this post was submitted on 14 Aug 2023
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425
Sam Bankman-Fried is going to jail (arstechnica.com)
submitted 2 years ago by L4s@lemmy.world to c/technology@lemmy.world
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Sam Bankman-Fried is going to jail::Judge also denied SBF's request to delay jail time.

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[–] Gork@lemm.ee 108 points 2 years ago (3 children)

Defraud rich people? Go to jail.

Defraud the rest of us? Get promoted to CEO.

[–] rockSlayer@lemmy.world 24 points 2 years ago (2 children)

That was his real crime. He stole rich people money. Where's the CEO of bitconnect? Not in jail, I can tell you that.

[–] SwallowsDick@lemmy.world 1 points 2 years ago (1 children)

What did he do?

[–] rockSlayer@lemmy.world 2 points 2 years ago

Bitconnect was a crypto ponzi scheme

[–] whats_a_refoogee@sh.itjust.works 10 points 2 years ago (1 children)

He didn't defraud the rich lol. The exchange was one of the most popular among cryptocurrency users. There are no minimum and no sign up fees. The number of people he defrauded is probably in the millions.

If anything, knowing crypto, the rich almost certainly had insider knowledge and withdrew their funds before everything collapsed.

[–] zik@aussie.zone 1 points 2 years ago

Big investors into his company got burned too.

[–] Thorny_Thicket@sopuli.xyz 3 points 2 years ago

I believe the majority of investors into FTX were pretty much just regular people