FTX founder Sam Bankman-Fried denies 'improper use' of customer funds | Hacker News Reader

FTX founder Sam Bankman-Fried denies 'improper use' of customer funds

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11 pointspranshum14 comments

Does the way SBF's case is being handled increase or decrease your confidence in the mainstream media? How about public institutions?

Neither, this mess is going to take time to figure out, especially in the hopelessly-regulated world of cryptocurrency finance.

It's a hard mess to unpick and understand, HN-ites are struggling with it too.

Spam Fried should really be keeping his mouth shut, but he can't help himself with his "I know best" attitude. He's the best gift a prosecutor can have, let him carry on until he's in jail.

HN-esque sites aren't "struggling", in pretty much every comments section there is someone pointing out the complete horseshit crypto is and the fundamental lack of stability in the market. The only reason we see other comments is because the uninformed or those with a stake in the market astroturf every comment section with noise, but the truth has always been present here and unresolvable without appealing towards idealism and emotion

Fair comment, I just can't believe how many other tech people I know have been "investing" in this.

Although, "greed ain't going anywhere" observed Joe Strummer.

Buying and selling horseshit, generally, is not a crime. Taking a deposit for the purchase of overpriced horse-shit, and then instead betting on the value of another pile of horse shit, while telling depositors you won't do that is the most immediate crime I foresee SBF having to answer to.

I think he's running his mouth to pretend "I was clueless and it was all just a mistake", ie, incompetence vs fraud. "See! I'm so dumb and clueless I keep shooting my mouth off when I shouldn't be saying anything! I'm a dumbass!"

I think he'll have a hard time convincing anyone of that considering his BS in Physics, minor in Math from MIT and working 4 years at Jane Street as a International ETF trader.

What surprises me is the kid-gloves treatment he's getting instead of the Bernie Madoff or Enron executives.

Contrast and Compare with how they treated ~45k "insider trading" they could not even prove with Martha Steward. FBI got all mad and aggro about 45k "lying". But this guy and billions and we hear crickets...

See how they treated Aaron Swartz

Martha Steward wasn't part of the financial inside circle. No one's nephew was going to lose an internship at Goldman Sachs because of her prosecution, so she was able to be the sacrificial lamb so the public maintained confidence in the existing financial system. But, in general the regulatory facility is so deeply coupled to those that they seek to keep in check to essentially be toothless.

It re-enforces what I already believed about the mainstream media and public institutions: that they are corrupt beyond all measure and you can’t believe or trust them in any way, shape, or form.

you people are really frightening

What do you mean by you people? Have you seen american media now?

If you’re frightened now, you are going to have a lot of trouble with the world to come.

I'm honestly surprised he's not in jail.

It will take time to unwind all the accounting and figure out what crimes he may or may not have committed. Then trials also take a long time.

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