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Old 03-29-2024, 01:58 PM   #1
grumpyskeptic
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25 years in prison for Sam Bankman-Fried of the FTX cypto exchange


https://www.bbc.co.uk/news/business-68677487

In the UK criminals almost always only serve half their sentence, as they get let out of prison early for good behaviour. So someone sentenced to 30 years usually gets out in 15 years.

What happens in the USA? Does a 25 year sentence really mean 25 years in prison?
 
Old 03-29-2024, 02:04 PM   #2
rokytnji
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If Federal. Yes.
 
Old 03-29-2024, 02:08 PM   #3
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Hopefully, they'll keep him long enough to let the air out of his head .
 
Old 03-29-2024, 03:10 PM   #4
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They used to joke about Texas jails. You get 10 years which means 10 months.
 
Old 03-29-2024, 05:30 PM   #5
jailbait
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From the "United States Parole Commission Rules and Procedures Manual":

"A Federal prisoner serving a maximum term or terms of more than 1 year may be released on parole at the discretion of the Commission after completion of one-third of such term or terms, or after completion of 10 years of a life sentence or of a sentence of over 30 years."

So Sam Bankman-Fried is eligible for parole after 8 years and 4 months.
 
Old 03-30-2024, 10:50 AM   #6
grumpyskeptic
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25 years for Sam Bankman-Fried of FTX, but only 11 1/4 years for Elizabeth Holmes of Theranos.

https://www.bbc.co.uk/news/world-us-canada-65756588

Any idea why the difference?
 
Old 03-30-2024, 04:13 PM   #7
jefro
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Every case is different.
 
Old 03-30-2024, 05:06 PM   #8
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I hope that the people who have been "putting their 'faith' and maybe their 'money' in 'crypto'" have now learned a lesson from this man. From how easily and how thoroughly he "gamed the system." (And, what he did with the money that he stole.)

You are, of course, legally entitled to dabble with "crypto," just as with any "barter system." There is nothing underhanded nor illegal about bartering. Just remember that any "barter token" is not "legal tender." The token is "worth" exactly what a willing buyer (participant) will give you for it – if anything at all – and you have no recourse if he isn't willing to give you anything.

(BTW: the definition of "legal tender" is that a creditor may not refuse to accept it in payment of a debt.)

But, you'd better keep your head on straight, and your eyes wide open. Looks like this guy had a fairly easy job of stealing from it, just by being in the right place in the trade architecture. The system has plenty of vulnerabilities, and it didn't take long for this kid to find them.

Last edited by sundialsvcs; 03-30-2024 at 05:13 PM.
 
Old 03-30-2024, 06:04 PM   #9
jefro
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I'm waiting on cheap ultra computers that can print their own coins so as to destroy the value of this Ponzi scheme.
 
Old 03-30-2024, 08:15 PM   #10
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I think this tweet (xcretion?), which I saw on a blog which I've visited for years, as I don't X, is relevant.
 
Old 03-30-2024, 08:49 PM   #11
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"A Fool and his money ..."

"If it seems to be good to be true ..."
 
  


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