[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)