this post was submitted on 03 Nov 2023
119 points (93.4% liked)

Technology

34832 readers
19 users here now

This is the official technology community of Lemmy.ml for all news related to creation and use of technology, and to facilitate civil, meaningful discussion around it.


Ask in DM before posting product reviews or ads. All such posts otherwise are subject to removal.


Rules:

1: All Lemmy rules apply

2: Do not post low effort posts

3: NEVER post naziped*gore stuff

4: Always post article URLs or their archived version URLs as sources, NOT screenshots. Help the blind users.

5: personal rants of Big Tech CEOs like Elon Musk are unwelcome (does not include posts about their companies affecting wide range of people)

6: no advertisement posts unless verified as legitimate and non-exploitative/non-consumerist

7: crypto related posts, unless essential, are disallowed

founded 5 years ago
MODERATORS
top 7 comments
sorted by: hot top controversial new old
[–] [email protected] 4 points 1 year ago

This is the best summary I could come up with:


Sam Bankman-Fried, who once ran one of the world's biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.

They presented evidence that Bankman-Fried's crypto trading firm Alameda Research received deposits on behalf of FTX customers from the early days of the exchange, when traditional banks were unwilling to let it open an account.

Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to do in public, he spent the money to repay Alameda lenders, buy property and make investments and political donations.

Bankman-Fried made the risky move of taking the stand in his own defence, hoping to convince jurors that prosecutors had failed to prove he acted with criminal intent.

Bankman-Fried defended the money transfers between his firms as "permissible" and testified that he was largely unaware of the financial hole described by his deputies until a few weeks before the FTX collapse last year.

Panorama explores the breakneck rise and sensational fall of Sam Bankman-Fried, the maths genius who set out to transform the world of crypto but ended up being its biggest loser.


The original article contains 573 words, the summary contains 188 words. Saved 67%. I'm a bot and I'm open source!

[–] [email protected] 3 points 1 year ago (2 children)

Courtroom sketch of Sam Bankman-Fried being read the verdict in his fraud trial

Is this a thing that officially happens in courtrooms (drawing sketches) or someone just did it out of their own accord?

[–] [email protected] 5 points 1 year ago

Yes it's a standard of court cases

[–] [email protected] 2 points 1 year ago

I think its due to it not being televised. (The inside of tbe court)

[–] [email protected] 3 points 1 year ago (1 children)

Anyone know how many years in the slammer?

[–] [email protected] 14 points 1 year ago

Theoretically up to 115 years.

Realistically the sentences will be served concurrently and he might get 20-30.

[–] [email protected] 0 points 1 year ago

Can’t wait to see how the 1:1 GME tokens are resolved