Sam Bankman-Fried was finally arrested on Monday in the Bahamas as the U.S. Department of Justice officially filed criminal charges against the former CEO and founder of the now-bankrupt crypto exchange FTX.
Charged with wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering, SBF is now facing possible extradition to the U.S.
SBF is also facing separate charges from the U.S. Securities and Exchange Commission (SEC) relating to his violations of securities laws, the Commission announced on Tuesday morning.
Gurbir Grewal: We commend our law enforcement partners for securing the arrest of Sam Bankman-Fried on federal criminal charges. The SEC has authorized separate charges relating to his violations of securities laws, to be filed publicly tomorrow in SDNY. https://t.co/ON0LgY4mf4
— U.S. Securities and Exchange Commission (@SECGov) December 13, 2022
“What happened at FTX appears to be good, old-fashioned fraud, and I’m glad prosecutors have been investigating what happened to ensure everyone who committed crimes is held accountable for what they did,” Republican Senator Cynthia Lummis commented on the news.
Known as the “Bitcoin Senator” for her advocacy on Capitol Hill, Lummis introduced the bipartisan Responsible Financial Innovation Act alongside Kirsten Gillibrand (D-NY) earlier this year, which, she added, “would prevent future collapses like FTX.”
People lost their hard-earned money, and they deserve justice for any wrong doing. I am hopeful my colleagues share my desire to pass the Lummis-Gillibrand Responsible Financial Innovation Act. This comprehensive legislation would prevent future collapses like FTX.
— Senator Cynthia Lummis (@SenLummis) December 13, 2022
Lummis is just one of the myriad of Twitter personalities to join the discussion, with some raising eyebrows over the timing of the arrest as SBF was expected to testify before the U.S. House of Representatives Committee on Financial Services.
“Here is the question you should ask: What exactly did SBF know so that he needed to be arrested the night before testifying to the Senate under oath? What information needed protecting from our highest ranking elected leaders and the public? Think about it,” tweeted the strategy advisor at Vaneck Gabor Gurbacs
Here is the question you should ask: What exactly did SBF know so that he needed to be arrested the night before testifying to the Senate under oath? What information needed protecting from our highest ranking elected leaders and the public? Think about it.
— Gabor Gurbacs (@gaborgurbacs) December 13, 2022
Barstool Sports founder Dave Portnoy sounded an equally concerning note, saying that if SBF’s arrest means he doesn’t have to testify that would be “shady as fuck.”
Wait does the @SBF_FTX arrest mean he suddenly doesn’t have to testify tomorrow? Cause if that’s true that is shady as fuck
— Dave Portnoy (@stoolpresidente) December 13, 2022
Cardano founder Charles Hoskinson has meanwhile suggested that “given all the connections and donations, might be good for SBF to comment about how he’s not suicidal and also healthy. A trial would lift a lot of stones…”
Given all the connections and donations, might be good for SBF to comment about how he’s not suicidal and also healthy. A trial would lift a lot of stones… https://t.co/ZHAfjDhYfW
— Charles Hoskinson (@IOHK_Charles) December 13, 2022
Other parts of the crypto Twitter took aim at SBF personally, with many making no disguise of their feelings, seemingly satisfied with the perspective of the fallen crypto magnate being brought to justice.
“Good news: SBF’s PR tour has concluded,” wrote Jameson Lopp, CTO at Casa.
Some used drew crypto jargon to comment on SBF’s arrest, sarcastically saying that while “SBF was just denied the option to self custody,” he would still manage to “post bail using FTX token.”
“The polycule heard it was ‘cuffing season’ and thought it meant something else entirely,” another user chimed in.
the polycule heard it was “cuffing season” and thought it meant something else entirely
— Chairman Birb Bernanke (✖️,✖️) (@Bonecondor) December 13, 2022
Still, there was room for what appeared as some sympathy for SBF, with the popular account Wall Street Silver depicting what the fallen crypto billionaire must be going through.
“SBF is likely in huge shock right now. SBF has lived in luxury for years. Plays League of Legends while doing multi-million $$$ deals. Food, sex … anything. Now jail and likely prison for decades. Being in a cell the first night … realizing that is his future. Devastating.”
SBF is likely in huge shock right now.
SBF has lived in luxury for years. Plays League of Legends while doing multi-million $$$ deals. Food, sex … anything.
Now jail and likely prison for decades.
Being in a cell the first night … realizing that is his future. Devastating. pic.twitter.com/srHUi3UTj9
— Wall Street Silver (@WallStreetSilv) December 13, 2022
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Source: https://decrypt.co/117071/good-old-fashioned-fraud-crypto-twitter-reacts-ftx-sam-bankman-fried-arrest
