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Fraud

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Lorraine Dimler
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Fraud alert #Fraud $Joker stay away from this shit coin , lost all that i invested in this . #Joker
Fraud alert #Fraud $Joker stay away from this shit coin , lost all that i invested in this .
#Joker
P2P Fraud on Binance The Hidden Risk Every Trader Must Know P2P Peer to Peer trading on Binance is a game changer you can buy and sell crypto directly with other users, no middleman. But with freedom comes a new type of fraud that many traders still underestimate. Here’s how P2P fraud happens: Fake Payment Proof Scammer sends a screenshot of a successful bank transfer, but the money never arrives. Chargeback Scam Buyer pays you, you release the crypto, then they reverse the payment through their bank. Third Party Payment Trap Funds come from an unknown account, later flagged as suspicious, freezing your bank account. Overpayment Trick Fraudster accidentally sends extra money and asks for a refund, then the original payment bounces. Why it works In P2P, trades rely on trust and speed. Scammers exploit urgency, inexperience, and the belief that it can’t happen to me. How to protect yourself: Always confirm funds in your bank before releasing crypto. Only trade with verified Binance P2P merchants. Never accept third party payments. Keep chat and payment proof inside Binance’s system for dispute protection. In P2P, you’re not just trading crypto you’re trading trust. Protect it like your portfolio depends on it because it does. #Fraud #P2P
P2P Fraud on Binance The Hidden Risk Every Trader Must Know

P2P Peer to Peer trading on Binance is a game changer you can buy and sell crypto directly with other users, no middleman. But with freedom comes a new type of fraud that many traders still underestimate.

Here’s how P2P fraud happens:

Fake Payment Proof Scammer sends a screenshot of a successful bank transfer, but the money never arrives.

Chargeback Scam Buyer pays you, you release the crypto, then they reverse the payment through their bank.

Third Party Payment Trap Funds come from an unknown account, later flagged as suspicious, freezing your bank account.

Overpayment Trick Fraudster accidentally sends extra money and asks for a refund, then the original payment bounces.

Why it works In P2P, trades rely on trust and speed. Scammers exploit urgency, inexperience, and the belief that it can’t happen to me.

How to protect yourself:

Always confirm funds in your bank before releasing crypto.

Only trade with verified Binance P2P merchants.

Never accept third party payments.

Keep chat and payment proof inside Binance’s system for dispute protection.

In P2P, you’re not just trading crypto you’re trading trust. Protect it like your portfolio depends on it because it does.

#Fraud #P2P
Suspicion of Major Fraud on a Cryptocurrency Platform: The Team Cannot Be ReachedDecentralized finance (DeFi) platform CrediX is under suspicion of an exit scam following an attack on August 4 that caused approximately $4.5 million in losses. The project's website is down and its social media accounts have been inactive for days. According to blockchain security firm CertiK, the attacker gained access to the admin wallet, minted unsecured tokens, and drained the pools of assets. Some of the stolen funds were bridged from the Sonic network to Ethereum and moved to several addresses. Immediately following the attack, the CrediX team shut down the frontend and warned users not to make any new investments. While the company announced that users would be compensated for their losses within 24–48 hours, the site remains down and no recovery plan has been released. In the cryptocurrency world, an exit scam is known as a scam where project owners suddenly stop operations and disappear with investor funds. A major hacking incident from 2020 was recently revealed for the first time. DeFi platforms, in particular, in their current form, also bring with them the risk of smart contracts. #Fraud

Suspicion of Major Fraud on a Cryptocurrency Platform: The Team Cannot Be Reached

