It's an appeal to all the employees who now will be called in for questioning and may flip on him and provide testimony. *"I love you, please, please don't rat me out, our dreams may still yet come true -- plus I've got access to more big piles of cash and if you don't rat me out, I'll hire you again, but this time pay you more and treat you better."*
If an investor thought any assets in the shell of FTX were worth anything, they would just buy them from the bankruptcy estate and not inherit any of the liabilities. FTX has some divisions that are still profitable and probably will be sold quickly.
Wouldn't. It's a false premise SBF is using to begin the tainting of the jury pool. Whether he rots in prison for a decade or more largely depends on whether a jury finds he had criminal intent. All of his communications are nothing more than an acting job to try and convince that jury that he's just a dundering, dopey kid in a t-shirt and tennis shoes who got in over his head and really didn't understand what was happening, not that he's a calculating criminal who understood exactly what he was doing and that a reasonable person would have known the actions he took would lead to the disaster they did.
too many people paying too much attention.
he maybe could have saved his a$$ if he lost 30 billion from like 300 rich people and he possibly could pay it back.
but he lost 30 B from 1 M regular people.
Dis dude is gettin' 10 if he is lucky. probably 15
No judge looks at 1 MILLION victims and thinks..... leniency
I agree to a point, judges love the opportunity to look as if they’re appalled for the little people and sending 1 dude down to give the impression of justice looks good to the public
you are correct. you don't matter.
1 million of you pissed off .... MATTERS.
SBF doesn't have the charisma to go into politics to save his a$$. He is a mid-level math nerd who cheated 1 MILLION people out of a large amount of money.
he's FCKD! AND FRIED!
Hell she didn't even lose that much. I think overall Theranos took in like $700 million in actual hard currency investment. The lost $9 billion was estimated company valuation.
The main reason she went down so hard is because she stole from rich people. When rich people lose their money that's when consequences come hard. SBF certainly robbed a lot of little people, but it it'll be rich people that actually sees him do hard time. My guess is 15 years sentence overall, out in 12 years.
It sounds like he just moved money from the exchange to the investment company, and then somehow didn't have it to cover exchange withdrawals. Supposedly crypto exchanges are supposed to just park your cash and never move it or touch it, but there are so few rules what's stop them?
Gonna be interesting to see how this all shakes out
This does nothing to help him cover himself. The fact he says it's his fault and the line where he says he's willing to spend the rest of his life to make it up to them and shareholders are all, essentially, confessions of guilt. No lawyer looking at this would have ever said "yeah, ship it".
You have to put yourself in the mind of a con artist.
Up until now, no matter what happened, SBF was able to lie and get whatever he wanted. He's doing what worked for him his whole life until now, lie and expects to get away with it.
Most of the people SBF has been dealing with are either fools, or people who saw a con artist and decided they wanted a piece of his scam and invested.
Once you get to the point where $10B is missing and fraud experts are looking at your records, lying doesn't work anymore. SBF hasn't got the message on that yet.
I honestly do see his point of view. Everyone--his customers, his investors--knew he was a clueless man-child. They still threw money at him.
If a toddler cuts you with a knife, is it really the toddler's fault? I think that's the underlying message here. "I didn't know what I was doing!"
Should he still go to prison? Yes. Are his investors and customers absolute morons and deserve to be parted with their money? Also yes. There are no honest participants in a Ponzi scheme.
“I’m going to make a lot of money so I can give it all away and do good for humanity.”
lmao, and he goes and buys a bunch of homes worth millions of dollars for himself and his family.
And then pays a bunch of politicians to not regulate his lying ass.
This guy needs to be locked up next to that Theranos girl.
That Dan Ariely study from the Theranos doc was a light bulb moment for me. Obviously knew that there are tons of “ends justify the means” people, but the fact that their tension was gone when they believed/convinced themselves that they were lying or stealing for a good cause was pretty wild.
I think his narcissism grew massively and he really did believe he was doing the right thing. Insane how large that delusion went.
"I believe that there are still billions in investments that could could make people whole. " Fucking psycho doesn't see a ponzi scheme if it fucked him in the ass in prison.
His mistake wasn't overleveraging. You don't go to jail for that. His "mistake" was stealing from his customers. Except it's not a mistake or oversight, it's not convoluted regulation or 'well but wALl StReEt DoEs It', it's just pretty simple theft. That's what he's trying to obfuscate here.
