Friday, November 3, 2023

Happy Friday

Via the New York Times:

Sam Bankman-Fried, the tousle-haired mogul who founded the FTX cryptocurrency exchange, was convicted on Thursday of seven charges of fraud and conspiracy after a monthlong trial that laid bare the rampant hubris and risk-taking across the crypto industry.

Mr. Bankman-Fried became a symbol of crypto’s excesses last year when FTX collapsed and he was charged with stealing as much as $10 billion from customers to finance political contributions, venture capital investments and other extravagant spending. A jury of nine women and three men took just over four hours of deliberation on Thursday to reach a verdict, convicting Mr. Bankman-Fried of wire fraud, conspiracy and money laundering.

Together the counts carry a maximum sentence of 110 years. Mr. Bankman-Fried, 31, is expected to appeal. He’s scheduled to be sentenced on March 28.

Maybe I’m old-fashioned, but this whole crypto-currency thing has stunk to high heaven ever since I first heard of it, proven even sketchier by the flood of spam e-mail I’ve been getting for the past year from bots warning me of the imminent collapse of the banks and “what Warren Buffet is plotting.”  And this Bankman-Fried dude has had scammer written all over him since P.T. Barnum directed everyone to see the Egress.

Well, now it looks like the only currency he’ll be trading in is cigarettes.  Save room for Trump, Sammy-boy.