SBF Arrested Yesterday
USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.
— US Attorney SDNY (@SDNYnews) December 12, 2022
The former FTX CEO has been arrested by The Royal Bahamas Police Force following formal notification from the United States that it has filed criminal charges against SBF. https://t.co/StnsXRydMS
— Cointelegraph (@Cointelegraph) December 12, 2022
Indictment Unsealed
SDNY indictment against SBF has been unsealed. He’s being charged with wire fraud and several conspiracies to commit: wire, commodities and securities fraud along with money laundering. Also campaign finance violations. They’re throwing the book at him.https://t.co/biQ7vOJMBp
— Dave Lauer (@dlauer) December 13, 2022
Charges Against SBF
- Wire fraud
- Commodities and securities fraud
- Money laundering
- Campaign finance violations
SEC Involved
Gurbir Grewal: We commend our law enforcement partners for securing the arrest of Sam Bankman-Fried on federal criminal charges. The SEC has authorized separate charges relating to his violations of securities laws, to be filed publicly tomorrow in SDNY. https://t.co/ON0LgY4mf4
— U.S. Securities and Exchange Commission (@SECGov) December 13, 2022
Formal Request for Extradition
US has filed criminal charges against SBF and he’s been arrested for extradition. https://t.co/FhFTSeSYXG
— Dave Lauer (@dlauer) December 12, 2022
FTX is Unique
“we’re dealing with a paperless bankruptcy… it’s really unprecedented” – John Ray III
— Coffeezilla (@coffeebreak_YT) December 13, 2022
No Record Keeping Whatsoever
Please think about that for a second.
Blockchain’s big promise was record keeping. FTX kept no records, of anything.
Q: Are any of the crypto exchanges using blockchain to keep track of assets?
A: No
The crypto exchanges use paper ledgers or in the case of FTX, nothing at all for recording client funds.
What a hoot!
Blockchain Effort Cancelled
Australia had a blockchain prototype effort to record stock market settlement but abandoned it.
Reuters reports Australian Securities Exchange to Cut Up to 200 Jobs from Bockchain Project
After announcing plans in 2016 to replace its decades-old platform with distributed ledger technology, which is also referred to as blockchain, the world’s 13th-largest stock exchange pulled the project last month citing an independent report which found it was riddled with problems.
The software was intended to replace ASX’s Clearing House Electronic Subregister System (CHESS) “to improve functionality and efficiency, and adopt global standards”.
After 6 years, ASX concluded there were “significant technology, governance, and delivery” challenges with the solution design of the project.
Is an Increase in Use of Bitcoin in Transactions Positive or Negative for Price?
In case you missed it, please see my Q&A: Is an Increase in Use of Bitcoin in Transactions Positive or Negative for Price?
This post originated at MishTalk.Com.
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Mish
You might be right. That was certainly my call. Though he might be too tainted for his rabbis to protect him. You are certainly right about it being on purpose. No records at all? How was it even possible? But he certainly bribed, err donated, enough money to the right crooks to escape prosecution. If he’s convicted and given a long sentence, what sort of message will that send to the rest of the crooks bribing the crooks in D.C.? The game’s afoot, my dear Watson!