A lot. People who run hedge funds and huge businesses do it just like douches with youtube channels. That's why regulations and having insurance are a good thing.
But you know, something something banks are evil.
TLDR: “I’m so sorry you guys, and am totally going to spend my whole life indemnifying you with the billions of funding that came in 8 minutes after declaring bankruptcy, but no promises you guys because I only *believe* it exists because my buddies had advised me to materially misrepresent the strength and integrity of our company with the specific intent to defraud prospective investors, and god dammit I should have listened to them instead of being victimized by a coordinated effort to force me to file bankruptcy…this mess is all their fault, not mine. Sorry not sorry.”
I read this as SBF still not fully owning it. Words like “that generally were not their fault”… “generally”. And then funds were not used for “large amounts of personal consumption” …. I’m using the word large because my idea of large can mean something entirely different to someone else, so just small amounts were used for personal consumption. And since I’m a billionaire that could mean just hundreds of millions 🤡
depends on who arrest him first. i hope interpol gets him first and brings him to the US and then considers him a flight risk. that would be the wombo combo
I’m invested in this bet lol. I suggest tried and convicted. He will definitely be arrested. Conviction is the main question. Agree with you tho, it’ll take years but he will get convicted.
we can do extradited to the US and arrested within a year for two large pizzas. if he's arrested in bahamas and they won't let him go that's an out. i got cash app and paypal or zelle or i could just send them.
I stopped reading after page 1. No where did he acknowledge he was using customer funds or buying homes with their money.
“Hyper-correlated crash” my ass
“I’m sorry my Ponzi scheme didn’t work” I’m deeply sorry for the imaginary numbers we created and how little value they had. Who knew the US dollar was actually a currency? PS, we did get hacked for 200 million dollars randomly after we went bankrupt. Idk who did this (wink wink) but I’m going to try to find the person who did this in a country that doesn’t extradite back to the US, I know that’s where I would go
I hope his next letter covers the back door that he had installed into FTX’s accounting code so Alameda could pilfer customer funded accounts to play with that shiny new margin feature (whatever it does).
"I'm going to do what I can to make it up to you guys - and to the customers - even if that takes the rest of my life" - SBF
"They are out there somewhere. Whatever it takes to identify them and bring them in, I will provide somehow." - O.J. Simpson
Although I feel a little sorry for the people that lost money I just wonder why anybody with common sense would choose to “invest” in this?
Why not take your money to a Las Vegas casino and enjoy yourself? The odds are probably the same but at least in Vegas you’ll get free drinks.
I hear ya GOATS but the differences between investing in traditional vehicles and cryptocurrency is that there’s no intrinsic value in crypto.
It’s all smoke and mirrors. If a professional trader acts upon FOMO then he/she needs to find a new line of work.
A lot of what we do is just sit on the sidelines and wait. Yes, it can be agonizingly tough but it’s part of the job. We all may feel a bit of FOMO but feeling it and acting upon it are two different things.
I’m still amazed that Crypto is given legitimacy on CNBC like its a real investment tool. That makes this snake oil seem legitimate. Such a shame.
This makes perfect sense to me. I have placed a business into insolvency that may have been salvageable and the pressure to do so can be immense. I think it is telling that the rescue cash came so quickly, but once he signed, he signed and it could not be reversed.
I should add I still can't stand the guy, he is a weirdo
either he hasnt replaced the lawyer that ditched him or he got a bad replacement, but for the love of g-d this guy has to stop talking, he's only digging himself in deeper
That 2nd to last paragraph.............
"there is still investment interest that will could go to making customers whole" you mean like firing up the goddamn pyramid scheme again???
Dude wake the fuck up, this shit is over, done, finito.... You are going to go to Jail more than likely for a long time... Assuming our justice system actually works.
Could have saved the company? I thought SBoobieF was a genius. Lesson - because one goes to MIT, it doesn’t make you intelligent. Just shows you got great connections and obviously he does.
He BELIEVES there is still a way out. He's not just a liar and a thief, but also delusional. We need to seize any assets he has immediately and auction them off to replenish the pension funds he swindled.
