After Sam Bankman-Fried was sentenced to nearly a quarter-century behind bars for his involvement in financial wrongdoings, Caroline Ellison, Gary Wang, Ryan Salame, and Nishad Singh are up next to face consequences for their roles in the FTX debacle.
Post-conviction by a jury and subsequent sentencing by Judge Lewis Kaplan, FTX’s founder Sam Bankman-Fried is bracing for a prison term nearing 25 years. His former associates are now poised to confront their own sentencing phases. Despite some of them having cooperated with authorities, it doesn’t exempt them from potential incarceration. Ryan Salame, previously co-CEO of FTX Digital Markets, is slated to appear before Kaplan on May 1.
Those who cooperated with the authorities will receive very little or no punishment, because this is probably part of the settlement that included placing most of the blame on their boss. I would not be surprised if all of them together receive a total sentence of less than 25 years, given that they will be sentenced by the same judge who, for me personally, has absolutely no sense of justly punishing criminals.
The lesson that the majority will certainly not learn is that people like Bankman should not be trusted, which means that it is only a matter of time before a similar story will be repeated with some other actors.
My opinion is that the SBF’s co-conspirators should meet the same fate in prison, because it is certain that the SBF is not alone responsible for this disaster. These partners played different, albeit lesser, roles, but they are partners and must receive the appropriate punishment for each of them.Yes but just like any normal criminals, if everyone is caught, some of them or in this case all of them become a turncoat and that's why SBF got what he deserved. So this people will get less jail sentence and it will only be SBF who will take the weight of the crimes. Maybe for some specially for the victims, every one is guilty as co-conspirators and meet the same fate by SBF, but in US justice system, it's very different, lawyer can play and bargain a lot even if the side is guilty by turning this criminals against each other and leaks everything they know against SBF in this case.
As for the impact of the FTX incident on the market, I believe, in my opinion, that the worst impact has already occurred, but the market was able to overcome it, thank God, but there must remain negative effects, even if they are mild, on the market, which may last several years before they are completely eliminated.
but in US justice system, it's very different, lawyer can play and bargain a lot even if the side is guilty by turning this criminals against each other and leaks everything they know against SBF in this case.Yes, you are correct. This is a very possible possibility, and the opposite could also happen, meaning that the SBF could inform his comrades, provide all the information that the investigation committee needs, and obtain a reduction in the prison term.
~All of them ruined many people's lives, so they must face the consequences as well like what Scam Bankrupt-Fraud.
What do you think about the co-conspirators in the FTX debacle? What are the many lessons we can gain from this development and do you think things that happened with FTX, Sam and his minions will have a strong impact on the cryptocurrency industry as a whole?
I'm more interested din the financial punishment they will receive than the sentence, SBF got 10 billions, I wonder what sums if any these 3 will get!
I'm more interested din the financial punishment they will receive than the sentence, SBF got 10 billions, I wonder what sums if any these 3 will get!
I'm also curious about that. But isn't $10 billion refer to total victim loss (rather than fine)?
They said $8 billion represents how much Bankman-Fried made from “wire fraud and conspiracy to commit wire fraud on FTX’s customers, and the property involved in his conspiracy to launder the proceeds.” Another $1.72 billion represents the amount FTX raised from investors on false pretenses, and $1.3 billion accounts for the money that Bankman-Fried’s cryptocurrency trading firm owed lenders, prosecutors said.
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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.
What do you think about the co-conspirators in the FTX debacle? What are the many lessons we can gain from this development and do you think things that happened with FTX, Sam and his minions will have a strong impact on the cryptocurrency industry as a whole?
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.
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.
~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?
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.
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.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.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.
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You know the running joke that the scariest of all three letter agencies is not the CIA,NSA or FBI, it's the IRS! ;D
~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! ;D
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.