With respect to culpability for the wire fraud charges, arguably it does not matter. The crime is a devising scheme to defraud. The execution of the scheme does not have to be successful.
Even if every FTX customer gets a 100% refund of their deposits, SBF is still going to face prosecution. This is what makes his recent behaviour so childish, immature, juvenile and foolish. The transcript of his proposed testimony before Congress shows that SBF is anything but a "whiz kid". He is clueless. A pawn.1
How much what? Fiat money? According to the self-proclaimed crypto experts, the fiat monetary system is to be avoided.2 Why would crypto believers want fiat money.
According to a Google "engineer", the highly regulated, democratically-elected government that issues and guarantees fiat currency may seize it in the near future, referring the reader to "snopes.com" as an authoritative source. Not only that, according to the Google stooge, using fiat currency poses a risk of "total surveillance" and is undermining peoples' privacy.2 You cannot make this up. Employee of almost totally unregulated "tech" company, hoovering up the personal data and invading the privacy of hundreds of millions of people for profit, a company with nearly 140,000 employees and billions in the bank that does not even have a basic customer service line, is giving unsolicited advice about privacy.
How much was really lost won't matter much in terms of prosecuting those who committed any crimes. And while it looks like a huge crime to me, they are still innocent until proven guilty.
It does matter to those who appear to have been defrauded. They won't be made whole. There will be opportunity costs, and I can't imagine it all being recovered. But if a significant portion is recovered, it would provide some help to the victims.
With respect to culpability for the wire fraud charges, arguably it does not matter. The crime is a devising scheme to defraud. The execution of the scheme does not have to be successful.
Even if every FTX customer gets a 100% refund of their deposits, SBF is still going to face prosecution. This is what makes his recent behaviour so childish, immature, juvenile and foolish. The transcript of his proposed testimony before Congress shows that SBF is anything but a "whiz kid". He is clueless. A pawn.1
1. https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rbgv1U_v...
"How much was really lost?"
How much what? Fiat money? According to the self-proclaimed crypto experts, the fiat monetary system is to be avoided.2 Why would crypto believers want fiat money.
According to a Google "engineer", the highly regulated, democratically-elected government that issues and guarantees fiat currency may seize it in the near future, referring the reader to "snopes.com" as an authoritative source. Not only that, according to the Google stooge, using fiat currency poses a risk of "total surveillance" and is undermining peoples' privacy.2 You cannot make this up. Employee of almost totally unregulated "tech" company, hoovering up the personal data and invading the privacy of hundreds of millions of people for profit, a company with nearly 140,000 employees and billions in the bank that does not even have a basic customer service line, is giving unsolicited advice about privacy.
2. https://apxhard.substack.com/p/why-bitcoin-is-different-from...