[HN Gopher] FTX's collapse was a crime, not an accident ___________________________________________________________________ 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. ___________________________________________________________________ (page generated 2022-11-30 23:00 UTC)