Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: ABCbits on March 19, 2024, 10:23:15 AM
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FTX Users Describe 'Emotional Toll' From Bankruptcy in Letters to Judge Ahead of Sam Bankman-Fried's Sentencing
FTX’s creditors say the exchange’s 2022 collapse “robbed [them] of [their] financial security,” exacted an “emotional toll,” and “created a sense of insecurity and mistrust toward the financial system,” they said in a series of victim statements filed in founder Sam Bankman-Fried’s criminal case. Read more here (https://www.coindesk.com/policy/2024/03/19/ftx-users-describe-emotional-toll-from-bankruptcy-in-letters-to-judge-ahead-of-sam-bankman-frieds-sentencing/).
Yesterday (https://www.altcoinstalks.com/index.php?topic=318753.msg1521475#msg1521475) i mentioned impact of FTX's bankruptcy on mental health and today CoinDesk release this news. I really hope court listen more to victim's and keep original ~100 years prison time suggestion. Your opinion is greatly appreciated.
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This is good news, I mean it seems that SBF has gaining some as he had good lawyers on his side and portray him as having this mental issues. But with this letter, I do agree with most of the victims, it's not just about the money that they have lost here, it's the emotional tool that they also experience and it's ugly. And there are worst news, as one of the star witnessed said that he contemplated suicide when FTX collapses. So I do hope that the judge will take this into consideration.
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Yesterday i mentioned impact of FTX's bankruptcy on mental health and today CoinDesk release this news. I really hope court listen more to victim's and keep original ~100 years prison time suggestion. Your opinion is greatly appreciated.
I am sure that the judge is putting some weight on the testimonies of the victims of the FTX collapse and the things that happened to them as results of the great fiasco orchestrated by no other than Sam Bankman-Fried and his minions notably his girlfriend Caroline Ellison. I fully sympathized with all the people who lost money with this very historic collapse of a big multi-billion crypto exchange collapse due to extreme greed and lack of accountability and responsibility. What happened to the victims can be liken that of being scammed right before your very own eyes and you can not do anything to stop the monstrosity. Sam should be locked up for 110 years.
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I may go in a direction that many people will not like with my comment, but all those who lost money on FTX have a very big responsibility on themselves because they trusted an incompetent clown who not only proved to be incompetent, but also a person who consciously committed criminal acts thinking that the politicians he bribed would protect him.
Anyone who has ever listened to Bankman could very easily conclude that something is wrong with him, so I wonder how it is possible that so many people trusted him with all (or most) of what they had. Bankman is guilty and there is no doubt about that, but all those who trusted him and made it possible for him to build such a powerful company are also guilty.
The judge can sentence him to 1000 years, does that change anything in their bank accounts?
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The creditors would surely want sbf to be locked up for a very long time, ~ 100 years would probably be suitable for them because of how they feel, the other day the prosecution told the court that 40-50 years is more appropriate than sending him to jail for over 100 years, which is the same as a life sentence.
Sbf and his misappropriation ruined the lives of a lot of people, even though they should know better to store their coins in their self custody. However, the judge must put the creditors into consideration and in all this i don't think it is possible for sbf to get anything less than 50 years in jail.
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Nobody forced them to "invest", and not like there is something unfair going on neither, the court is trying their best. If FTX found not guilty and SBF got out and all that, then I would have understood. But he is getting jail time and the court is appointing people to make sure that they can repay people as much as they can, so all the things that should be done is getting done at the moment, its all going by the book. I am not saying they are guilty for investing at the wrong place, but they are not really helping their case neither, not like anything is being done that is wrongful towards them.
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We are all sympathetic to the victims of FTX, of course this is a huge shock to many victims who have lost huge sums of money and may have gone bankrupt due to this traumatic incident, so we hope the judge will take this into consideration.
Sam Bankman's lawyers are trying to influence the judge by saying that he suffers from mental or psychological problems, so the jury must consider the emotional state of the victims and also their families because this incident may have destroyed the lives of some families.
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I may go in a direction that many people will not like with my comment, but all those who lost money on FTX have a very big responsibility on themselves because they trusted an incompetent clown who not only proved to be incompetent, but also a person who consciously committed criminal acts thinking that the politicians he bribed would protect him.
Anyone who has ever listened to Bankman could very easily conclude that something is wrong with him, so I wonder how it is possible that so many people trusted him with all (or most) of what they had. Bankman is guilty and there is no doubt about that, but all those who trusted him and made it possible for him to build such a powerful company are also guilty.
