So you have been probably read in the news lately that some dude who everyone in the crypto world knows as SBF was running a crypto exchange, stole a gazillion dollars from investors, ran away to the Bahamas, got arrested, was sent back to the United States, and now has plead “Not Guilty”. Well that is great news for crypto and the investors. That means he didn’t do it. Well, let’s look into what I believe will happen.
What Happened With SBF? TLDR
We may never know the whole story, but if I were to condense it down for you I would end up explaining that SBF created FTX, a crypto exchange. On this exchange he was basically making the exchange numbers look a lot better than they were by borrowing and lending money to different other companies. This ended up catching up with him, and when people wanted to withdraw their money or crypto they couldn’t because FTX didn’t actually have it.
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So Follow the Money!
When people started to look at the books and transactions they noticed several different things. There were meetings that were ahead of regulations, there was money that was donated to the Democratic party. There were so many other things as well, so following the money becomes rather difficult. So if we were to follow the money using transaction sheets, (which FTX didn’t really have for a company of that size) then we would see the sticky web that FTX was really caught in.
Next Steps? — Not Guilty!
So now that SBF has been arrested, and charges have been brought against him he has plead “Not Guilty”. In my opinion this is a chess move and is to position himself for a better trial and outcome. When you start to follow the money you end up seeing that there are some big names and players involved. My gut feeling is that if SBF eventually pleads guilty then he has the ability to lower his sentences and charges by giving up names, companies and players that helped him play “the game” that ended up losing investors money.
Long Term — Pleads Guilty
As I said I believe this is a chess move and in the long term will use this “Not Guilty” plea to lessen his charges as well as his time by turning on the people that helped him get into the position he is currently in. I would expect a “Guilty Plea to lesser charges” will be coming in the future.
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