[HN Gopher] FTX's collapse was a crime, not an accident
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       FTX's collapse was a crime, not an accident
        
       Author : mcone
       Score  : 50 points
       Date   : 2022-11-30 20:35 UTC (2 hours ago)
        
 (HTM) web link (www.coindesk.com)
 (TXT) w3m dump (www.coindesk.com)
        
       | neonate wrote:
       | Videoless:
       | http://web.archive.org/web/20221130220547/https://www.coinde...
        
       | mdotk wrote:
       | Finally, some reporting by media that hasn't been bribed.
        
         | puffoflogic wrote:
         | Uh, they're not called "bribes", they're called "campaign
         | donations".
        
       | paulpauper wrote:
       | It took almost 3 years to indict Enron executives after its
       | bankruptcy. This could be a while.
        
         | LatteLazy wrote:
         | Enron was a much more complex, longer, more wide ranging fraud
         | though. This was just straight up "CEO moves client money to
         | his other company" theft. It's almost staggeringly simple and
         | mundane...
        
           | SilasX wrote:
           | Yep. I saved this comment, which gives a great explanation
           | why FTX prosecution should be faster and easier than Enron:
           | 
           | https://news.ycombinator.com/item?id=33724683
        
       | crtified wrote:
       | No doubt it was both, to some degree. The latter doesn't excuse
       | the former.
       | 
       | And the whole matter is only made worse by (or, perhaps,
       | 'highlights') the surrounding incestuous cesspool of other crypto
       | exchanges and funds, and the 'crypto media' arms which they own
       | and run. Several of whom are almost certainly engaging in, at the
       | least, grey-area practices, in order to accrue vast and lightly
       | regulated profits.
       | 
       | The fact that many of crypto's best-known names are basically
       | digital bankers-for-profit, illustrates how the scene went off
       | the rails some time ago. From a tech perspective.
        
         | xmodem wrote:
         | If you're building a system that's certain to fail once it
         | comes under any sort of stress, when the inevitable happens,
         | that's hardly an accident.
        
           | crtified wrote:
           | Sure. But 'complete downfall' isn't a thing that one advances
           | entirely purposefully toward, either. Unintended consequences
           | will have occurred within the detail of proceedings. Whether-
           | or-not to label those unintended aspects as _accident_ is a
           | decision of semantics.
           | 
           | The relevant crimes will be pursued regardless.
        
             | scottiebarnes wrote:
             | Well in this case, you're labeling "gambling and losing
             | money that's not yours" as "unintended consequences".
             | 
             | I mean, I guess you're right in that nobody gambles with
             | the intention of losing.
        
         | gjvc wrote:
         | Why are you defending fraud?
        
           | crtified wrote:
           | Culpability still exists whether crimes were intended or not.
           | Therefore, not a defense.
        
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       (page generated 2022-11-30 23:00 UTC)