the rest will be watered down on appeals
He is going to federal prison, which means he needs to serve 85% of his sentence or 21.25 years minimum.
Not according to CNN:
""SBF may serve as little as 12.5 years, if he gets all of the jailhouse credit available to him," Mitchell Epner, a former federal prosecutor, told CNN.
Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act."
edition.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/h_538da92aa954d1035036db11ba53b4a8
The last 7.5 years will probably be at home detention
Meanwhile the people he stole from are unlikely to ever see any of their money again let alone half of it.
But be 25 years behind all the other scammers in the meantime at least
none of the scams are new, he'll adapt
This 25 year portion is going to be really easy to simulate!
From the defense lawyer's statement (after Molly White) :
Those are aggravating circumstances. If I'm the judge that's +10yrs just for "he speaks in EV calculations".
If the prosecution don’t appeal this, you can know the fix is in.
Madoff got like 150 years.
i think they'll go "fine, whatever. which crook is next"
(that would be CZ)
He has at least stashed hundreds of bitcoins and get out multi billionare. So in 25 yrs he will rug bull the crypto market in revenage