molly0xfff , to random
@molly0xfff@hachyderm.io avatar

FTX's Ryan Salame has returned to Twitter for the first time since FTX collapsed — hours after he was sentenced to 7.5 years in prison for his role in the FTX fraud and for his illegal campaign contributions 💀

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  • molly0xfff , to random
    @molly0xfff@hachyderm.io avatar

    Ryan Salame (former CEO of the Bahamian portion of FTX) has submitted his sentencing memo. He's asked for no more than 18 months imprisonment for his charges.

    He was charged with conspiracy to operate an unlicensed money transmitting business and conspiracy to make unlawful political contributions and defraud the Federal Election Commission.

    https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.433.0_1.pdf

    molly0xfff OP ,
    @molly0xfff@hachyderm.io avatar

    He argues that he was not substantially involved in the wrongdoing at FTX and instead lays much of the blame on others (mainly Bankman-Fried and Dan Friedberg).

    He argues that his substance abuse (alcohol and unspecified drugs), charitable work, and family commitment should be considered in his sentencing.

    molly0xfff OP ,
    @molly0xfff@hachyderm.io avatar

    Salame is the first of the four other high-level FTX employees to be sentenced. He pleaded guilty (as did all the others), but was the only one who did not have a cooperation agreement.

    Salame has agreed to restitution (~$5.6 million) and forfeiture ($6 million, two properties, and a business) which he says "will leave him with no remaining assets".

    transactualuk , to random
    @transactualuk@mastodon.social avatar

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    deflockcom , to Brave Browser
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    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

    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

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  • molly0xfff , to random
    @molly0xfff@hachyderm.io avatar

    most of the Sam Bankman-Fried/FTX victim impact statements are really heartbreaking. some of them are... not so much

    "your honor, i got wrecked by buying a shitcoin"

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  • molly0xfff OP ,
    @molly0xfff@hachyderm.io avatar

    (the token in question had already tanked well before FTX collapsed)

    parismarx , to random
    @parismarx@mastodon.online avatar

    In a document labeled “these are all random probably bad ideas that aren’t vetted,” convicted fraudster Sam Bankman-Fried considered going on Tucker Carlson’s show to “come out as a republican” and “come out against the woke agenda.”

    https://www.bloomberg.com/news/articles/2024-03-15/sbf-considered-coming-out-as-a-republican-amid-ftx-collapse

    molly0xfff , to random
    @molly0xfff@hachyderm.io avatar

    https://www.citationneeded.news/issue-52/

    Bitcoin's spiking — are we in for another round of crypto mania? I also go through Sam Bankman-Fried's sentencing memorandum, in which he asks for 6 years imprisonment instead of the recommended 100, and the 29 people who wrote letters in support.

    molly0xfff OP ,
    @molly0xfff@hachyderm.io avatar
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  • molly0xfff , to random
    @molly0xfff@hachyderm.io avatar

    Sam Bankman-Fried's mother, Barbara Fried, writes of her son's compassion in her letter to the judge. "To this day, Sam is the first person we would call if we needed an angel of mercy in a pinch."

    ....does she not know the common meaning of that phrase??

    https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.407.15.pdf

    pluralistic , to random
    @pluralistic@mamot.fr avatar

    One of the weirdest aspect of is the collapse of , the lynchpin of investing. Auditors - independent professionals who sign off on a company's finances - are the only way that investors can be sure they're not handing their money over to failing businesses run by crooks.

    --

    If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

    https://pluralistic.net/2024/01/26/noclar-war/#millionaire-on-billionaire-violence

    1/

    18+ pluralistic OP ,
    @pluralistic@mamot.fr avatar

    The crook has the victim's money, and the victim doesn't know it. The Bezzle is that interval when you're still assuming that isn't lying to you about the crazy returns they're generating for your crypto. It's the period between you getting the shrinkwrapped box with a 90% discounted in it from a guy in an alley, and getting home and discovering that it's full of bricks and styrofoam.

    9/

    molly0xfff , to random
    @molly0xfff@hachyderm.io avatar

    An independent examiner will be appointed in the bankruptcy case after all, thanks to a Third Circuit decision overturning the bankruptcy judge's decision not to appoint one.

    https://www.courtlistener.com/docket/67621693/66/in-re-ftx-trading-ltd/

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