Re:Sam Bankman-Fried sentenced to 25 years in prison
by meowface on Thursday March 28, 2024 @04:09PM
(#39856711)
If true, kind of funny. If they weren't so incompetent they may've been able to skate past it without the public realizing what was going on.
Re:Sam Bankman-Fried sentenced to 25 years in prison
by matthewdgreen on Thursday March 28, 2024 @05:36PM
(#39857605)
When you’re talking about 8 billion dollars, it’s easy to lose sight of the fact that “a huge part of the shortfall was found” means that billions of dollars weren’t.
Re:Sam Bankman-Fried sentenced to 25 years in prison
by caturopath on Friday March 29, 2024 @12:05PM
(#39865681)
The claim seemed to me to be that very little money was found compared to the 8 billion dollars. That doesn't seem true.
Re:Sam Bankman-Fried sentenced to 25 years in prison
by matthewdgreen on Wednesday April 03, 2024 @02:47PM
(#39921385)
One concrete claim I found is that many BTC holders might get paid back in USD at the then-price of the coin, which is ~$16K. Bitcoin is currently at ~$65K, which indicates that they could have lost up to 75% of the underlying coins. Just to be clear: this is not the same as being made whole.
Re:Sam Bankman-Fried sentenced to 25 years in prison
by lowkeyoptimist on Thursday March 28, 2024 @05:44PM
(#39857717)
That billions of stuff were other coins that dropped in value which they were using to run their scheme and investments that are still illiquid, like their 500 million dollar investment in Anthropic. I can only imagine what that Anthropic investment is worth today.
https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6c...
This is even from the article you reference: "FTX has benefited from a recent rise in crypto prices, Dietderich said. Its total recovery would be valued at $6.2 billion based on crypto prices from November 2022, when it filed for bankruptcy after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal."
That isn't to say that 'all the money was there' or that the conduct wasn't deeply criminal and unethical, but a huge part of the shortfall was really just terrible books.