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Sam Bankman-Fried had been arrested in Bahamas
Posted on 12/12/22 at 5:47 pm
Posted on 12/12/22 at 5:47 pm
Appears the US notified authorities in the Bahamas that they are to planning pursue charges and seek extradition.
This post was edited on 12/12/22 at 5:48 pm
9
Posted on 12/12/22 at 5:53 pm to buckeye_vol
I’m actually surprised
Posted on 12/12/22 at 6:07 pm to buckeye_vol
Let’s see if Kevin O’Leary starts a GoFundMe to raise some bail money. 
Posted on 12/12/22 at 6:13 pm to AndyJ
I’m not, but I am surprised it happened this quick. But between SBF running his mouth admitting to crimes, and the recent bankruptcy filings, I think the evidence became clearer and more overwhelming a lot sooner than expected. Looks like indictment will be unsealed in the morning.
Tweet from US Attorney SDNY
Tweet from US Attorney SDNY
quote:
USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.
Posted on 12/12/22 at 6:13 pm to Jag_Warrior
He better not have the man that knew too much disease.
Posted on 12/12/22 at 6:21 pm to buckeye_vol
quote:
Sam Bankman-Fried had been arrested in Bahamas
“Had been”?? As in he was already arrested?
Is this just an announcement they plan to arrest him, or do the Bahamian police already have him physically detained right now?
This post was edited on 12/12/22 at 6:24 pm
Posted on 12/12/22 at 6:23 pm to skewbs
He’s about to HODL some nuts.
Posted on 12/12/22 at 6:52 pm to buckeye_vol
Are the security cameras working in the Bahamian jail? Now would be a good time to check.
Posted on 12/12/22 at 7:05 pm to SloaneRanger
Who officially passes first, SBF or Mike Leach?
Posted on 12/12/22 at 7:48 pm to buckeye_vol
People thought because of his connections he wouldn't be charged, but don't forget that he has embarrassed a lot of very high ranking people. They don't take that sitting down.
According to NYT, SBF Charged With Wire Fraud, Wire Fraud Conspiracy, Securities Fraud, Securities Fraud Conspiracy and Money Laundering.
They are going to bury this guy.
According to NYT, SBF Charged With Wire Fraud, Wire Fraud Conspiracy, Securities Fraud, Securities Fraud Conspiracy and Money Laundering.
They are going to bury this guy.
This post was edited on 12/12/22 at 7:50 pm
Posted on 12/12/22 at 9:09 pm to buckeye_vol
The day before he was supposed to testify to Congress. Interesting
Posted on 12/12/22 at 9:35 pm to TigerTatorTots
Lol and he thought he’d be speaking at a conference soon.
Posted on 12/12/22 at 9:42 pm to buckeye_vol
Sounds like CZ at Binance might be up next... clock is ticking for these criminals.
Reuters Story
quote:
The investigation began in 2018 and is focused on Binance's compliance with U.S. anti-money laundering laws and sanctions, these people said. Some of the at least half dozen federal prosecutors involved in the case believe the evidence already gathered justifies moving aggressively against the exchange and filing criminal charges against individual executives including founder Changpeng Zhao, said two of the sources. Others have argued taking time to review more evidence, the sources said.
quote:
Reuters has investigated Binance's financial crime compliance over the course of 2022. The reporting showed that Binance kept weak anti-money laundering controls, processed over $10 billion in payments for criminals and companies seeking to evade U.S. sanctions, and plotted to evade regulators in the United States and elsewhere.
Reuters Story
Posted on 12/13/22 at 1:11 pm to UltimaParadox
I've been watching the hearing with the guy handling the company during bankruptcy and the craziest revelation has been the fact that SBF and/or his right hand guy minted $300 million in FTT and transferred it to the Bahamas government after FTX declared bankruptcy, and the Bahamas subsequently has withheld info about their investigation from US authorities.
This post was edited on 12/13/22 at 1:12 pm
Posted on 12/13/22 at 1:42 pm to Diseasefreeforall
quote:My personal favorite is that SBF was both the issuer and the recipient of a loan.
and the craziest revelation
This post was edited on 12/13/22 at 2:11 pm
Posted on 12/13/22 at 5:30 pm to Diseasefreeforall
yeah but when did Bahamas wire the money to Zelenskyy and hunter Biden
Posted on 12/13/22 at 7:06 pm to Highthoughts
quote:
yeah but when did Bahamas wire the money to Zelenskyy and hunter Biden
Surely nobody really believed that stupid conspiracy
For some reason people couldn't believe SBF was just a fraudster. Guy spent all his customer's money
Posted on 12/14/22 at 8:11 am to UltimaParadox
Article on new FTX CEOs hearing with Congress
WOW
The fricking incompetence on display. We're talking financial transactions, moron.
quote:
Rep Juan Vargas, D-CA., echoed the sentiment.