Decentralized finance (DeFi) platform CrediX is under suspicion of an exit scam following an attack on August 4 that caused approximately $4.5 million in losses.
The project's website is down and its social media accounts have been inactive for days.
According to blockchain security firm CertiK, the attacker gained access to the admin wallet, minted unsecured tokens, and drained the pools of assets. Some of the stolen funds were bridged from the Sonic network to Ethereum and moved to several addresses.
Immediately following the attack, the CrediX team shut down the frontend and warned users not to make any new investments. While the company announced that users would be compensated for their losses within 24–48 hours, the site remains down and no recovery plan has been released.
In the cryptocurrency world, an exit scam is known as a scam where project owners suddenly stop operations and disappear with investor funds.
A major hacking incident from 2020 was recently revealed for the first time. DeFi platforms, in particular, in their current form, also bring with them the risk of smart contracts.
#Fraud
❤️‍🔥❤️‍🔥We will continuo with Fraud Methodes with this subject❤️‍🔥❤️‍🔥❤️‍🔥 ☢️☢️Ponzi financial schemes:☢️☢️ are fraudulent operations that rely on recruiting new investors to pay returns to earlier investors, with no real underlying investment.💰💰These schemes inevitably collapse when the flow of new investors stops, causing massive losses for participants.😱😱One of the most famous examples is Charles Ponzi’s scheme in the 1920s. ⚠️⚠️Warning⚠️⚠️ These schemes are illegal and lead to significant losses. Always seek legitimate and transparent investments.#fraud #ponzi $BTC $PAXG $house
❤️‍🔥❤️‍🔥We will continuo with Fraud Methodes with this subject❤️‍🔥❤️‍🔥❤️‍🔥

☢️☢️Ponzi financial schemes:☢️☢️

are fraudulent operations that rely on recruiting new investors to pay returns to earlier investors, with no real underlying investment.💰💰These schemes inevitably collapse when the flow of new investors stops, causing massive losses for participants.😱😱One of the most famous examples is Charles Ponzi’s scheme in the 1920s.

⚠️⚠️Warning⚠️⚠️
These schemes are illegal and lead to significant losses. Always seek legitimate and transparent investments.#fraud #ponzi $BTC $PAXG $house
Chain disputes in cryptocurrency are a serious RiskChain disputes in cryptocurrency are a serious risk, particularly for P2P traders on platforms like Binance. Here's a breakdown of the main points: * What it is: A fraudster uses illicit funds to pay a P2P trader for cryptocurrency. When the original account holder reports the fraudulent transaction, the bank is forced to reverse the payment and freeze the accounts of everyone in the chain who received the money—including the innocent trader. * The Cause: This scam thrives in regions with ambiguous crypto regulations, making it difficult for banks and authorities to distinguish between legitimate and fraudulent transactions. * The Impact: The result is a domino effect where innocent traders can have their bank accounts frozen for an extended period, leading to financial hardship and legal complications. * How to Protect Yourself: * Use a dedicated bank account: Separate your primary bank account from your P2P trading activities. * Be vigilant: Always verify the identity of the person you are trading with. * Keep records: Maintain detailed evidence of all transactions, including screenshots and communications. * Avoid certain keywords: Never include crypto-related terms in your payment references. * The Platform's Role: Platforms like Binance have escrow services to protect the crypto itself, but they cannot prevent a bank from freezing an account due to an external dispute. Users must take personal precautions to safeguard their finances. #p2p #binance #fraud #chaindispute #financialsafety

Chain disputes in cryptocurrency are a serious Risk

Chain disputes in cryptocurrency are a serious risk, particularly for P2P traders on platforms like Binance. Here's a breakdown of the main points:
* What it is: A fraudster uses illicit funds to pay a P2P trader for cryptocurrency. When the original account holder reports the fraudulent transaction, the bank is forced to reverse the payment and freeze the accounts of everyone in the chain who received the money—including the innocent trader.
* The Cause: This scam thrives in regions with ambiguous crypto regulations, making it difficult for banks and authorities to distinguish between legitimate and fraudulent transactions.
* The Impact: The result is a domino effect where innocent traders can have their bank accounts frozen for an extended period, leading to financial hardship and legal complications.
* How to Protect Yourself:
* Use a dedicated bank account: Separate your primary bank account from your P2P trading activities.
* Be vigilant: Always verify the identity of the person you are trading with.
* Keep records: Maintain detailed evidence of all transactions, including screenshots and communications.
* Avoid certain keywords: Never include crypto-related terms in your payment references.
* The Platform's Role: Platforms like Binance have escrow services to protect the crypto itself, but they cannot prevent a bank from freezing an account due to an external dispute. Users must take personal precautions to safeguard their finances.
#p2p #binance #fraud #chaindispute #financialsafety
$XRP the way it's moving .. fraud fraud fraud #ripple #xrp .. Ripple should look into this with transparency as exchange is manipulating xrp price at this fraudulent level #crypto #fraud
$XRP the way it's moving .. fraud fraud fraud #ripple #xrp .. Ripple should look into this with transparency as exchange is manipulating xrp price at this fraudulent level

