molly0xfff , to random
@molly0xfff@hachyderm.io avatar

Here's a peek into the sentencing hearing that ended with Sam Bankman-Fried receiving 25 years in prison. I also discuss some of the shock at what is being perceived as a light sentence, and the amount of time SBF is likely to actually serve.

https://www.citationneeded.news/sam-bankman-fried-sentenced/

Nonilex , to random
@Nonilex@masto.ai avatar

to 25 years in prison
The former mogul who co-founded also was ordered to repay more than $11B for his conviction on charges related to &


https://www.washingtonpost.com/business/2024/03/28/sam-bankman-fried-sentence-fraud-ftx-crypto/

molly0xfff , to random
@molly0xfff@hachyderm.io avatar

Sam Bankman-Fried has just been sentenced to 25 years in prison.

molly0xfff OP ,
@molly0xfff@hachyderm.io avatar

He has already been preparing his appeal, though I doubt very much he will have any success with it.

molly0xfff OP ,
@molly0xfff@hachyderm.io avatar

He has also been ordered to pay the $11 billion monetary judgment requested by the prosecution. This is on top of assets already seized by the government.

molly0xfff , to random
@molly0xfff@hachyderm.io avatar

wow. one of the new victim impact statements filed tonight is from someone who lost almost six figures to a hack in 2021, had assets stuck on voyager after its july 2022 collapse, and then lost assets to FTX

he went from working in the industry to vocally advocating against it

to financial system instability from hacks and user error alone. In fact, top PhDs and entire teams with cybersecurity pros get hacked for millions of dollars almost every single day. Yet, this deeply flawed, experimental tech is being aggressively marketed to unsuspecting users across exchanges similar to FTX, grossly underplaying the technical pitfalls and pervasive fraud in the industry. I urge the court to seriously consider what happens when millions of unsophisticated new entrants to crypto - including the elderly and young children - get hacked for and or lose billions of dollars, or their funds are gambled by the next SBF, after being marketed these products as "better" than the banking system. This may soon be the reality within 12-36 months. This is precisely what happened with FTX and other exchanges whose marketing were slogans akin to "Unbank Yourself" and "Banks are not your friends," and continues to happen with hacks every single day. When has society allowed private issuers of currency and outright ponzi schemes to prey on the masses in the name of unregulated financial "innovation"? It is time to end the crypto chicanery before the societal price truly becomes too big to bear. A serious discussion of reparative justice just as in any prior large scale financial fraud is in order - from crypto criminals like SBF who have used stolen customer funds for their own gain, to the industry PR machine supporting crypto predators. These incidents severely undermine tr

Hello, As an FTX creditor, incoming prospective MBA candidate at a top US program, University of Florida graduate, immigrant, and new US citizen, I wish to convey the profound and harrowing impact of the FTX fallout on my mental health, career, and view of the cryptocurrency industry. Having served as a crypto industry analyst across various sell-side research firms for two years, my deep understanding of this space only compounds my disillusionment following not just the collapse of FTX, but also my status as a Voyager creditor and victim of a nearly sixfigure hack in stablecoins a year prior—incidents unconnected but emblematic of the pervasive recklessness in the industry. These events precipitated severe mental health challenges, incurring over $12,000 in related expenses, tens of thousands more in lost income, and derailed my educational and professional advancement by two years. My shift from an ex-industry advocate to a vocal critic is a testament to the industry’s systemic failings and moral bankruptcy. My hope, post-graduate school, is to champion ethical business leadership—a stark contrast to what I've witnessed firsthand. I've since undertaken grassroots efforts, written to 3 Congressional committees urging for regulation, and applied for industry grants for education efforts to prevent more victims of fraud in crypto. In addition to personal setbacks, I am compelled to underscore the broader societal risks posed by the unchecked behaviors of the industry. Echoed
ALT
  • Reply
    • + Npars01
    Nonilex , to random
    @Nonilex@masto.ai avatar

    Federal prosecutors said on Fri that , the disgraced mogul, should receive a sentence of 40 to 50 yrs for his on charges.

    Bankman-Fried’s sentencing hearing is scheduled for March 28, during which Judge Lewis A. Kaplan will decide his fate. He faces a maximum possible penalty of 110 years.


    https://www.nytimes.com/2024/03/15/technology/sam-bankman-fried-sentencing.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=c-cb

    Nonilex OP ,
    @Nonilex@masto.ai avatar

    “Justice requires that he receive a prison sentence commensurate with the extraordinary dimensions of his ,” the prosecutors said in a 116-page sentencing memo to the judge.

    In a separate filing last month, lawyers for Bankman-Fried, 32, argued that he should receive a sentence of no more than six and a half years.

  • All
  • Subscribed
  • Moderated
  • Favorites
  • •
  • random
  • test
  • worldmews
  • mews
  • All magazines
    •