Technology

59403 readers

2733 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS

270

Sam Bankman-Fried deserves 40-50 years in prison for FTX fraud, prosecutors say (www.reuters.com)

submitted 8 months ago by dominiquec to c/technology

12 comments fedilink hide all child comments

NEW YORK, March 15 (Reuters) - Sam Bankman-Fried should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday. ... "Even now Bankman-Fried refuses to admit what he did was wrong," prosecutors wrote in a sentencing memorandum. "His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people's money."

you are viewing a single comment's thread
view the rest of the comments

[–] DingoBilly 18 points 8 months ago (1 children)

This makes no sense. He himself was a billionaire who fucked over both rich and non rich people. Just because he failed and took other rich people down a peg doesn't make him some sort of martyr.

[–] [email protected] 3 points 8 months ago* (last edited 8 months ago) (1 children)

How did he become a billionaire? From what I've heard his parents were connected and well-off, but not billionaires. And he doesn't seem old enough to have made billions on his own before FTX. If he only became a billionaire by temporarily scamming people, I don't think that counts.

[–] urbeker 2 points 8 months ago

He was supposed to have made his money before FTX by doing crypto currency arbitrage, but people have gone back and done the maths and his supposed profits were mathematically impossible (or just exceedingly improbable). The fact that his crime here was investors money went straight into a slush fund for his and his friends personal use suggested he didn't make that much money first either.