Hindsight is always 20/20 and it is easy to say "oh if I had known X then I would have responded with Y". Luckily for crypto users everywhere though rich and powerful people like SBF cannot escape the choices they made. I am not quite sure he has realized how badly he has backed himself into the corner now.
As most of us know he was deported back to the US today after finally agreeing to the extradition but late last night news broke that is guaranteed to really shake this case up. News broke that arguably his top two lieutenants former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang came out of nowhere to plead guilty to the various Federal charges they had been hit with in New York. To SBF this either has to come as a shock or it could be something he knew was going to happen and was trying to beat them to the punch in the meantime.
He failed though and as a result, now he has these two vital individuals to the crypto empire working with prosecutors and that is going to do nothing but tighten the screws on SBF. While he previously had tried to use interviews and the media to garner support quite frankly it was a circus that fell flat on its face and if anything actually further damaged his imagine and whatever else people thought of him. With key figures now working with authorities and, in particular Caroline Ellison, who lead the segment that ended up sinking the company, turning over any and everything she can for a more leinent sentence SBF will end up not having that much to offer authorities and regulators to leverage his way to a lighter sentence.
For him this is a worse case scenario and was something I think he thought he had in the bank given his actions after declaring bankruptcy. People still continue to say that they think he will end up getting off but looking at the cold hard facts of the case that is a pipedream at best. SBF committed a cardinal sin that over the course of history has gotten people jailed for a long time if not worse. He made the rich and powerful, including the government, look stupid and lost their money. This is pretty much textbook of what not to do as history tells us it does not end well for those that commit these crimes.
The government isn't playing either as even though he is being released on bail he has a $250 MILLION bond on him. Even though he does not have to pay the whole thing a number that is often used is 10% in cash plus assets and that means $25 million down. To really put it into perspective of how unworldy that is Bernie Madoff the notorious Poniz Scheme man whose scheme had grown to $65 billion before its collapse only paid $10 million for his bond. SBF's is two and a half what Madoff's was and when I saw that I think it clearly spoke that he was getting the whole book thrown at him. Before the bail had been set it was known he was facing 110 year in prison if he was convicted of all charges however when people are charged with the sheer number of crimes as he was it is often that these numbers are combined or in some way shape or form a conviction would result in maybe 25-35 years with a sold 20 years before parole.
Now with this bail.... I fully expect the government to go for the jugular and have him be sentence to every single one of those 110 years if not more as more is uncovered with the corporation from Caroline Ellison and Gary Wang. Long story short... them man screwed around and now he is finding out...
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