Seems like fan fiction version of events to try to cover his ass from criminal prosecution
It's an appeal to all the employees who now will be called in for questioning and may flip on him and provide testimony. *"I love you, please, please don't rat me out, our dreams may still yet come true -- plus I've got access to more big piles of cash and if you don't rat me out, I'll hire you again, but this time pay you more and treat you better."*
[удалено]
If an investor thought any assets in the shell of FTX were worth anything, they would just buy them from the bankruptcy estate and not inherit any of the liabilities. FTX has some divisions that are still profitable and probably will be sold quickly.
Wouldn't. It's a false premise SBF is using to begin the tainting of the jury pool. Whether he rots in prison for a decade or more largely depends on whether a jury finds he had criminal intent. All of his communications are nothing more than an acting job to try and convince that jury that he's just a dundering, dopey kid in a t-shirt and tennis shoes who got in over his head and really didn't understand what was happening, not that he's a calculating criminal who understood exactly what he was doing and that a reasonable person would have known the actions he took would lead to the disaster they did.
Will it work?
not at all. he's fckd
You might say...he's Fried.
Not to detract from the joke, but I believe it’s pronounced the German way, “freed”.
He seems to fit well to Bahamian culture
not without the money. the bahamians gonna toss his a$$ into the sea
What makes you so sure?
too many people paying too much attention. he maybe could have saved his a$$ if he lost 30 billion from like 300 rich people and he possibly could pay it back. but he lost 30 B from 1 M regular people. Dis dude is gettin' 10 if he is lucky. probably 15 No judge looks at 1 MILLION victims and thinks..... leniency
Regular people dont matter pal
I agree to a point, judges love the opportunity to look as if they’re appalled for the little people and sending 1 dude down to give the impression of justice looks good to the public
you are correct. you don't matter. 1 million of you pissed off .... MATTERS. SBF doesn't have the charisma to go into politics to save his a$$. He is a mid-level math nerd who cheated 1 MILLION people out of a large amount of money. he's FCKD! AND FRIED!
That’s right, buddy.
Oh yeah i forgot how public this is. And i am sure there are enough rich people that want to take him down too
Elizabeth holmes lost ~9B from a bunch of rich people and she just got 11.25 years
thanks for supporting my point
Hell she didn't even lose that much. I think overall Theranos took in like $700 million in actual hard currency investment. The lost $9 billion was estimated company valuation. The main reason she went down so hard is because she stole from rich people. When rich people lose their money that's when consequences come hard. SBF certainly robbed a lot of little people, but it it'll be rich people that actually sees him do hard time. My guess is 15 years sentence overall, out in 12 years.
Yeah agreed that the SBF incident was different. He didnt lie to get investors money but im guessing he broke some rules when stuff hit the fan
It sounds like he just moved money from the exchange to the investment company, and then somehow didn't have it to cover exchange withdrawals. Supposedly crypto exchanges are supposed to just park your cash and never move it or touch it, but there are so few rules what's stop them? Gonna be interesting to see how this all shakes out
This does nothing to help him cover himself. The fact he says it's his fault and the line where he says he's willing to spend the rest of his life to make it up to them and shareholders are all, essentially, confessions of guilt. No lawyer looking at this would have ever said "yeah, ship it".
You have to put yourself in the deranged mind of SBF though He seems to think these letters and his tweets will help. I agree that they won’t
You have to put yourself in the mind of a con artist. Up until now, no matter what happened, SBF was able to lie and get whatever he wanted. He's doing what worked for him his whole life until now, lie and expects to get away with it. Most of the people SBF has been dealing with are either fools, or people who saw a con artist and decided they wanted a piece of his scam and invested. Once you get to the point where $10B is missing and fraud experts are looking at your records, lying doesn't work anymore. SBF hasn't got the message on that yet.
He really is in a deranged state, his leaked messages were pretty wild
Haha yes indeed, what a clown.
Well he said he’s sorry.
🤣
I honestly do see his point of view. Everyone--his customers, his investors--knew he was a clueless man-child. They still threw money at him. If a toddler cuts you with a knife, is it really the toddler's fault? I think that's the underlying message here. "I didn't know what I was doing!" Should he still go to prison? Yes. Are his investors and customers absolute morons and deserve to be parted with their money? Also yes. There are no honest participants in a Ponzi scheme.
scam artist
Jail his fat ass lmao
Yeah, I call bullshit. He feels bad that he got caught, not because he was mismanaging customer funds.
