2023-11-05 16:49:00
The first mistake of the man who was once the darling of the American jet set is to believe in digital assets as if they were a religion, to the point of losing the notion of reality. During the boom in bitcoin and thousands of other cryptos, he preached the principle of a better future thanks to these new financial values. His personal fortune exploded and FTX was valued before its fall at around $32 billion. But what always happens when an irrational financial bubble forms: it burst. And FTX’s positions – crypto loans to third-party companies in particular – have evaporated. The American billionaire Warren Buffett used to say that it is when the tide goes out that we see those who swim without a swimsuit. The image corresponds to the situation of FTX a year ago: blocked accounts, missing assets, inevitable bankruptcy.
Faced with the judges responsible for assessing SBF’s infractions, the latter continued to accumulate errors. He wanted to charge his former colleagues, including his ex-partner. The latter pleaded guilty and were able to negotiate their sentences with the courts. Finally, he wanted to plead his case himself in court once morest the advice of his lawyers, and gave inconsistent responses. Last week he was found guilty of seven charges including financial fraud and money laundering. He faces up to 120 years in prison. The following ? The verdict, then the opening of another trial relating to financial gifts made in favor of political figures in the United States.PVC
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