216
With no access to crypto, disgraced FTX founder Sam Bankman-Fried is now trading fish to pay for services in prison
(www.businessinsider.com)
this post was submitted on 24 Nov 2023
216 points (89.1% liked)
Technology
59622 readers
3785 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
It's the same quote in all the stories on this. The key being "at some point", meaning that he probably just noticed that the stock was running low one week and bought the remaining 8 to resell.
However if it really was an ongoing scheme, he could also have bought them from other prisoners and resold at a higher price than he offered them. Basically asking someone who doesn't buy their own quota of chocolate to buy it for him. If chocolate cost 10$ and he's offering 11$ to someone getting it for him they'll gladly carry the entire stock to him, so that the people actually needing chocolate would have to buy it from him for 12$.
The prison could easily stop this by increasing the stock if they knew it was going on at all.
Anyway it's not ongoing. He died some years ago.
He died....? Who will pay back the trillion $ fake gme shares he created?
The payback happened through a fund, where victims could apply, I suppose.
The sentence was to pay back 17 billion and 150 years in prison, so it was inevitable that he'd die in prison. The losses were estimated to be 18 billion, so he got off one billion short in that regard.
However, he paid another heavy price. Both sons died before him. One of them off'ed himsel on the anniversary of his father's arrest.
(To be honest, I just googled all of that. I've never heard any details on this case before because I live on the opposite side of the globe.)