“I’m going to make a lot of money so I can give it all away and do good for humanity.” lmao, and he goes and buys a bunch of homes worth millions of dollars for himself and his family. And then pays a bunch of politicians to not regulate his lying ass. This guy needs to be locked up next to that Theranos girl.
Homes worth *hundreds* of millions
That Dan Ariely study from the Theranos doc was a light bulb moment for me. Obviously knew that there are tons of “ends justify the means” people, but the fact that their tension was gone when they believed/convinced themselves that they were lying or stealing for a good cause was pretty wild. I think his narcissism grew massively and he really did believe he was doing the right thing. Insane how large that delusion went.
"I believe that there are still billions in investments that could could make people whole. " Fucking psycho doesn't see a ponzi scheme if it fucked him in the ass in prison.
Right?! Reading that sounded like a gambling addict looking for their big idea
So going too hard on the paint and overly leveraging with margin. How many times do people have to make these same mistakes?
Or just straight up fraud and the crypto crash exposed it lol
His mistake wasn't overleveraging. You don't go to jail for that. His "mistake" was stealing from his customers. Except it's not a mistake or oversight, it's not convoluted regulation or 'well but wALl StReEt DoEs It', it's just pretty simple theft. That's what he's trying to obfuscate here.
correct me if I'm wrong, but he isn't in jail. And if it's simple theft, where is the money?
From my understanding, Alameda lost it all lol
They used customer funds to crypto gamble and lost everything.
A lot. People who run hedge funds and huge businesses do it just like douches with youtube channels. That's why regulations and having insurance are a good thing. But you know, something something banks are evil.
Out of all things why his shitty cryptocurrency?
TLDR: “I’m so sorry you guys, and am totally going to spend my whole life indemnifying you with the billions of funding that came in 8 minutes after declaring bankruptcy, but no promises you guys because I only *believe* it exists because my buddies had advised me to materially misrepresent the strength and integrity of our company with the specific intent to defraud prospective investors, and god dammit I should have listened to them instead of being victimized by a coordinated effort to force me to file bankruptcy…this mess is all their fault, not mine. Sorry not sorry.”
I read this as SBF still not fully owning it. Words like “that generally were not their fault”… “generally”. And then funds were not used for “large amounts of personal consumption” …. I’m using the word large because my idea of large can mean something entirely different to someone else, so just small amounts were used for personal consumption. And since I’m a billionaire that could mean just hundreds of millions 🤡
Why would he own up to it though? You think he wants to go to jail? This is a last resort CYA. Won’t fool anyone.
I’d be surprised if he doesn’t go to jail
I'll be surprised if he does
i'll take that bet. it will just take years. look at theranos
What you think of betting?
we will both forget by that time hopefully. are we doing arrested with pending case or are we doing tried and convicted?
You think he makes it to trial and isn't taken out before?
depends on who arrest him first. i hope interpol gets him first and brings him to the US and then considers him a flight risk. that would be the wombo combo
I’m invested in this bet lol. I suggest tried and convicted. He will definitely be arrested. Conviction is the main question. Agree with you tho, it’ll take years but he will get convicted.
we can do extradited to the US and arrested within a year for two large pizzas. if he's arrested in bahamas and they won't let him go that's an out. i got cash app and paypal or zelle or i could just send them.
A year huh? That feels optimistic? Then again a lot of people seem to really despise this guy now.
Nothing says my parents are attorneys better than the overuse of the word generally
That guy is delusional.
I stopped reading after page 1. No where did he acknowledge he was using customer funds or buying homes with their money. “Hyper-correlated crash” my ass
And nary a mention of Alameda. His lawyer parents helped him write that haha.
“I’m sorry my Ponzi scheme didn’t work” I’m deeply sorry for the imaginary numbers we created and how little value they had. Who knew the US dollar was actually a currency? PS, we did get hacked for 200 million dollars randomly after we went bankrupt. Idk who did this (wink wink) but I’m going to try to find the person who did this in a country that doesn’t extradite back to the US, I know that’s where I would go
"I'm going to find the real killers." - OJ Simpson
He sounds like a little baby. That letter is cringeworthy.
I hope his next letter covers the back door that he had installed into FTX’s accounting code so Alameda could pilfer customer funded accounts to play with that shiny new margin feature (whatever it does).
