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Author: David Z. Morris Source: UnchaNedCrypto Translation: Shan Ouba, Bitchain Vision
On Thursday, March 28, it will marked the curtain of one of the strange stories of the 21st century: the son of the two legal scholars in Stanford University uses the name of technical optimism and elite charity to systematically steal 8 billion US dollars of funds, but its true purposeBut it is as fast as possible to accumulate power.
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Before receiving criminal trials in the US District Court of New York, it was outside the court.
This is the basic story of SBF. He will be sentenced to seven fraudulent related crimes made by the jury on March 28 last November.His verdict will also be based on unruly but sufficient allegations of evidence, that is, his stolen customer funds bribed Chinese officials and funded a series of campaign financial fraud activities. These activities once made SBF a force that cannot be ignored in American politics.
The federal prosecutor submitted to Judge Lewis Capland on March 15th, which may tell the story in the most concise and convincing form so far.Prosecutors carefully determined SBF repeatedly deceived their behavior and supplemented with a series of heartbreaking victims statement, suggesting that SBF 40-50 is imprisoned.This is already a long period of sentence -but it is still far below the period of more than 100 years.
Give investors a “grace”
The SBF’s defense team requested a large treatment and advocated that it was only sentenced to six years in prison.This requirement is largely dependent on two arguments that have been proven in the trial: SBF has never really stole any money, and he has donated a lot of money to charity.The first argument is largely based on a misleading point of view, that is, the FTX bankruptcy property has been “repaid in full”. This is a truly deceived idea.The briefing was strongly refuted.
In fact, the idea of FTX deposits will eventually be repaid with the motivation of SBF’s criminal motivation.Although he and allies such as Michael Lewis tried to describe him as a unfortunate person, since he was arrested in December 2022, SBF obviously believed that he could gamble and win with other people’s money.As Caroline Ellison testifies, SBF regards FTX customer funds as a “good source of funds” to promote the development of the exchange, although he repeatedly publicly claims that the deposit is sacred and inviolable.
SBF believes that he is helping the storage households and investors, and to maximize the “expected value” of FTX as soon as possible -then he can repay all the deposits.In his opinion, he was not theft, but just borrowed.Even after he was convicted, allies such as Jon Donoho at Stanford University and Ian Els at Yale University also put forward basic the same arguments.This was the again of his defense team.
Judge Capland has expressed his completely contempt for this moral loss.Capland joked in the trial on October 11, 2023: “This is like saying that if I break into the Federal Reserve Bank, steal 1 million US dollars, spend all the money on a strong ball lottery, and happen to win., That’s okay. “
Similarly, the inconvenience of relying on SBF’s charity work as a good qualities is that, as the trial confirmed, the donation itself mainly comes from the stolen customer funds.Although the large -scale processing plan of the defense includes a series of personality witnesses supporting SBF, these statements are limited, sometimes even strange, including the statement of many people who only know SBF when they were young, and a suspected female child from SBF.The statement of the habit.Seems to be a friend in prison.
Last year, I spent a month to observe SBF’s criminal trial.I saw that Judge Lewis Caplan disdains this misleading and disappointment of this misleading and disappointment of the SBF defense team.He will not support them for the second time: I believe that Judge Capland is very, very likely to follow the advice of the prosecutor and sentence SBF for about half a century of imprisonment.
Considering the operation of these things, unless the appeal is unlikely to succeed, this means that SBF will stay in prison to more than sixty years old.
The collapse of SBF cannot purify the sin of cryptocurrencies
People often say that SBF’s crimes have nothing to do with cryptocurrencies as a technology, which is indeed a fact.SBF’s Wall Street background is similar to the background of many other criminals in the 2022 collapse. Most of them think that cryptocurrencies are a simple way to make money because its volatility.His fraud depends on centralization and opaque to deceive customers -if so, this is the reversal of the financial operation method on the chain.
Nevertheless, he did choose long -term scams in the encryption industry. His judgment was that when the industry reflected, he might learn one or two things.
The most important thing is that it is important not to fall into complacent emotions.In the file contained in the prosecution’s criminal package, there is a list of real mental chaos written by SBF (SBF), which lists his method of re -constructing his own crimes after the FTX closure.This includes the proposed narrative of “SBF died for your sin”.
Although there is no evidence of fraud, the dilemma of the BLAST project is still reminiscent of the experience of SBF.The project is rushing to launch and income -centered marketing methods with the same impulse to maximize. This impulse eventually leads SBF to crimes and poverty, and now it is a prison.As greedy loses the attention of a deeper social and political reform as the foundation of cryptocurrency movement, we will see another round of vulnerability, risk, fraud and collapse.Smart people will see through the promises of “native income”, “double pledge rewards” or “20% APR” at a glance, and recognize their essence: huge, flashing warning signals.
Ignoring warning and adventure is the root cause of the collapse of SBF.He ignored the repeated objections of his deputy officer Caroline Ellison, Nishhad Singh and Wang Gary Wang, who will now face their own judgments.SBF was convinced that he was smarter than anyone. He ignored the advice of the lawyer and thought that they “didn’t know what they were talking about” and refused to make a comprehensive public relations journey after the FTX collapse.Those interviews helped prosecutors to limit his defense team and ensure his conviction.
Industry lessons and life lessons
The worldview that drives SBF to implement the reckless plan is also based on huge self.This comes back to his absolute conviction of himself, and the contempt of moral standards he thinks “ordinary people” should abide by.Erisen said in the trial that SBF does not think that “don’t lie” or “don’t steal” rules apply to the moral guidelines he choose.His moral guidelines mixed the utilitarian results of his mother; the effectiveness of the validity movement of “making money and donating” is the same; and he learned the endless “expectations of” expected “when he learned to be a trader in Jane Street.Value “Calculation.
Seeing a person who could have made true contributions to the world, but regretted that he was detained for almost a lifetime, we could learn a lot of lessons.But some points seem to be particularly clear.
First of all, caution and humility are not sin.Whether as a founder or a trader, risk management is part of sustainable success.
Secondly, morality is important -not what may happen in the future, but how you treat others now.
Finally, greed is dangerous.Although encrypted assets can be enjoyed when appreciation, it is the fastest way to poverty to poverty.
Or it will be worse.
