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Sam Bankman-Fried is going to jail (arstechnica.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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Sam Bankman-Fried is going to jail::Judge also denied SBF's request to delay jail time.

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[–] Gork@lemm.ee 122 points 1 year ago (4 children)

Defraud rich people? Go to jail.

Defraud the rest of us? Get promoted to CEO.

[–] rockSlayer@lemmy.world 28 points 1 year ago (2 children)

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

[–] TheBat@lemmy.world 10 points 1 year ago (1 children)

Glenn Arcaro was sentenced to 38 months in September 2022

[–] rockSlayer@lemmy.world 1 points 1 year ago (1 children)

Arcaro was an American co-conspirator, not the CEO

[–] TheBat@lemmy.world 1 points 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.

[–] SwallowsDick@lemmy.world 1 points 1 year ago (1 children)

What did he do?

[–] rockSlayer@lemmy.world 2 points 1 year ago

Bitconnect was a crypto ponzi scheme

[–] whats_a_refoogee@sh.itjust.works 12 points 1 year ago (1 children)

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.

[–] zik@aussie.zone 1 points 1 year ago

Big investors into his company got burned too.

[–] BallShapedMan@lemmy.world 9 points 1 year ago (1 children)

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

[–] cheese_greater@lemmy.world 3 points 1 year ago

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

[–] Thorny_Thicket@sopuli.xyz 4 points 1 year ago

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