#crypto #fraud
#scammer #fraud hi all, this guy is a scammer, he took money in name of investing in crypto, then gradually ask to increase the investment for better return, and he will block ur number. kindly share to maximum to save others from his scam. thanks.
#scammer #fraud hi all, this guy is a scammer, he took money in name of investing in crypto, then gradually ask to increase the investment for better return, and he will block ur number. kindly share to maximum to save others from his scam. thanks.
🚨𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆: Rahul Agarwal, a CoinDCX engineer, has been arrested in connection with the $44 million hack. 👉 Hackers used his credentials to drain funds 👉 ₹378 Cr stolen from company treasury 👉 Malware suspected on work laptop 👉 No user funds affected (this time) Indian exchanges clearly need better security. #fraud #scam #India #crypto #BTC
🚨𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆:
Rahul Agarwal, a CoinDCX engineer, has been arrested in connection with the $44 million hack.
👉 Hackers used his credentials to drain funds
👉 ₹378 Cr stolen from company treasury
👉 Malware suspected on work laptop
👉 No user funds affected (this time)
Indian exchanges clearly need better security.

#fraud
#scam
#India
#crypto
#BTC
🚔 Charges have been brought in New York against the organizer of a Ponzi scheme using digital assets, Idin Dalpura. The damage from the pyramid scheme is estimated at $43 million. Dalpura offered investors from the USA and other countries the opportunity to earn "huge profits" of up to 42% annually by investing in the hotel business in Las Vegas and cryptocurrency trading. In reality, he paid money to old investors with funds from new ones. The accused lost about $1.7 million from victims' funds in gambling, covered debts with them, and also paid for his children's education at a private school. Now he faces up to 20 years in prison. #fraud #ScamRiskWarning #LasVegas #IdinDalpura
🚔 Charges have been brought in New York against the organizer of a Ponzi scheme using digital assets, Idin Dalpura. The damage from the pyramid scheme is estimated at $43 million.

Dalpura offered investors from the USA and other countries the opportunity to earn "huge profits" of up to 42% annually by investing in the hotel business in Las Vegas and cryptocurrency trading. In reality, he paid money to old investors with funds from new ones.

The accused lost about $1.7 million from victims' funds in gambling, covered debts with them, and also paid for his children's education at a private school. Now he faces up to 20 years in prison.

#fraud #ScamRiskWarning #LasVegas #IdinDalpura
Malicious Actors Drained $39 Million from DeFi in January 2024#DeFi security startup Quantstamp has recently released a report highlighting alarming security incidents in the growing world of decentralized finance (DeFi). Malicious actors are employing sophisticated methods to threaten and exploit DeFi protocols. Nearly $39 Million Lost Quantstamp revealed that malicious actors managed to drain approximately $38.9 million from DeFi through various attacks. These incidents involved the use of smart contracts, key compromises, and fraud. Radiant Capital: The First Target The first significant target was the Radiant Capital protocol, which facilitates cross-chain lending. Attackers caused a loss of 1,900 #ETH (approximately $4.5 million) by exploiting a time window and a known rounding issue in the Compound/Aave code. This incident raised concerns about the security of DeFi platforms and their users. Gamma Protocol: Another Victim A devastating attack followed on the Gamma Protocol, a liquidity control protocol, which suffered a loss of approximately $6.18 million. Exploiting vulnerabilities in the price movement threshold configuration allowed attackers to manipulate prices and generate a large number of LP tokens. Wise Lending and Socket Protocol Wise Lending, another prominent player, fell victim to a flash loan attack, resulting in a loss of at least $460,000. The Socket Protocol, an interoperability protocol, was also targeted, with attackers exploiting vulnerabilities in a new module to steal approximately $3.3 million from users. Goledo Finance: A Loss of 7.9 Million CFX Goledo Finance, a lending protocol within the Conflux ecosystem, was also subjected to an attack, resulting in a loss of 7.9 million CFX (approximately $1.7 million). This incident underscores the serious threat that malicious actors pose to DeFi platforms. Persistent Threat to DeFi In conclusion, this series of attacks, including recurring flash loan attacks, underscores the persistent threat that DeFi platforms must contend with. Thorough security measures need to be implemented, and vulnerabilities monitored to minimize losses and safeguard users in this dynamic ecosystem. $ETH #crypto #fraud   Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Malicious Actors Drained $39 Million from DeFi in January 2024

#DeFi security startup Quantstamp has recently released a report highlighting alarming security incidents in the growing world of decentralized finance (DeFi). Malicious actors are employing sophisticated methods to threaten and exploit DeFi protocols.
Nearly $39 Million Lost
Quantstamp revealed that malicious actors managed to drain approximately $38.9 million from DeFi through various attacks. These incidents involved the use of smart contracts, key compromises, and fraud.

