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posted ago by WOODy1953 ago by WOODy1953 +389 / -0
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Staypositive 15 points ago +15 / -0

I bet she isn't even paying cash.
Involved in one of the largest financial crimes ever, and her credit card still works.
Account not closed

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QLARP 0 points ago +2 / -2

Can you explain the crime to a layman

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Staypositive 1 point ago +1 / -0

Basically they used customers deposits for other risky investments they weren't supposed to do. Which is Incredibly illegal. They went under and lost all their customers money, but haven't got in any trouble at all.
Way more than Bernie Madoff and he was arrested almost immediately after his scheme imploded.

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QLARP 1 point ago +2 / -1

Which is Incredibly illegal.

Is it? Does the SEC regulste crypto exchanges I'm the Bahamas?

They probably could have kept it going if it wasn't for the $400 million dollar hack that caused a run on their bank.

If customers deposit 3 billion and that goes up to 50 billion. Did they lose 3 billion or 50 billion.

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Staypositive 1 point ago +1 / -0

It's illegal to use customers funds for something other than what it is supposed to. (Pretty much) If ford took deposits for the new truck and they then took those funds and lost them, leaving nothing for the customers (truck or refund), that would be illegal too.
You can't just take money and lose it without giving them what they paid for. If a customer buys stock and it goes to zero, the customer still has the worthless stock they paid for. In this instance, the product they bought didn't go to zero, FTX took payments for products they couldn't/wouldn't fullfil and kept the customers money anyways.

... continue reading thread?