https://preview.redd.it/2tfh5gfqjojc1.jpg?width=680&format=pjpg&auto=webp&s=d6f3be706e690306b36ebc08f51838aa2e0c2453
FTX founder Sam Bankman-Fried, convicted of fraud in November 2023, has been photographed in jail at MDC Brooklyn. The sentencing, scheduled for March 28, 2024, could potentially result in a lighter verdict due to FTX's plans to repay customers. District Judge Lewis A. Kaplan will oversee the sentencing, with restitution playing a significant role. Despite the FTX collapse, the cryptocurrency market has rebounded, with Bitcoin hovering around $51,000-$52,000. The defense may argue for a lower loss amount or even $0 if all customers and creditors are reimbursed.
Wonder if he’ll be providing liquidity or just trading memes in there.
Right at home.
He’s in there giving everyone financial advice…just wait. Brooklyn Lockup Inu inbound!
He found a new thing to trade while in jail: fish.
Mackerel packets have risen to be the hottest trading commodity in United States prisons since tobacco products were banned. Postage stamps and soup packets — “soups” — come second and third on the value hierarchy, respectively.
The packets sell at the commissary for $1.30.
Sam Bankman-Fried trades four packets of Mackerel — known in prison as “macks” — for a haircut.
For the people that are going to ask. The guy next to SBF, whose face is not censored, gave an interview to a reporter and provided the pic. The pic is just some prisoners chillin.
Don’t drop the soap Sam!
Looks like they already made him their bitch 🤣 God I love karma
Good thing you put that red arrow on there, or we would have all thought it was the guy with the gang tatoos.
Is he gonna get a Hodl Gang tatoo now?
This makes no sense to me. What difference does it make if the customers get most or all of their money back, that doesn’t erase what SBF did. He did illegal shit and should be punished for it regardless if customers are made whole. That should have no bearing on his sentencing.
Everyone around there will have crypto knowledge impartation.
Imagine someone posting free bank man fried then got downvoted into the negative ouch
He looks so squishy.
he looks like a gangster
He’s got nicer shoes than I do
Just lookin at his face makes me mad. People like this are single handedly ruining the crypto industry and setting us back years. Hope he burns in hell for all the peoples lives he ruined
A few hours before he was arrested, he was in a Twitter Space hosted by Unusual Whales. People were genuinely asking him why he did what he did, wanting to understand his thought process.
He couldn’t give less of a shit. He was playing league of legends the entire time, basically being a complete ass to everyone
A few hours later he was arrested, I hope he rots
Chancho! I need to borrow some sweeeats
Looks like he lost some weight. But the fact that most creditors may get reimbursed has no bearing on his sentence. He committed fraud and broke various and sundry laws.
Aww he’s making friends!
Just by reading through the comments, it seems most people doesn’t realize that “fully reimbursed” is reimbursed at the price when FTX announced bankruptcy.
You know, the price when it dumped so hard due to its announcement. BTC below $20k, SOL below $15.
But I won’t blame those who don’t know. All news media including crypto-focused site keep repeating “fully reimbursed” without adding the important context.
I’m not surprised if they’re all paid to wrote it like that.
I am very sure some very very powerful people in the background are bailing out SBF by sponsoring the customers’ loss.
It’s like SBF saying, “Look, I lost all the money and cannot return anything to the customer.”
And someone very powerful and very filthy rich saying, “Don’t worry. I will put up some billions for FTX to repay all the customers in full and then have you released out of jail.”
Lool I hope they don’t do cz like this
SBF saying, “Don’t hurt me and I will teach you how to scam your customers for billions.”
All the inmates saying, “Let’s be friend, then.”
his parents assisted him, they should be next in jail.
I don’t know how the other guys cope being around such a hardened criminal
Doesn’t really add up as he isn’t making them whole if he’s just giving back the original investment. If the asset has increased in value then he owes more! I’d be super ducking annoyed if I invested 20k and got back 20k when the asset is now 50k
Looks like a metal band
I don’t think the defense can argue such thing when there is a fraud conviction
Keyser Soze, he ain’t.
> Despite the FTX collapse, the cryptocurrency market has rebounded, with Bitcoin hovering around $51,000-$52,000. The defense may argue for a lower loss amount or even $0 if all customers and creditors are reimbursed.
I’m waiting to see if they try to screw over their customers by paying them back in dollar value rather than BTC value.
If somebody deposited 1 BTC, they should get back 1 BTC. But I won’t be surprised if FTX says the value of 1 BTC when deposited was 25k, so they’ll get back 25k instead of getting back 1 BTC.
Regardless of the outcome, this whole mess should serve as proof that self custody is the way.
I saw people lose coins in the FTX collapse.
I saw people lose coins in the Voyager collapse.
I saw people lose coins in the Celsius collapse.
I bet you did too.
Y’know who didn’t lose their coins? People who do self custody and do it right.
he looks so out of place. keep your head up.
Bet you he’s paying them to bodyguard him. I’m sure there off-shore money that he’s got.
Eyyy punk I heard you are Sam bankman so how bout you put some money on the books…..for all of us
All I see is street credibility
If your car gets stolen and the police recover it 2 years later and you get it back but it’s worth a third the money by then should the car thief get no jail time because the police recovered it!!!!!! The crime should have no leniency because someone else kind of made things less bad.
Even if all the money is returned, he must still face serious consequences. If you do the crime, you do the time even if you are rich and have rich and powerful friends.
Pass the soap
With widespread AI use, we cant know 100.00% its him.. he is likely government’s agent, thats why the person who (purportedly) paid the bond was unknown.
So you can steal shit, but if you bring it back , you’re ok?
Nah, just kidding … any Theft Attempt is punishable by law, let alone an actual successful theft … the fact that the Thieves give back the stolen goods doesn’t alleviate them from the legal burden.
Seems like a holding cell? No prison clothes?
He is definitely that dude on the far right’s girlfriend.
He will be going to prison for decades, if not the rest of his life. It doesn’t matter how much money is recovered. The punishment is meant to deter others from considering such large-scale frauds. Madoff got 150 years in prison and his fraud was only double SBF’s. Ultimately, SBF is just a common con artist who happened to exploit crypto.
Glad to see he already found himself a nice boyfriend, you know, for protection.
Fake.
What do you suppose his life expectancy is once he gets out of jail or prison?
I’m sure someone will correct me if I’m wrong but aren’t they “paying in full with the price pegged at when bankruptcy was filled.”
If that’s the case that’s an arbitrary line to denote “full”.
This was a nearly 5 year lows (that it caused). So if I have 1btc then, and they pay me $18k (cause that was the price of btc on the day) instead of 1 btc which is currently worth $52k I’d still call that only getting 18/52 = 34% repayment.
I wouldn’t want USD, we agreed I’d have 1 btc, give me 1 btc.
I get that’s not how bankruptcy works but to claim he pain people back in full is disingenuous.
Also he looks terrible in that pic. He is definitely not having a great time. Liking someone’s…. Partner.
It’s interesting that only one other guy is not censored out. Who is he?
Well, SOMEONE is the bitch of this group!
What about people with FTT tokens, do they get them returned but now they are worth fuck all?
Cool. Now do Alex Mashinsky!!!