rayinreverse t1_j1i0zd6 wrote
Reply to comment by manfromfuture in Judge kept cooperation of Alameda CEO, FTX co-founder a secret so Sam Bankman-Fried wouldn’t get spooked and fight extradition by ihavestrings
Madoff will die in prison.
Edit- he died in prison.
Equivocals t1_j1i4e4b wrote
He already did in April of 2021. It all boils down to the documentation available at this point. It's very easy to know that he was guilty of fraud, but you have to be able to prove it as well. If they have concrete emails/chatlogs where he admits anything, he is toast. If not, he will probably get a slap on the wrist for incompetence.
krum t1_j1j71ag wrote
Chatlogs? The chat room was literally called wirefraud. I know it's not proof, but come on.
rayinreverse t1_j1i5uhm wrote
He basically represents crypto. The bankers are DYING for him to be found guilty. I’d be willing to bet the case is strong.
manfromfuture t1_j1i8vjs wrote
Madoff's fraud was pretty straightforward. He sent shareholders forms saying "this is how much money we are holding for you" and really there was no money. I don't know what FTX did but it sounds more complicated. Was FTX even the same kind of financial entity?
mingy t1_j1kiofp wrote
Are you kidding? The FTX fraud was a fucking joke: basically he said "hey, I'm unregulated - give me your money" and cryptobros are so fucking stupid they did. It took Madoff decades to get to the position of confidence were he was able to convince relatively sophisticated people to invest in his (allegedly) regulated business. When regulator started sniffing around, Madoff had to charm them.
FTX was the equivalent of a cardboard box wrapped in tinfoil with BANK written on with crayon.
Equivocals t1_j1i9nyd wrote
While the FTX implosion was significant, he in no way represents crypto. At its peak FTX was valued at 32b and down to 18b just a few months later. Bitcoin alone is valued at 325 billion even in this bear market. If bankers were concerned about crypto gaining ground, they would not even cheer on this, as this is good for crypto: the more scammers who get locked up, the less there will be in the future, and the more people will know how to hold their crypto
DoktorFreedom t1_j1jj3bd wrote
“This is good for crypto” Should be a sentence you know not to use by now.
“You just don’t understand” also doesn’t have much throw weight
LostB18 t1_j1jxpa6 wrote
Eh, the majority of people commenting on either side of this issue really don’t understand though.
rayinreverse t1_j1ib221 wrote
To bankers and the people they spend money on, he does. Symbolically. There will be so much media attention on this and it will be framed first and constantly that he was a crypto guy. Not a thief. A fraud, liar, cheat. A crypto guy.
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