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HappyFamily0131 t1_j2t4g95 wrote

Reply to comment by IWankToTits in Sam Bankman-Fried pleads not guilty to federal fraud charges in New York amidst renewed federal probe by fadufadu

Despite the state of our justice system, I think you would lose that bet. Being clueless about the whole thing has been his defense from the start, and that has historically been a winning defense for fraudsters everywhere, but a key component of the success of that defense that is that the defendant not actually be a moron.

By all accounts, SBF hid his actions, and his criminal intent, very, very poorly. He may yet succeed in convincing the general public that he's not a bad guy. But as for convincing a judge or jury that this was all just a crazy mistake, no, I don't think I would bet on that.

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IWankToTits t1_j2t4lr1 wrote

I hope Im wrong but I think a big thing people are forgetting here is this is about crypto. Which I would argue has purposely been left to its own devices.

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Aazadan t1_j2toizl wrote

Yes and no. They had terms of service regarding using depositors funds. Financial regulations or not, that was theft, and they've already admitted to it, in addition to the corporate fraud.

SBF is in a lot of trouble, regulations are just an additional set of laws for an industry to adhere to, not the only laws.

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notaredditer13 t1_j2ut8un wrote

The markets/currencies may be unregulated, but fraud is fraud. You can't lie to someone about what you are doing with their money, Beanie Babies or crypto.

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Melodic_Job3515 t1_j2t7m2l wrote

If it was 5 million gone aha slap on wrist. 50 million? Poor oversight . 100 million? We got no bookwork or accounts audited here. 1 billion is a lot. Then we got FTX.... Sam is FallGuy.

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