Re:Sam Bankman-Fried sentenced to 25 years in prison
by px43 on Thursday March 28, 2024 @10:56PM
(#39860143)
> a cryptocurrency exchange / hedge fund is not subject to even a fraction of the regulations banks are?
US ones are. Shady ass casinos in the Bahamas like what SBF was running aren't though. Exchanges like Coinbase have been operating in the US under heavy US regulations for over a decade, and have never had anything close to a solvency issue. It's absolutely ridiculous that SBF was getting invited to basically write US policy despite FTX not even being a US based exchange.
Re:Sam Bankman-Fried sentenced to 25 years in prison
by resolutebat on Friday March 29, 2024 @04:14AM
(#39861705)
FTX.US was very much a thing, and despite SBF's promises to regulators and others that it was completely separate, it imploded along with the rest.
Especially when prior to FTX's collapse, numerous other crypto exchanges were turning out to be scams or going under, and even back then there was plenty of evidence that crypto was being used and manipulated by nation-states and criminal organizations? And it was practically a meme that crypto was full of shysters and scams?
Comparing putting your money into a too-good-to-be-true crypto hedge fund is nothing like "a bank manager stealing money to pay off his gambling debts." I won't name a culpability breakdown but there is no way you have 0% responsibility here.