advertisement


Bitcoin

People didn't give him their money to invest, that isn't how it works. Crypto has a long history of exchanges going under/theft, MtGox makes FTX look like an accounting error. I wager it will keep happening so long as people keep looking for the new shiny flavour of the month.
 
The prosecutors were happy enough to refer to investors.

"He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials. Each of these crimes is worthy of a lengthy sentence."
Prosecutors also said Bankman-Fried had cost customers, investors and lenders over $10bn (£7.9bn) by misappropriating funds to fuel his quest for influence and dominance in the new industry, and had illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
 
I assume they're talking about corporate investors in the company, I've not much sympathy there as they're likely the worst of the worst just looking to get in and out on an obvious high risk dodgy play. It is the customers who have been shafted here, but then the first rule of crypto is and always has been don't keep funds on an exchange unless you're willing to lose them.

No public customers were giving him funds to invest on their behalf they were just using his exchange to buy and sell crypto, he isn't some kind of Terry Smith
 
You must log in or register to reply here.


advertisement


Back
Top