Comment on Sam Bankman-Fried deserves 40-50 years in prison for FTX fraud, prosecutors say
Ajen@sh.itjust.works 3 months agoHow did he become a billionaire? From what I’ve hear 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@lemmy.world 3 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.