After Sam, Former FTX Associates Are Next

[Z-tight]

do you think things that happened with FTX, Sam and his minions will have a strong impact on the cryptocurrency industry as a whole?

It already had whatever impact it did when the exchange collapsed in 2022, the setencing, both of Sam and his former associates will have no impact on the crypto industry. Though the sentencing is a deterrent to others running their cypto service in the same way and the whole case is another reason for people to store their funds only in their self custody.

[ABCbits]

So basically unless he pays 11 (my bad not 10) billion somehow, which he obviously has no chance of doing so he will leave with this forfeiture order for the rest of his life. Of course, they won't go after him if he makes the minimum living expense wage but any property under hisname unless is a card box will get seized.

I see. Anyway, their parent claim they'll continue fight for Sam, so who knows if they also willing to help him paying FTX's victim.

[Stompix]

~snip~

Still, for consolation, even when he gets out of prison he won't be poor, because he will inherit something from his parents - I'm just wondering if inheritance has anything to do with debt? If, say, he inherits a house worth $2 million, will the authorities take the house from him or not?

Forfeitures in this case will be case by case, it depends a lot on the value of the said house and his means of making a living.
Now, you probably know that in the US 2 million houses is nothing special, in the suburbs of major cities that won't get you more than 300sqm and 4 rooms so probably the judge will let him inherit something like that but anything more expensive like his 4 million home (valued at that back in 2022) in Palo Alto he might get from his parents will probably get seized, his 40 million penthouse in Bahamas? No chance! It's all ready for auction!

As for other assets like cash, shares anything in his inheritance they will be seized.
You know the running joke that the scariest of all three letter agencies is not the CIA,NSA or FBI, it's the IRS! 

I see. Anyway, their parent claim they'll continue fight for Sam, so who knows if they also willing to help him paying FTX's victim.

They don't have a chance of paying that back, that's the thing the US is good at when they deal with financial punitive measures, just like when they hand someone 161 life sentences, they pretty much know from the start they won't be able to pay up those 11 billion.

[Gurujebs]

It already had whatever impact it did when the exchange collapsed in 2022, the setencing, both of Sam and his former associates will have no impact on the crypto industry. Though the sentencing is a deterrent to others running their cypto service in the same way and the whole case is another reason for people to store their funds only in their self custody.

The impact is not yet over because FTX is the reason why we are where we are today. There is no trust in altcoins anymore. Investors don't want to invest heavily again and they don't trust new projects anymore. This impact will clear after some times but I'm not sure entirely if that can be erase totally in this bullrun  because some people never get back their money from FTX.

When Mt. Gox made people a victim, we didn't have a blast in the crypto market not until the last one and Sam and his associates ruin everything with their scam and imagine if Mt.gox has not reimburse their victims, only lord knows when FTX will pay his victims.

[Z-tight]

The impact is not yet over because FTX is the reason why we are where we are today. There is no trust in altcoins anymore. Investors don't want to invest heavily again and they don't trust new projects anymore.

If the collapse of ftx made people lose trust in altcoins and in new altcoin projects, then it is a good thing. So many people lose money when they buy shitcoins, so it is a good lesson, in addition to not storing funds in centralized exchanges.

[ScamViruS]

The impact is not yet over because FTX is the reason why we are where we are today. There is no trust in altcoins anymore. Investors don't want to invest heavily again and they don't trust new projects anymore.

If the collapse of ftx made people lose trust in altcoins and in new altcoin projects, then it is a good thing. So many people lose money when they buy shitcoins, so it is a good lesson, in addition to not storing funds in centralized exchanges.

I think people have forgotten the lesson they learned from FTX collapse, people still keep their funds in centralized exchanges. If an exchange like Binance has problems for some reason, then we will see again how many people hold their funds on the exchange. But yes the interest of investors has decreased in altcoins, now many solid projects have come to the crypto market and are not performing well, due to lack of investors. Big investors are only looking at Bitcoin and top altcoins.

[Lucius]

~snip~
You know the running joke that the scariest of all three letter agencies is not the CIA,NSA or FBI, it's the IRS! 

There is some truth in that, because when we look through history, it was this agency that eventually "judged" many big criminals, and that old saying says that in life you cannot escape from two things - the first is death, and the second is taxes. It seems that there is no statute of limitations on debts in the US (or maybe there is in some cases?), because in my case, if the tax office fails to collect your debt in 6 or 7 years (I'm not sure), that same debt no longer exists.

[robelneo]

This is bound to happen, even if they have a bargaining agreement they should still get a prison sentence or a fine, but it will not be the same sentence as Sam's prison sentence.
It will be a shorter prison sentence just to satisfy the prosecutors and the victims it depends on the gravity of their sins.
But besides the prison sentence, they should get a huge fine, for enriching themselves by scamming people of their money, because if not this will send signal to scammers that they can still get away.

[Stompix]

~snip~
You know the running joke that the scariest of all three letter agencies is not the CIA,NSA or FBI, it's the IRS! 

There is some truth in that, because when we look through history, it was this agency that eventually "judged" many big criminals, and that old saying says that in life you cannot escape from two things - the first is death, and the second is taxes. It seems that there is no statute of limitations on debts in the US (or maybe there is in some cases?), because in my case, if the tax office fails to collect your debt in 6 or 7 years (I'm not sure), that same debt no longer exists.

Things are going to change for sure even in your case.
And I'm pretty sure that even there the status of limitation is for the time till you get notified for a debt, so it counts only if the state fails to take you to court for unpaid debts, not after you have been sentenced to pay the sum. It does work for 5 years even here but only if for 5 years you have no contact from the bank, as long as they are able to send you a letter to notify you of the existence of your debt that will keep resetting the timer.

And if we go deeper, as I have a bailiff order and your recognized debt in a civil case all I have to do is notify your banks each year, and that debt will keep all your assets locked till you either pay or manage to file bankruptcy, which is SBF's case!
But, I'm 100% sure what happens in the US, that's why I mostly cited the guys in the articles, I mean lawyers would (should) know better.