“I really don’t get the point of blockchain and cryptocurrency,” he said. “It’s like keeping track of how many times you chew gum. Like, who cares?”
WOW
The fricking incompetence on display. We're talking financial transactions, moron.
Posted on 12/14/22 at 3:34 pm to Hulkklogan
quote:Maybe I’m misinterpreting it, but I took this more of these are unnecessary and there are plenty of alternatives to achieve the same goals, often more efficiently.
The fricking incompetence on display. We're talking financial transactions, moron.
Like take the blockchain for example, which may actually have the most potential. A few years ago I went down the rabbit hole trying to figure out why people were so convinced it was the future, and read bunch of things from actual computer science and engineering experts.
They didn’t dismiss specific use cases or disparage it, but they made it clear a lot of it was overhyped as there were other alternatives that were more efficient and effective.
But more recently Tim Bray, who is a well-known computer scientist and was a VP at AWS, wrote this post that not only echoed what I had read about previously, but it showed an earnest attempt to by one of the top tech companies to actually find use and value:
AWS and Blockchain
quote:
The hunt · We went looking around the industry from behind our screens and discovered a few things:
Actual working business applications of blockchain were really, really hard to find.
Plenty of blockchain products were on offer, characterized as “polished”, “robust”, “production-ready”, and “regulator-approved”. But if you looked hard at their customer stories, it got pretty vaporous pretty fast.
The throughput of proof-of-waste blockchains was just as bad as we thought.
In practice, the technology is a database. Everyone who did anything had some sort of a database structure mapped over the actual blockchain, with the usual B-trees and so on. It wasn’t obvious how anything would be different if there were something other than a blockchain behind the B-trees.
The Australian Stock Exchange was betting the farm on blockchain, which seemed to prove this was no joke.
A huge, almost incomprehensible, volume of venture capital was flowing into the sector, and that money was localized in the Finance sector, specifically in Manhattan.
AWS was already making a lot of money off blockchain. All these venture-financed companies had to build out infrastructure, and most of them were all-in on cloud, either AWS or GCP (don’t think Azure got much of that biz). So there was a serious flow of cash from VC firms into AWS.
quote:
I can’t remember the details of how our findings got back to Andy. They were of the form “Ledgers are useful, cryptography tech is useful, blockchains aren’t, the field is full of grifters, but we could build distributed-ledger infrastructure and then these cool services on top of it.
Posted on 12/14/22 at 4:23 pm to buckeye_vol
Well, I only read that article and went off of gut reaction so entirely possible I'm missing context from his statement and overreacted, but it 100% seemed to me like he was dismissing blockchains/cryptocurrency altogether and acting as if having a ledger for financial transactions is akin to counting how many times you've chewed gum lol
But, in my opinion, blockchains help put ownership back in people's hands for self-custody of assets, including things like NFTs for random collectibles, or even social media posts. For example, on Polygon, there's a social media protocol called Lens that some platforms are building on top of, where every post is an NFT, every time you follow someone, every time you share a post, every time you 'collect' a post, it's all NFTs. You own those posts and those actions and no centralized entity can take those away from you, making it inherently censorship resistant. In addition, if one Lens-built social media platform goes down/dies, your posts remain with you and you can go to another Lens-built platform and still have all of your posts in that platform.
I suppose that opinion doesn't really nullify the explanation rendered by experts, either. Of course, not EVERYTHING needs to be done on a blockchain, but there is plenty of potential for change.
But, in my opinion, blockchains help put ownership back in people's hands for self-custody of assets, including things like NFTs for random collectibles, or even social media posts. For example, on Polygon, there's a social media protocol called Lens that some platforms are building on top of, where every post is an NFT, every time you follow someone, every time you share a post, every time you 'collect' a post, it's all NFTs. You own those posts and those actions and no centralized entity can take those away from you, making it inherently censorship resistant. In addition, if one Lens-built social media platform goes down/dies, your posts remain with you and you can go to another Lens-built platform and still have all of your posts in that platform.
I suppose that opinion doesn't really nullify the explanation rendered by experts, either. Of course, not EVERYTHING needs to be done on a blockchain, but there is plenty of potential for change.
This post was edited on 12/14/22 at 4:30 pm
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