News BITCOIN, Heists, Thefts, Hacks, Scams, and Losses

[nsaspook]

Does she get to keep any of the money she was paid?

Caroline Ellison, the former CEO of Alameda Research, was sentenced to 24 months in prison for her role in the FTX collapse. She must also forfeit $11 billion.
Ellison pleaded guilty to two counts of wire fraud and five conspiracy counts in December 2022 as part of a cooperation agreement with the government. Prosecutors had recommended a lenient sentence because of Ellison’s “extraordinary” and “very timely” cooperation. Her own lawyers asked for no jail time, as did the federal Probation Department.


SBF's parents should be next.

 

[Vanadium 50]

She must also forfeit $11 billion.

Wow. Considering that she only got something like $6M, that's going to be tough.

I guess the lesson is "commit no small crimes".

2 years is minimum 21 months, right?

 

[Vanadium 50]

I just read that Sean "Diddy" Combs is in the same section of jail as SBF. (Combs is awaiting trial; SBF is awaiting transfer to where he will be serving his sentence)

 

[Astronuc]

She must also forfeit $11 billion.

How does one forfeit $11 billion if one does not have such funds? Future earnings?! Did Ellison ever own such funds?

I would think FTX should be on the hook, no? The funds were tied up in Alameda and FTX, no?

 

[Vanadium 50]

How does one forfeit $11 billion if one does not have such funds?

I believe one doesn't.

The short answer is she took Alameda customer funds, gave them to SBF, who then spent them. So they aren't there any more, so giving them back is not an option. She still technically owes it back, but because its been spent, that's not going to happen.

A good question is how she walked away with only a fraction of a percent of the scam. Three words: worst boyfriend ever.

 

[nsaspook]

https://apnews.com/article/ftx-bank...y-sentencing-fa898c3ff61d9a797d016a12c0862ca1

Ex-FTX executive spared prison sentence after cooperating against Sam Bankman-Fried​

The prosecutor also said Singh revealed private conversations with Bankman-Fried that strengthened the government’s case and enabled it to bring charges more quickly against multiple people.

Singh gave prosecutors “documentary evidence the government did not have and likely never would have had,” Roos said.

https://www.cnbc.com/2024/10/30/ftxs-nishad-singh-gets-not-jail-time-3-years-supervised-release.html

Former FTX executive Nishad Singh was sentenced to time served and three years of supervised release on Wednesday, becoming the fourth ex-employee of the collapsed crypto exchange to be punished. Singh was also ordered to forfeit $11 billion.

11 billion here, 11 billion there, ...

 

[Rive]

As others have said "The markets can stay irrational longer than you can stay solvent".

This story just would not have been possible without many betting against it - supported by very logical reasons.

 

[nsaspook]

This story just would not have been possible without many betting against it - supported by very logical reasons.

 

[Rive]

[/MEDIA]

For short squeezes seatbelts are indeed good choice...

 

[Astronuc]

Bitcoin Price ‘Flash Crash’ Panic Suddenly Wipes $100 Billion From Crypto Market​

https://www.forbes.com/sites/digita...uddenly-wipes-100-billion-from-crypto-market/

Bitcoin has suffered a so-called “flash crash" that knocked $4,000 from the bitcoin price in a matter of minutes (just after a Harvard economist admitted he got bitcoin and crypto wrong ten years ago).

The bitcoin price, which has been on a downward trend since getting a boost from comments made by the Federal Reserve chair Jerome Powell on Friday, has continued to sink after plunging lower—with fears it could have killed off Kanye West’s new cryptocurrency that’s down 80% from its all-time high.

Bitcoin’s sudden decline, coming amid fears a U.S. dollar “crisis" could propel the bitcoin price higher, has been blamed on a single large holder cashing out 24,000 bitcoin worth over $2 billion, according to social media reports.

 

[nsaspook]

Bitcoin Price ‘Flash Crash’ Panic Suddenly Wipes $100 Billion From Crypto Market​

https://www.forbes.com/sites/digita...uddenly-wipes-100-billion-from-crypto-market/

 

[Astronuc]

The electric scooter sharing scam that fleeced millions of dollars from Americans
https://www.nbcnews.com/news/us-new...htning-shared-scooter-co-investors-rcna226832

Promise of investing small amounts with high rates of return. The scam preyed on inexperienced and vulnerable people.

The pitch was simple: How’d you like to make some extra money with just a few taps on your phone?

Start by investing a small amount — say, a couple thousand dollars — in a high-tech scooter-sharing company based in Hong Kong. Watch from your phone as the electric scooters get rented and your money doubles, then triples. Recruit your friends and family and earn even more. Win a cruise or a Tesla.

“Don’t miss this opportunity,” urged a marketing video for Lightning Shared Scooter Co.

Skeptical?

Small-town mayors endorsed the company, known as LSSC. So did police officers and a lieutenant colonel in the U.S. Army. Former White House press secretary Sean Spicer appeared to give it a shoutout on Cameo, where people ask public figures to record online messages. A photo of French soccer star Kylian Mbappé was used to promote it.

And if that wasn’t good enough, LSSC storefronts and offices popped up in at least eight cities across the United States filled with sleek black scooters — which really worked — and the requisite state paperwork to prove it was all real.

Do not respond with personal information to 'unsolicitied' emails, messages or phone calls. If the person contacting one does not give a full name and contact information, report the contact as apsm or phishing.