Submitted by AdamCannon t3_zkdxte in technology
Nieshtze t1_izzv6t7 wrote
Reply to comment by Bright-Ad-4737 in Former FTX CEO Sam Bankman-Fried refuses to testify before Senate, committee says. by AdamCannon
I'm sure he's stashed a boatload of money in offshore accounts and cryptocurrency wallets. I don't think the government will be able to lay its hands on his money.
The government will be able to take most of his money, but I wouldn't be surprised if he has a few million dollars (a tiny portion of his large fortune) hidden away in hard to track crypto-wallets and offshore accounts.
Kahzootoh t1_j00d8n0 wrote
Odds are they'll get ahold of his computers, phones, correspondence, and financial records to basically figure out where he stuffed the cash by going through the records.
If it is in a bank account abroad, they can seize it with the proper paperwork and court orders. The reach of the US government is considerable, especially when dealing with people are already incarcerated in US prisons. There are some places that don't play ball with the US, but putting money in those places is a considerable risk.
If he tucked it away in a hard drive or some other form of digital storage, they can probably crack that - either the password is something that is similar to his previous passwords and can be figured out with analysis and time, or has he generated a random character password and stored this password somewhere.
I can see guys who steal tens of millions being able to hide some of it, especially if they worked alone -or at least limited their partners- and have a limited digital trail.
SBF stole billions; enough money to make it worth going through every minute of the last decade of his life with a fine-toothed comb, he worked with a ton of other people who have knowledge on his methods (and are young enough to desperately want to avoid spending decades in prison themselves- so they will testify), and he was basically plugged into one device or another at all times.
Nieshtze t1_j00gjdq wrote
>SBF stole billions; enough money to make it worth going through every minute of the last decade of his life with a fine-toothed comb, he worked with a ton of other people who have knowledge on his methods (and are young enough to desperately want to avoid spending decades in prison themselves- so they will testify), and he was basically plugged into one device or another at all times.
This is a good point... The fact that he has billions probably makes it worth it to put a bunch of federal agents to work and crack his case. However, I still think he probably managed to sock away a few millions of dollars (a small drop in the ocean compared to his fortune) in offshore accounts/crypto wallets (Russia/China?) that may not be worth pursuing.
Kahzootoh t1_j00lqnc wrote
If SBF takes some form of plea deal (which he almost certainly will- Madoff did, and Madoff was smarter than this guy by an order of magnitude), it's basically guaranteed that a condition of his deal will be to disclose where all the money went- he won't be allowed to retain any of it.
That makes tracking down the little amounts worthwhile, because it only takes a tiny amount of money to render his plea deal null if it can be shown that he has broken the terms of the agreement.
ExoticCard t1_j032m5u wrote
No. No wallets. Memorized the wallet information. Can open it any time in the future. It's in his brain. That's freedom.
ExoticCard t1_j032ox7 wrote
No. No wallets. Memorized the wallet information. Can open it any time in the future. It's in his brain. That's freedom.
Bright-Ad-4737 t1_j009w7r wrote
Oh, the US has an extradition treaty with the Bahamas. Unless he somehow manages to somehow El Chapo the police in the Bahamas, he's unlikely to escape the US justice system.
Alert-Garlic1998 t1_j00h2am wrote
The question now is does he go out like Madoff or like Epstein?
Bright-Ad-4737 t1_j00jyys wrote
My money's on Holmes, but who knows? Maybe he could pull off an Adam Neumann and get Andreessen Horowitz to back him again. Somehow Trump is still out there not in jail (so far).
Alert-Garlic1998 t1_j023wze wrote
Wait. You’re thinking he’ll try to delay sentencing by getting pregnant?
Bright-Ad-4737 t1_j02b4fc wrote
Anything's possible these days. Delaying the process due to transitioning and then again for pregnancy. Welcome to the strange future we never thought we'd be in.
Nieshtze t1_j00g5kh wrote
Oh, I have no doubts that he will be arrested and put to justice. I'm only talking about him hiding away a few millions of his billions of dollars in crypto 'sock drawers' of sorts.
mikebanetbc t1_j01kgil wrote
C’mon he’s not that bright /s
Lemonio t1_j00mozm wrote
If it’s crypto that crashed could be not worth much
chubbshuevos t1_j01zdcl wrote
Bubba gonna be laying his hands all over him though
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