Sam bankman freed agrees to be excradited after being put in awful prison

[Admin]

The fox hill prison in Bahamas is notoriously bad featuring rats, maggots and insects. Usually people placed there voluntarily agrees to be extradited to the US if possible due to how awful the prison conditions are. Sam Bankman Fried wasn't an exception.

https://www.nytimes.com/2022/12/19/business/sam-bankman-fried-extradition.html

Mr. Bankman-Fried is facing fraud charges in the United States related to the collapse of his cryptocurrency exchange, FTX, which was based in the Bahamas. Jerone Roberts, a local defense lawyer for Mr. Bankman-Fried, told reporters that his client had agreed to extradition voluntarily, defying “the strongest possible legal advice.”

It might of course be the case that Sam Bankman Fried still wants to clear his name thinking he can prevail in the US legal system somehow when in reality he is basically screwed due to being in behamas. It would have been much smarter for him to live in an area with no extradition threaty.

The main cause of the exchange going down was him being a cuck allowing his girlfriend to use FTX money in trading only to lose it in various risky trades. He was actually a literal cuck since the relationship was polyamorous. Now he will die childless suffering in jail due to trusting a female with managing money (not that most males are any good either).

 

[Admin]

When Bankman-Fried left Jane Street in 2017 to found his own hedge fund known as Alameda Research, Ellison joined him shortly thereafter in what she called "a blind leap into the unknown." She became one of the lead traders at the new firm and said on an FTX-related podcast that joining Alameda was "too cool of an opportunity to pass up" but dealing with capital was "kind of daunting" when she first started at the firm in 2018.

While she was decent at mathematics she didn't actually know how to utilize it for trading crypto. She was very much inexperienced and not at all suited for that type of trading.

https://www.foxbusiness.com/markets/who-caroline-ellison-how-did-she-end-up-center-ftx-collapse

She did get a bachelor degree in mathematics so she must have at least been fairly smart so maybe the issue was more that she went into the wrong field. Most traders will lose money and the insider advantages they got from the FTX connection clearly wasn't enough.

The "effective altruism" ideology she and SBF believed in probably contributed to them losing everything since that will encourage constant risk-taking to earn even more money (such as illegally borrowing funds from FTX costumers to trade with).

 

[lotus]

Ellison is a good example of how near impossible it is to make money trading over the long-term. Even with access to non-public information and millions in capital/resources she still lost money. Many are deluded thinking they can consistently make money trading from their living room.

 

[News]

Caroline Ellison and Gay Wang has pleaded guilty
Sam Bankman fried is basically screwed now. His "it was an accident' excuse isn't going go hold up well in court.

https://nymag.com/intelligencer/2022/12/sbf-lieutenants-caroline-ellison-and-gary-wang-plead-guilty.html

SBF is already on the way to the US where he hopes to get out on bail (failed in the bahamas) that might end up being the last relative freedom he gets to experience.

 

[Admin]

SBF granted bail
Him agreeing to be extradited to the US did end up paying off. Now he will be allowed to leave prison to live in his parents luxury house.