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Sam Bankman-Fried is going to jail
(arstechnica.com)
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this post was submitted on 14 Aug 2023
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Defraud rich people? Go to jail.
Defraud the rest of us? Get promoted to CEO.
He didn't defraud the rich lol. The exchange was one of the most popular among cryptocurrency users. There are no minimum and no sign up fees. The number of people he defrauded is probably in the millions.
If anything, knowing crypto, the rich almost certainly had insider knowledge and withdrew their funds before everything collapsed.
Big investors into his company got burned too.