The hilarious thing about SBF
Is that generally the fraudsters run to island countries after the fraud is over.
He incorporated and operated from an island country to begin with.
If that simple fact did not raise the red flags then you have to be super naive lol
Well no. He started the business in Hong Kong. He loved FTX only after Hk government enacted laws that made running a crypto exchange in HK essentially illegal, after which numerous exchanges left HK, including FTX, but also Bybit, Binance local office, etc.
Eh. The more I read, the more I'm shocked about the seemingly hundreds of other 'red flags' that popped up before this one. How this guy ever convinced anybody to give him money is beyond me.
Yeah I saw a picture of him sleeping with a pillow on some trading floor with 7 monitors and I was like is this a kid or an adult?
This just sounds like my apartment ):
Sounds pretty normal judging from these IB analyst stories.
How on earth did Adam Neumann get funded again whilte we're are it
It's crazy, but I guess smooth talking and good connections.
Ehh, I wouldn't consider Bermuda to be one of those ‘island countries’ the way you are referring to them (yes, technically it is an island country)
Plenty of major, large cap companies incorporated in Bermuda (insurance specifically). Many of the island countries you are thinking about to not extradite to the US (Bermuda does)
He was in the Bahamas
Original post listed the called out Bermuda specifically as part of the list of countries he was referring to
I've been in crypto for 5 years+ now. Not a single dollar was lost due to FTX or Luna collapse. Red flags are easy to spot. Usually getting 25% on stables or more = fraud. SBF is exactly why Crypto is needed. Unfortunately, the US will regulate it into oblivion. You know what is used more for fraud or nefarious dealings than crypto? The US dollar
How can you assert this? I mean that honestly - if crypto is an unregulated currency, then shouldn't it be impossible to track who is committing fraud? I mean, it seems to me like Sam Bankman Fried was essentially committing fraud by using a coin he created and priced as collateral for USD, right? But that isn't being considered money laundering, despite it working exactly the same way.
Also, people committing fraud are generally interested in spending the money, which means using the global reserve currency and not a coin where the worth is whatever the founder says it's worth. You don't see a lot of people committing fraud in the Vanuatu Vatu (which yes, I had to google) either. And in any case, it's comparing apples and balls of asbestos painted to look like apples. While dollars may be used for "nefarious purposes" it would be difficult to argue that the base use case for a dollar is to commit a crime. At this point, it's hard to point to any use case for crypto which doesn't end up being fraudulent. Everything crypto folks have tried has ended up with someone using those cryptocurrencies to defraud others.
Okay then, why did the crypto universe do nothing at all to stop Sam Bankman-Fried until it was too late and instead pumped him until he was worth 30 something billion? Of course you and every other crypto nerd claims to have seen the fraud coming from a mile away now, but why was nothing done before it happened?
Yes, I suppose it's a big red flag.
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