Radiant Capital: The First Target
The first significant target was the Radiant Capital protocol, which facilitates cross-chain lending. Attackers caused a loss of 1,900 #ETH (approximately $4.5 million) by exploiting a time window and a known rounding issue in the Compound/Aave code. This incident raised concerns about the security of DeFi platforms and their users.

Gamma Protocol: Another Victim
A devastating attack followed on the Gamma Protocol, a liquidity control protocol, which suffered a loss of approximately $6.18 million. Exploiting vulnerabilities in the price movement threshold configuration allowed attackers to manipulate prices and generate a large number of LP tokens.

Wise Lending and Socket Protocol
Wise Lending, another prominent player, fell victim to a flash loan attack, resulting in a loss of at least $460,000. The Socket Protocol, an interoperability protocol, was also targeted, with attackers exploiting vulnerabilities in a new module to steal approximately $3.3 million from users.

Goledo Finance: A Loss of 7.9 Million CFX
Goledo Finance, a lending protocol within the Conflux ecosystem, was also subjected to an attack, resulting in a loss of 7.9 million CFX (approximately $1.7 million). This incident underscores the serious threat that malicious actors pose to DeFi platforms.

Persistent Threat to DeFi
In conclusion, this series of attacks, including recurring flash loan attacks, underscores the persistent threat that DeFi platforms must contend with. Thorough security measures need to be implemented, and vulnerabilities monitored to minimize losses and safeguard users in this dynamic ecosystem.
$ETH
#crypto #fraud

 
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
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$AEVO How do you perform so poorly? Has your bankruptcy been declared? There is only a decline, it is not included in the watch list, nothing #Binance #fraud
$AEVO How do you perform so poorly? Has your bankruptcy been declared? There is only a decline, it is not included in the watch list, nothing #Binance #fraud
FTX Gets Court OK to Sell $873M in Assets for Creditor Payback while Founder Awaits Sentence A Delaware bankruptcy court has approved to allow FTX, a bankrupt crypto exchange, to sell $873 million in trust assets which will be used to pay back creditors. The values of these assets have recently increased to a total of $873 million as of October 25 with $807 million from Grayscale Investments and $66 million from Bitwise. On November 3 FTX debtors made a request to sell six cryptocurrency trusts, including Grayscale's Bitcoin and Ethereum trusts and Bitwise's Crypto Index Fund. FTX owns significant shares in these trusts, with over 22 million units in Grayscale's Bitcoin trust and 6.3 million in their Ethereum trust. Ethereum Classic, Litecoin, and Digital Large Cap - these are the other Grayscale trusts to be included in the sales in order to gather funds for affected FTX customers. Since FTX's collapse, FTX's administrators have recovered around $7 billion in assets with $3.4 billion in cryptocurrencies. The total customer assets misused is a total of $8.7 billion. Convicted on fraud charges, Sam Bankman-Fried, FTX's founder, is waiting to be sentenced while he's in detention at Brooklyn's Metropolitan Detention Center, where he recently traded mackerels for a haircut. #FTX #cryptocurrency #bankruptcy #fraud
FTX Gets Court OK to Sell $873M in Assets for Creditor Payback while Founder Awaits Sentence

A Delaware bankruptcy court has approved to allow FTX, a bankrupt crypto exchange, to sell $873 million in trust assets which will be used to pay back creditors.

The values of these assets have recently increased to a total of $873 million as of October 25 with $807 million from Grayscale Investments and $66 million from Bitwise.

On November 3 FTX debtors made a request to sell six cryptocurrency trusts, including Grayscale's Bitcoin and Ethereum trusts and Bitwise's Crypto Index Fund.

FTX owns significant shares in these trusts, with over 22 million units in Grayscale's Bitcoin trust and 6.3 million in their Ethereum trust.

Ethereum Classic, Litecoin, and Digital Large Cap - these are the other Grayscale trusts to be included in the sales in order to gather funds for affected FTX customers.

