[LatteLazy]

I thought FTX was not fraudulent from the beginning. It only went that way when Alameda started losing cash (it was originally very profitable). When, instead of just letting it die, SBF decided to use customer money to save it (and also to pay himself and others bonuses and buy people free houses and other shit)?

[hnews_account_1]

All of crypto is a fraud in a literal sense because it is self referential and a zero sum game. But the regulators are not willing to face that question so the companies keep going.

In that sense, the concept of a token created by you and traded largely by your firm being used as collateral for loans was incredibly fraudulent. The fact that the DoJ is acting only after the token fell and revealed that SBF used customer funds to rescue it, is either a strategy or an oversight. Same way they don’t want to touch Tether just yet even if it’s so obviously a fraud.