This is the risk people face when they buy and trade tokens or coins that can easily be manipulated in this way, and then crash because there is no utility to help it rise again. From the article, it is possible Eisenberg could be sentenced to 20 years in prison, but i think he should get lesser than that, if sbf could get 25 years in prison for all the crimes he committed, i don't see why this exploiter should get 20 years in jail.
.. his actions were legally permissible under the then-existing protocols of Mango Markets. “Every trade has a winning side, and every trade has a losing side. It is not illegal to win, to execute a trade that is to your benefit. Mango Market is computer program, a series of smart contracts,” Eisenberg’s lawyer told the court.
I think that the prison sentence heaped on SBF will now be the standard on which other crypto-related cases will be gauged.No, it is not going to be the standard, i believe every case would still be handled on a case by case basis. I was just thinking aloud that if sbf got 25 years, when he committed a far greater crime and was expected to get ~ 100 years in jail, then i don't think this exploiter would or should get 20 years in jail.
To be fair this is an improvement because in most cases when there is a crypto related scam, most courts just turn a blind eye to it,People who commit financial crimes, be it crypto or fiat scam, if the prosecutors can prove that they are guilty, they are going to be punished by the law, i think it has always been that way. It is surely a good deterrent if people who commit financial crimes with crypto face the music, but i am sure the media likes to talk so much about crypto scams and make gullible people think crypto is a scam.
To be fair this is an improvement because in most cases when there is a crypto related scam, most courts just turn a blind eye to it, the fact that this one ended up being a little bit more careful and better seems to be important and better. If we keep having these stuff, like jail people who do these scams, then I am sure that we are going to get less and less people who does this. Don't get me wrong, there are plenty of people who commit illegal stuff even though they know it, irregardless of crypto, so there will always be some people who will do it, but if we jail them, then the number will go down.
People who commit financial crimes, be it crypto or fiat scam, if the prosecutors can prove that they are guilty, they are going to be punished by the law, i think it has always been that way. It is surely a good deterrent if people who commit financial crimes with crypto face the music, but i am sure the media likes to talk so much about crypto scams and make gullible people think crypto is a scam.I agree with you on this point. The media often distorts the facts and spreads the news as if cryptocurrency itself is a scam and not that there are fraudulent people who do these shameful acts.
Nevertheless, the jury’s decision indicates a significant resistance against deceptive practices in the cryptocurrency market, suggesting a more stringent approach to regulatory enforcement, even within defi environments.