That's harsh, but i must say you're right. I even remember Time magazine used to list Sam as their top 100 people.
The judge can sentence him to 1000 years, does that change anything in their bank accounts?
There's a plan to recover victim loss, so i guess some victim now focus on other matter. Although this news also remind it's based on coin's value when FTX filed for bankruptcy.
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The judge can sentence him to 1000 years, does that change anything in their bank accounts?
It doesn't but that's another matter. Those letters are appealing to emotions because they would be more devastated if SBF will get a lighter sentence. I can only imagine the looks on their faces if the judge grants the defendant's five-year prison time request.
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I remembered the investors who also lost in the infamous "BITCONNECT!!!!!!!!" project way back in 2018 where investors lost a huge amount of money, and some lost their entire savings because they invested on this scam project. The worst part? The owner of that project wasn't even arrested during that time.
I'm lucky that I didn't invest into this project because of the fact that I don't like to hold exchange tokens for mid to long term because of these kind of scenarios that might happen, and it really did happen. TBH, I don't care that much about the money that these investors lost by investing into this project because it's their responsibility at first place, and they aren't forced to invest on the project, but they invested because of their beliefs and trust on it. What I care the most is the emotional damage that this incident has done to it's investors. I can't imagine myself if I was one of them, and I went all in on it (of course I will not do it). I might be having an emotional stress, and might get depressed for months or even years.
Overall, I hope that the judge will not give him a lighter sentence and will stay on that ~100 year imprisonment. At least at that way, the investors who lost money on the project will make sure that this scammer will not come out of the prison alive anymore.
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I feel bad for FTX users but they got robbed because of their own stupidity. Why have they trusted SBF at first place? Why they have trusted a centralized exchange, and why they have invested in FTX?
The answer to those questions is that they were stupid enough to take good financial decisions. Instead of investing in FTX, they could have invested in a reputed project like Bitcoin and they would be happy now.
FTX's collapse and Terra Luna's collapse are big lessons for all crypto investors. Never ever trust centralized exchanges or coins that promise huge gains. Those are either Ponzi schemes or somewhat similar to it, so everyone should be careful from such coins and exchanges, and learn lessons from the past.
Not only sentencing of SBF for 100 years but even hanging him for the losses won't help to recover the losses of the victims.
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That's harsh, but i must say you're right. I even remember Time magazine used to list Sam as their top 100 people.
At the time when FTX appeared, I remember that there was a lot of optimism among some "respectable" members of BTT, and even then that Bankman seemed to me like a kid who was definitely not capable of such a serious job - and that's the feeling you get when you see and hear someone and you say to yourself "I don't want to do any work with this man". He simply bought his way up with the money he took from his clients.
There's a plan to recover victim loss, so i guess some victim now focus on other matter. Although this news also remind it's based on coin's value when FTX filed for bankruptcy.
Good luck to everyone who is waiting for their money, I hope that the US judiciary will be a little more effective than the Japanese one that completely embarrassed itself with Mt.Gox. From some other cases that happened in the US, I can only say that the authorities are very efficient when it comes to confiscations, but very slow and ineffective when it comes to compensating the victims.
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I feel bad for FTX users but they got robbed because of their own stupidity. Why have they trusted SBF at first place? Why they have trusted a centralized exchange, and why they have invested in FTX?
Until FTX collapse FTX was known as a good exchange by all crypto users, even I created an account on FTX but my luck was not depositing any funds. There is a tendency among crypto users that if they see a high profit somewhere, they deposit their funds on that site without even thinking about the risk involved. FTX victims also made the same mistake that they are suffering now. Sympathy goes out to the FTX victims, hope they recover from this financial loss and atleast get their funds back.
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Sympathy goes out to the FTX victims, hope they recover from this financial loss and atleast get their funds back.
I'm sorry to say but I don't think that they will be able to recover from the financial loss that they faced due to FTX's fraud. It's not possible for them to get refund either, they'll always remember the collapse or you can say fraud of FTX as the worst nightmare of their life.
I wish that somehow they may recover the losses by investing in a good project but I don't think that many of those has any remaining funds which they might invest to earn any profits from other projects.
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I can only imagine the looks on their faces if the judge grants the defendant's five-year prison time request.