Since FTX's collapse, FTX's administrators have recovered around $7 billion in assets with $3.4 billion in cryptocurrencies. The total customer assets misused is a total of $8.7 billion.

Convicted on fraud charges, Sam Bankman-Fried, FTX's founder, is waiting to be sentenced while he's in detention at Brooklyn's Metropolitan Detention Center, where he recently traded mackerels for a haircut.

#FTX #cryptocurrency #bankruptcy #fraud
Rise in Cryptocurrency FraudsThe Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, recently highlighted the increasing number of frauds in the cryptocurrency space, which is linked to the historic surge in the price of Bitcoin. Gensler emphasized the risks associated with unethical practices in the crypto world and pointed out the volatile nature of Bitcoin, which can attract speculative investors. Gensler pointed out the issues in the broader context of the crypto industry, including the dangers arising from inadequate information provided by digital asset intermediaries, which could jeopardize investors. Year 2023: Record Year for Cryptocurrency Frauds According to analysis by Chainalysis, frauds became a key factor in cryptocurrency-related crime in 2023, with generated revenues exceeding $4.6 billion. The FBI's report on internet crime shows that there was an increase in losses from crypto investment frauds in the USA to $3.94 billion, representing a 53% increase from the previous year. Investment frauds became the most common type of internet crime in 2023. Reasons for the Increase in Frauds The rise in frauds is linked to increasing interest in high-yield investment opportunities during strong market sentiment. Chainalysis research suggests that frauds generate smaller revenues during downturns in the crypto market. Most Common Types of Fraudulent Schemes The BBB's 2023 fraud report revealed that scammers come up with innovative methods to deceive investors, with approximately 80% of Americans targeted by crypto and investment frauds in 2022 experiencing financial losses. A significant increase was noted in cases of romance scams, which increased 85 times since 2020. Pump and dump schemes are unpredictable and utilize new tokens to artificially inflate their prices, enabling fraudsters to make money when prices are at their peak. According to Chainalysis, only a small percentage of the more than 370,000 tokens launched on Ethereum in 2023 achieved significant liquidity. How to Protect Oneself The key to protecting oneself from frauds is to be vigilant and informed about potential risks. A proactive approach and caution in trading cryptocurrencies can help minimize the possibility of falling victim to frauds. Conclusion The risk of frauds is high in the cryptocurrency world, especially at a time when the market is constantly evolving and attracting new investors. It is important to be aware of potential dangers and take measures to protect your investments. #crypto #fraud Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Rise in Cryptocurrency Frauds

The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, recently highlighted the increasing number of frauds in the cryptocurrency space, which is linked to the historic surge in the price of Bitcoin. Gensler emphasized the risks associated with unethical practices in the crypto world and pointed out the volatile nature of Bitcoin, which can attract speculative investors.
Gensler pointed out the issues in the broader context of the crypto industry, including the dangers arising from inadequate information provided by digital asset intermediaries, which could jeopardize investors.
Year 2023: Record Year for Cryptocurrency Frauds
According to analysis by Chainalysis, frauds became a key factor in cryptocurrency-related crime in 2023, with generated revenues exceeding $4.6 billion. The FBI's report on internet crime shows that there was an increase in losses from crypto investment frauds in the USA to $3.94 billion, representing a 53% increase from the previous year. Investment frauds became the most common type of internet crime in 2023.

Reasons for the Increase in Frauds
The rise in frauds is linked to increasing interest in high-yield investment opportunities during strong market sentiment. Chainalysis research suggests that frauds generate smaller revenues during downturns in the crypto market.

Most Common Types of Fraudulent Schemes
The BBB's 2023 fraud report revealed that scammers come up with innovative methods to deceive investors, with approximately 80% of Americans targeted by crypto and investment frauds in 2022 experiencing financial losses. A significant increase was noted in cases of romance scams, which increased 85 times since 2020.

Pump and dump schemes are unpredictable and utilize new tokens to artificially inflate their prices, enabling fraudsters to make money when prices are at their peak. According to Chainalysis, only a small percentage of the more than 370,000 tokens launched on Ethereum in 2023 achieved significant liquidity.

