CRYPTO - SBF has been Arrested in the Bahamas 0

[VKurtB]

On 12/18/2022 at 4:20 PM, World Colonial said:

Their accounting firm was supposedly a global one.  I've never heard of them.

I'm assuming someone is going to go after them for the shortfall too.

Accounting firm? I read that the whole schmeer was being run on QuickBooks. 

[World Colonial]

On 12/18/2022 at 6:26 PM, VKurtB said:

Accounting firm? I read that the whole schmeer was being run on QuickBooks. 

Maybe I misread.  I thought Mazar was their firm, and they were resigning from all crypto engagements.  

They might have been the accounting firm for the others.

[GoldFinger1969]

On 12/18/2022 at 6:34 PM, World Colonial said:

Maybe I misread.  I thought Mazar was their firm, and they were resigning from all crypto engagements.  

They might have been the accounting firm for the others.

Auditor to verify that assets backing digital currencies, tokens, and stablecoins are really there.  Stopped doing it because basically unless they see it, they aren't sure it's there.

If I do an inventory for IBM or Apple, I can reasonbably be sure that the stuff I see in a warehouse in NYC isn't then being shipped to one in Philly that I'll be visiting the next day to fool me....as was done by Crazy Eddie Antar when he would move inventory and merchandise ahead of the auditors to the next store they were auditing. 

[World Colonial]

On 12/18/2022 at 8:53 PM, GoldFinger1969 said:

Auditor to verify that assets backing digital currencies, tokens, and stablecoins are really there.  Stopped doing it because basically unless they see it, they aren't sure it's there.

If I do an inventory for IBM or Apple, I can reasonbably be sure that the stuff I see in a warehouse in NYC isn't then being shipped to one in Philly that I'll be visiting the next day to fool me....as was done by Crazy Eddie Antar when he would move inventory and merchandise ahead of the auditors to the next store they were auditing. 

Yes, I understand all of this.  I know what external and internal auditors do.

What I don't remember is if Mazar was the FTX auditor or the one for Binance.  I might have the two confused.  I know Mazar announced they are dumping their crypto clients, whoever that may be.

On a related note, there is a CNBC article where apparently the EU will start regulating this nothingness (aka, crypto) in about 12 months.

More moral hazard in store for the future, leading the public to believe that nothing really is something.

[VKurtB]

On 12/18/2022 at 8:24 PM, World Colonial said:

Yes, I understand all of this.  I know what external and internal auditors do.

What I don't remember is if Mazar was the FTX auditor or the one for Binance.  I might have the two confused.  I know Mazar announced they are dumping their crypto clients, whoever that may be.

On a related note, there is a CNBC article where apparently the EU will start regulating this nothingness (aka, crypto) in about 12 months.

More moral hazard in store for the future, leading the public to believe that nothing really is something.

Crypto is not nothing. It turns out to be LESS THAN NOTHING. It is a negative something. It’s a black hole that sucks wealth into its gaping maw. Think of it as investment anti-matter. When it collides with actual assets … total annihilation. 

Edited December 19, 2022 by VKurtB

[rrantique]

FTX founder Sam Bankman-Fried released on $250 million bond (msn.com)

[simonharison]

I consider it fair revenge. It is not okay to make people lose their money. The Crypto world is pretty controversial for us, and we don't know whom to believe. Some people use it for their purposes. I also was afraid to start investing in crypto and couldn't find proper resources to rely on first. However, now I've managed to learn from my mistakes and figured out how to make an additional income out of it. I usually try to check more services, like best paid crypto signals and similar, to compare and evaluate the risks. That helps to invest in the right cryptocurrency at the right moment

Edited December 22, 2022 by simonharison

[USAuPzlBxBob]

Gambling at best, conniving at worst.

[GoldFinger1969]

On 12/22/2022 at 6:51 PM, simonharison said:

I consider it fair revenge. It is not okay to make people lose their money. The Crypto world is pretty controversial for us, and we don't know whom to believe. Some people use it for their purposes. I also was afraid to start investing in crypto and couldn't find proper resources to rely on first. However, now I've managed to learn from my mistakes and figured out how to make an additional income out of it. I usually try to check more services, like best paid crypto signals and similar, to compare and evaluate the risks. That helps to invest in the right cryptocurrency at the right moment

You're not "investing" in crypto....you're SPECULATING or GAMBLING in crypto.  It is NOT investing !!! 

