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The investing with client funds part is probably the easiest charge but his self-description sounds Ponzi-like:

https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...




They were talking about stuff like Celsius. I don't think FTX was itself offering yield-farming products, just letting people trade those tokens. "Yeah, the stuff people trade on my platform are probably Ponzis" is definitely not great publicity, but it's not obviously admitting to your own crimes.


This sounds like Napoleon Dynamite type of reasoning


Me, as a kid: “the emperor’s new clothes is nonsense, nobody would go along with something that obviously wrong”

Me, after watching people sell no-hope dotcoms, dubious real estate, and cryptocurrency: “… unless they thought they could cash out before the other fools wised up”




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