Comment on Sam Bankman-Fried is going to jail

Gork@lemm.ee ⁨1⁩ ⁨year⁩ ago

• rockSlayer@lemmy.world ⁨1⁩ ⁨year⁩ ago

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

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  • TheBat@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Glenn Arcaro was sentenced to 38 months in September 2022

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    • rockSlayer@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Arcaro was an American co-conspirator, not the CEO

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      • TheBat@lemmy.world ⁨1⁩ ⁨year⁩ ago

        AFAIK the CEO was not in America when BitConnect scam got exposed. He was in India and managed to disappear. If found, he faces 70 years in prison. Arcaro was the second in command. That’s better than nothing.

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  • SwallowsDick@lemmy.world ⁨1⁩ ⁨year⁩ ago

    What did he do?

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    • rockSlayer@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Bitconnect was a crypto ponzi scheme

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• whats_a_refoogee@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

  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.

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  • zik@aussie.zone ⁨1⁩ ⁨year⁩ ago

    Big investors into his company got burned too.

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• BallShapedMan@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Give me all your money! No no I’m not robbing you, I wanna be CEO and I need this on my resume.

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  • cheese_greater@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Just cuz u asked like that—SOLD! You silver-tongue-sumbitch ;)

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• Thorny_Thicket@sopuli.xyz ⁨1⁩ ⁨year⁩ ago

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

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