It's like saying you're going to "invest" in the Zimbabwe dollar ! 

Edited December 23, 2022 by GoldFinger1969

[VKurtB]

On 12/22/2022 at 2:34 PM, rrantique said:

FTX founder Sam Bankman-Fried released on $250 million bond (msn.com)

This is so sick!!! The house that SBF bought for his parents with stolen account holder funds is now the security on his bail!!!!  Is this federal government the stupidest version ever or what? The stupidity is insane. All they know how to do is political persecutions. 

[GoldFinger1969]

On 12/23/2022 at 3:29 PM, VKurtB said:

This is so sick!!! The house that SBF bought for his parents with stolen account holder funds is now the security on his bail!!!!  Is this federal government the stupidest version ever or what? The stupidity is insane. All they know how to do is political persecutions. 

His parents make a good income, most/all of the house probably paid for by their own $$$.

You want to see a scam, check out the Butch Lewis Pension Bailout for union pensions. 

[VKurtB]

On 12/23/2022 at 5:12 PM, GoldFinger1969 said:

His parents make a good income, most/all of the house probably paid for by their own $$$.

You want to see a scam, check out the Butch Lewis Pension Bailout for union pensions. 

His parents are professors. People with law degrees who wanted to not scrounge for billable hours become professors. They did not buy a $250 million home, even near Palo Alto. That’s “hottest rapper in the world” real estate. 

Edited December 23, 2022 by VKurtB

[World Colonial]

On 12/23/2022 at 6:25 PM, VKurtB said:

His parents are professors. People with law degrees who wanted to not scrounge for billable hours become professors. They did not buy a $250 million home, even near Palo Alto. That’s “hottest rapper in the world” real estate. 

I haven't read anything indicating the parents own a $250MM home but maybe I missed it.  My understanding is that it's just part of the collateral.  The CNBC article I read didn't indicate where the money came from though it did mention the parent's house.

Being supposedly down to his last $100K, I'm curious to know where he could have legitimately got this amount, if the charges are valid.  I'm assuming it's actually customer funds (again) which he is legally able to use under the presumption of innocence.

[VKurtB]

On 12/23/2022 at 5:39 PM, World Colonial said:

I haven't read anything indicating the parents own a $250MM home but maybe I missed it.  My understanding is that it's just part of the collateral.  The CNBC article I read didn't indicate where the money came from though it did mention the parent's house.

Being supposedly down to his last $100K, I'm curious to know where he could have legitimately got this amount, if the charges are valid.  I'm assuming it's actually customer funds (again) which he is legally able to use under the presumption of innocence.

There is ABSOLUTELY NO HONEST WAY this creep raised this kind of bond. He’s added to the pile of people who need to see the inside of cells, perhaps including the Southern District of NY Judge. This guy is being protected by EXTREMELY well connected people. 

Edited December 24, 2022 by VKurtB

[World Colonial]

On 12/23/2022 at 7:00 PM, VKurtB said:

There is ABSOLUTELY NO HONEST WAY this creep raised this kind of bond. He’s added to the pile of people who need to see the inside of cells, perhaps including the Southern District of NY Judge. This guy is being protected by EXTREMELY well connected people. 

I agree.  It's the most logical explanation how he got bail at all.

Still, if he swindled his customers to this extent, wouldn't surprise me if does the same thing to his parents, if he can find a way to get out of the country again.

[Fenntucky Mike]

That he was permitted bond is no surprise, 250MM, sure.

Is he under house arrest in the same home put up for collateral? 

No doubt SBF is still using customer funds to stay out on bond.

So much for altruism, he's going down with the ship and everyone aboard. I'd really like to see the tax deductible contributions he made, other than to politicians. 

What a turd. 

EDIT TO ADD: I believe SBF said in an interview that he wanted to keep 1% of his (speculators) wealth and donate the rest. 

Edited December 24, 2022 by Fenntucky Mike
Spelling

[GoldFinger1969]

On 12/23/2022 at 6:25 PM, VKurtB said:

His parents are professors. People with law degrees who wanted to not scrounge for billable hours become professors. They did not buy a $250 million home, even near Palo Alto. That’s “hottest rapper in the world” real estate. 