How to Protect Oneself
The key to protecting oneself from frauds is to be vigilant and informed about potential risks. A proactive approach and caution in trading cryptocurrencies can help minimize the possibility of falling victim to frauds.
Conclusion
The risk of frauds is high in the cryptocurrency world, especially at a time when the market is constantly evolving and attracting new investors. It is important to be aware of potential dangers and take measures to protect your investments.
#crypto #fraud

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
@BNX is a fraud coin... I was in profit Yesterday I just thought I should wait more to dumb this coin to book more profit but today my future trade has been closed in lose for no any... They're money grabbers $BNX #Fraud #Haramipan #Suspend #this #coin
@BNX is a fraud coin... I was in profit Yesterday I just thought I should wait more to dumb this coin to book more profit but today my future trade has been closed in lose for no any... They're money grabbers
$BNX #Fraud #Haramipan #Suspend #this #coin
SBF, founder of FTX, requests a 6.5-year sentence and advises guards to invest in SolanaAccording to a recent article in The New York Times, Sam "SBF" Bankman-Fried, the founder of the cryptocurrency exchange FTX, is providing investment advice to prison guards and suggesting investments in the cryptocurrency Solana. SBF's legal representatives seek a lighter sentence The legal team of former FTX chief, Sam "SBF" Bankman-Fried, filed a motion in the Federal District Court in Manhattan requesting a sentence ranging from five and a quarter years to six and a half years. Following charges of multiple offenses including fraud and money laundering, which could have led SBF to face up to 110 years in prison, this request emerges as a response to last year's jury verdict. Details of the charges and expected sentence SBF faces charges of various financial crimes, including wire fraud, conspiracy to commit securities fraud, and money laundering. The sentence for SBF is scheduled to be handed down by Judge Lewis A. Kaplan on March 28, while federal prosecutors are expected to submit their sentencing recommendation by March 15. A preliminary investigation report suggested a sentence of 100 years. Defense arguments for a reduced sentence SBF's lawyers have labeled the proposed century-long sentence as "barbaric," pointing out that SBF is a first-time offender with no prior criminal record and that four co-defendants have confessed to the crimes. Furthermore, they argued that the damages to clients, creditors, and investors are zero, as the bankruptcy process of FTX is expected to enable full reimbursement to clients for their losses. SBF's life in prison and his advice to prison guards Since his imprisonment at the Metropolitan Detention Center in Brooklyn last summer, several stories about SBF have emerged from prison, including his offering of trading and investment advice to prison guards, recommending investment in the cryptocurrency Solana. This activity follows the collapse of FTX, one of the largest crypto exchanges, which was valued at $32 billion in January 2022 before collapsing in November of the same year due to mismanagement and fraud involving $8 billion of customer funds. $SOL #Solana #SBF #fraud Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“  

SBF, founder of FTX, requests a 6.5-year sentence and advises guards to invest in Solana

According to a recent article in The New York Times, Sam "SBF" Bankman-Fried, the founder of the cryptocurrency exchange FTX, is providing investment advice to prison guards and suggesting investments in the cryptocurrency Solana.
SBF's legal representatives seek a lighter sentence
The legal team of former FTX chief, Sam "SBF" Bankman-Fried, filed a motion in the Federal District Court in Manhattan requesting a sentence ranging from five and a quarter years to six and a half years. Following charges of multiple offenses including fraud and money laundering, which could have led SBF to face up to 110 years in prison, this request emerges as a response to last year's jury verdict.
Details of the charges and expected sentence
SBF faces charges of various financial crimes, including wire fraud, conspiracy to commit securities fraud, and money laundering. The sentence for SBF is scheduled to be handed down by Judge Lewis A. Kaplan on March 28, while federal prosecutors are expected to submit their sentencing recommendation by March 15. A preliminary investigation report suggested a sentence of 100 years.
Defense arguments for a reduced sentence
SBF's lawyers have labeled the proposed century-long sentence as "barbaric," pointing out that SBF is a first-time offender with no prior criminal record and that four co-defendants have confessed to the crimes. Furthermore, they argued that the damages to clients, creditors, and investors are zero, as the bankruptcy process of FTX is expected to enable full reimbursement to clients for their losses.
SBF's life in prison and his advice to prison guards
Since his imprisonment at the Metropolitan Detention Center in Brooklyn last summer, several stories about SBF have emerged from prison, including his offering of trading and investment advice to prison guards, recommending investment in the cryptocurrency Solana. This activity follows the collapse of FTX, one of the largest crypto exchanges, which was valued at $32 billion in January 2022 before collapsing in November of the same year due to mismanagement and fraud involving $8 billion of customer funds.
$SOL
#Solana #SBF #fraud

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

 
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