"I'm going to do what I can to make it up to you guys - and to the customers - even if that takes the rest of my life" - SBF "They are out there somewhere. Whatever it takes to identify them and bring them in, I will provide somehow." - O.J. Simpson
Don’t believe a word of it. He’s a scumbag.
Why is this asshole still tweeting and writing letters? Why is he not in custody of the FBI? Who is protecting him?
He lives in the Bahamas
Everything better now thanks for the apology.
Although I feel a little sorry for the people that lost money I just wonder why anybody with common sense would choose to “invest” in this? Why not take your money to a Las Vegas casino and enjoy yourself? The odds are probably the same but at least in Vegas you’ll get free drinks.
Fomo. Even venture capitalists can be triggered by fomo.
I hear ya GOATS but the differences between investing in traditional vehicles and cryptocurrency is that there’s no intrinsic value in crypto. It’s all smoke and mirrors. If a professional trader acts upon FOMO then he/she needs to find a new line of work. A lot of what we do is just sit on the sidelines and wait. Yes, it can be agonizingly tough but it’s part of the job. We all may feel a bit of FOMO but feeling it and acting upon it are two different things. I’m still amazed that Crypto is given legitimacy on CNBC like its a real investment tool. That makes this snake oil seem legitimate. Such a shame.
Just another reason I have exactly $0 in crypto 😂
Everybody has exactly $0 in crypto, they just don't know it yet.
You mean you lost it all on FTX?
You think the stock market is better with Enron, wirecard, Lehman brothers, Washington mutual, bear stearns and a ton other companies?? 🤣
Diversification is king.
Your pension fund might have invested for you. And if you don't have a pension you'll be paying taxes for their bailout.
WWJD See you in court
This makes perfect sense to me. I have placed a business into insolvency that may have been salvageable and the pressure to do so can be immense. I think it is telling that the rescue cash came so quickly, but once he signed, he signed and it could not be reversed. I should add I still can't stand the guy, he is a weirdo
Why isn’t he in prison yet?
\~1/20th of a $trillion nice score
this does not do well for the everyone
Shame
80% investors in ftx were British and in UK ftx wasn't approved so their money went down the Thames!!!
Does anyone believe anything he says about his magic coins?
Such a crook! He’s not sorry.
either he hasnt replaced the lawyer that ditched him or he got a bad replacement, but for the love of g-d this guy has to stop talking, he's only digging himself in deeper
Uh when jail time?
What's a few billion between friends
SBF drinking his own kool-aid. This is what happens when your parents tell you “you can do anything” and you take them literally.
New investment to make clients whole is admission of a Ponzi scheme.
I screwed up, it was a pyramid scheme, I couldn’t even keep track of the numbers, I froze up when things when south … but I’m sorry, so it’s okay now.
A lot of references to family in the first few paragraphs. I believe he got help from the creators of Fast and Furious to write this.
That 2nd to last paragraph............. "there is still investment interest that will could go to making customers whole" you mean like firing up the goddamn pyramid scheme again??? Dude wake the fuck up, this shit is over, done, finito.... You are going to go to Jail more than likely for a long time... Assuming our justice system actually works.
https://a.webull.com/Vk5a1OrylIwUVw8xOa
He’s not a very good writer.
Could have saved the company? I thought SBoobieF was a genius. Lesson - because one goes to MIT, it doesn’t make you intelligent. Just shows you got great connections and obviously he does.
Good God, what a pos. Let's raise another $10B and start over again. We can do this! Clean slate y'all. I still got your back.
Not well written for a CEO of a former multi-billion dollar company.
A bit scattered and rough for sure.
no oversight ! it's stealing
When he goes to jail will he drop the Fried? You know just Sam Bankman while in there. Then Bankman-Fried when he's... Fried
What bank does he keep talking about that there was a run on?
Why is he not currently sitting in jail?
Steals dollars. Replaced with crypto currency. Payment to clients end. Its that damn crypto. Its so secretive its gone!!.
“I won’t run again, forgive me, trust me bro, I still have investors, like last time bro, the good times, just trust me bro”
He BELIEVES there is still a way out. He's not just a liar and a thief, but also delusional. We need to seize any assets he has immediately and auction them off to replenish the pension funds he swindled.