House is appraised at $4 MM in Palo Alto. 

Must be in the slum area.

[GoldFinger1969]

On 12/23/2022 at 7:46 PM, World Colonial said:

I agree.  It's the most logical explanation how he got bail at all. Still, if he swindled his customers to this extent, wouldn't surprise me if does the same thing to his parents, if he can find a way to get out of the country again.

Ellison and Wang have pleaded guilty.  They'll help nail SBF.

[VKurtB]

He needs to try to get to Russia. 

[GoldFinger1969]

Pleads Not Guilty.....

https://www.coindesk.com/consensus-magazine/2023/01/04/why-did-sam-bankman-fried-plead-not-guilty/

[World Colonial]

On 1/5/2023 at 1:54 AM, GoldFinger1969 said:

Pleads Not Guilty.....

https://www.coindesk.com/consensus-magazine/2023/01/04/why-did-sam-bankman-fried-plead-not-guilty/

"He who sells what isn't his'n, must buy it back or go to pris'n"

Attributed to Daniel Drew in the context of short selling but SBF should have taken it to heart anyway.

[Olympicon]

The news about SBF's arrest has certainly raised eyebrows in the crypto community. It's a stark reminder of the unexpected twists and turns that can occur in the crypto world. We'll have to keep a close watch on how this situation unfolds.
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It's crucial to stay informed about developments in the crypto space, as they can have a significant impact on the market.

Edited December 19, 2023 by Olympicon

[VKurtB]

On 12/11/2023 at 5:13 PM, Olympicon said:

The news about SBF's arrest has certainly raised eyebrows in the crypto community. It's a stark reminder of the unexpected twists and turns that can occur in the crypto world. We'll have to keep a close watch on how this situation unfolds.

He has been convicted, He will not be publicly seen again.

[GoldFinger1969]

On 12/11/2023 at 6:13 PM, Olympicon said:

The news about SBF's arrest has certainly raised eyebrows in the crypto community. It's a stark reminder of the unexpected twists and turns that can occur in the crypto world. We'll have to keep a close watch on how this situation unfolds.

Big news isn't his conviction, it's BitCoin going up almost triple since the late-2022 bottom. 

[VKurtB]

On 12/12/2023 at 1:05 AM, GoldFinger1969 said:

Big news isn't his conviction, it's BitCoin going up almost triple since the late-2022 bottom. 

The “Greater Fool” theory at work again.

[GoldFinger1969]

On 12/12/2023 at 11:59 AM, VKurtB said:

The “Greater Fool” theory at work again.

I'm on record that I will not be surprised if one of these threads shows activity in 2030 and BitCoin is over $500,000 or below $10,000. 

[dcarr]

.

[VKurtB]

On 12/12/2023 at 12:38 PM, GoldFinger1969 said:

I'm on record that I will not be surprised if one of these threads shows activity in 2030 and BitCoin is over $500,000 or below $10,000. 

Or both, at various times?

[Henri Charriere]

It is not money, but the LOVE of money, that is the root of all evel.

These crypto crooks did everything they possibly could do to evade regulation.

Nowadays, these "cryptic" currencies will be subject to increasing scrutiny.   Can the industry be cleaned up?  I believe so. Nobody likes having a powerful searchlight focused on them when they are trying to fly under the radar. Frankly, I was surprised a bunch of schlubs were rounded up and turned out to be unremarkable otherwise in every respect. At least Bernie Madoff had some class.  I don't care for people who show up in court without a necktie. That should be an actionable offense right there.

[VKurtB]

On 1/17/2024 at 9:01 PM, Henri Charriere said:

It is not money, but the LOVE of money, that is the root of all evel.

These crypto crooks did everything they possibly could do to evade regulation.

Nowadays, these "cryptic" currencies will be subject to increasing scrutiny.   Can the industry be cleaned up?  I believe so. Nobody likes having a powerful searchlight focused on them when they are trying to fly under the radar. Frankly, I was surprised a bunch of schlubs were rounded up and turned out to be unremarkable otherwise in every respect. At least Bernie Madoff had some class.  I don't care for people who show up in court without a necktie. That should be an actionable offense right there.

Yes, it should be easy to string them up post haste.