I can only imagine that too and the judge must be very sensitive in their judgement, i know the defendants are asking for a sentence of ~ 5-7 years, but i honestly do not think that will happen, it is too short for the kind of crimes sbf committed, of which he was found guilty of all of it. Like i have already said, the judge may not sentence him to ~ 100 years in jail as a lot of creditors would want, but 50-60 is good in my honest opinion, it is a fair judgement and a good deterrent to people who want to handle public funds like he did.
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Yesterday i mentioned impact of FTX's bankruptcy on mental health and today CoinDesk release this news. I really hope court listen more to victim's and keep original ~100 years prison time suggestion. Your opinion is greatly appreciated.
I am sure that the judge is putting some weight on the testimonies of the victims of the FTX collapse and the things that happened to them as results of the great fiasco orchestrated by no other than Sam Bankman-Fried and his minions notably his girlfriend Caroline Ellison. I fully sympathized with all the people who lost money with this very historic collapse of a big multi-billion crypto exchange collapse due to extreme greed and lack of accountability and responsibility. What happened to the victims can be liken that of being scammed right before your very own eyes and you can not do anything to stop the monstrosity. Sam should be locked up for 110 years.
Fine and good, the judge may be seeing more coming as evidence from the victims but how has this got to refund all their lost asset back to them, isn't it going to happen that the government will only be the recipient of these whole thing about recovery and give nothing back to all affected users of this hack scam, despite the winning and victory already made on Sam, the sentencing and the likes, how will the investors take hold of their money back, this is the most interesting part of it all.
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I'm really saddened by the people affected by this scam by SBF. It's really gut-wrenching knowing that you could've been a great asset but then just turned out to be a complete sham. Wrecking people's lives unknowingly and consciously doing bad stuff already deserves that sentence.
Are there new updates with how the proceedings are?
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Sympathy goes out to the FTX victims, hope they recover from this financial loss and atleast get their funds back.
I'm sorry to say but I don't think that they will be able to recover from the financial loss that they faced due to FTX's fraud. It's not possible for them to get refund either, they'll always remember the collapse or you can say fraud of FTX as the worst nightmare of their life.
I wish that somehow they may recover the losses by investing in a good project but I don't think that many of those has any remaining funds which they might invest to earn any profits from other projects.
The collapse of FTX has come as a lesson for crypto investors to never deposit all funds on an exchange, and never trust an exchange with massive promotions like FTX. FTX investors are having a bad time now and there is no way to recover their funds. Now if the case of FTX is decided and legally if FTX returns the funds to the users then at least those investors will get some relief.
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I support their cause, Bankman - fried is using every means to escape jail terms imagine asking the court for only 5 years when he deserves ten times of that term because of ruining the finances and families of many victims.
There was a pleading by one of the victims and it goes
“Justice, in this case, should not only involve penalizing the wrongdoer but also ensuring that the victims are genuinely compensated for their losses.”
The judge should ensure that both of these objectives will be reached to serve justice for the victims.
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Fine and good, the judge may be seeing more coming as evidence from the victims but how has this got to refund all their lost asset back to them, isn't it going to happen that the government will only be the recipient of these whole thing about recovery and give nothing back to all affected users of this hack scam, despite the winning and victory already made on Sam, the sentencing and the likes, how will the investors take hold of their money back, this is the most interesting part of it all.
What the creditors are bringing to the judges table here is not evidences, sbf has already been found guilty and is awaiting sentencing, they are trying to emotionally move the judge to sentence sbf to a very long time in jail, at least it will make them feel better. However, ftx creditors would be refunded some of their money back, it has been said that the company is going to liquidate some of their assets, and i think the money would be used to refund creditors, but take note that this will take a very long time, even mt. Gox's customers are yet to receive their funds back after so many years.
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I'm really saddened by the people affected by this scam by SBF. It's really gut-wrenching knowing that you could've been a great asset but then just turned out to be a complete sham. Wrecking people's lives unknowingly and consciously doing bad stuff already deserves that sentence.
Are there new updates with how the proceedings are?
No, the news state it'll start on 28 March. But meanwhile, sam and his lawyer attempt claim that sam isn't super villain[1]. But considering the damage, calling sam as super villain isn't exactly wrong.
[1] https://www.msn.com/en-gb/news/world/ftx-founder-sam-bankman-fried-is-no-super-villain-his-lawyers-say/ar-BB1keaPM (https://www.msn.com/en-gb/news/world/ftx-founder-sam-bankman-fried-is-no-super-villain-his-lawyers-say/ar-BB1keaPM)
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No sympathy for any of them.
You wanted to keep your coins, you never should've kept them on an exchange in the first place.