kandoras t1_j2yfnnj wrote
Reply to comment by pomaj46808 in Sam Bankman-Fried pleads not guilty to federal fraud charges in New York amidst renewed federal probe by fadufadu
You don't need to understand crypto to be able to follow what he did.
He created two companies; FTX was a ponzi scheme and Alemeda siphoned the money people invested in FTX into their own accounts. Then, eventually and like happens with all ponzi schemes, the house of cards fell apart.
It's not really any more complicated than that.
pomaj46808 t1_j2yoxar wrote
>You don't need to understand crypto to be able to follow what he did.
No, not if the prosecutors guide the jury and tell their story well.
The prosecution will argue their side and the defense will poke holes and argue alternative narratives. One of which will likely be comparable to what he's been claiming in interviews.
The defense doesn't need to confuse the jury on what happened so much as convince them Sam was confused and arrogant but not acting criminally.
kandoras t1_j2yz5d9 wrote
"I was smart enough to make $26 billion, but stupid enough not to know that my clients' money was not mine" is going to be a pretty tough tightrope to walk.
Projectrage t1_j3lvlf4 wrote
He was also the largest donor to the Biden presidential campaign. What he did was a ponzi and potentially funneled money from foreign governments to the presidential campaign.
We need more oversight to get money out of politics.
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