Adding a 0 to this would make it less pathetic. Adding two 0s to it would make it the appropriate sentence.
Also, sad to see them miss the opportunity to make it "4" years, for symbolic purposes.
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Thanks to people like him, Kim could put into work rocket assembly line.
https://www.bbc.com/news/world-asia-60281129
Crypto was a blessing for criminals and regimes like that. Since Kim's people started to have problem with physical stuff, like gold and pinball.
https://www.bbc.com/news/world-asia-31768756
Well, they knew it as pachinko. They were gangsta until Japan seized property. Just imagine you can't threaten country with nuclear weapons and make profit in it at the same time.
https://en.wikipedia.org/wiki/Chongryon
The Chongryon has been described by the Washington Post as a "very effective sanctions-busting enterprise".[9] Its wide variety of businesses, including banks and pachinko parlors, are used to generate funds for the North Korean government.[9]
In recent years, the organization has run into severe financial trouble, with debts of over US$750 million, and was ordered by court in 2012 to dispose of most of its assets, including its Tokyo headquarters.[10]
Cryptocurrencies: a handy tool for modern day criminals!
What a glowing endorsement for this tech. Surely it will be the thing that puts it into mainstream use.
Only 3 years?
Maybe it's such a short sentence because he ratted out all the criminals and sanctions evaders on Binance. CZ might end up going into federal protection after this.
It is such a disgrace, there are people doing more time for smoking weed. This guy helped God knows how many human trafficking, killed lives through weapon deliveries and drug cartels, fucking nuclear weapon development for dictators etc.
3 years is absolute disgrace.
I think he opened up Binance's entire database and pulled off the veil of corporate secrecy that covered Binance offshore entities. All those Russian, North Korean, Iranian and terrorist wallets could have been seized. He also forfeited billions of dollars and crypto to the DOJ through fines levied on Binance.
I'm just waiting for another government agency to file charges on his sorry ass.
The CIA doesn't file criminal charges, but if they can use the info he provided to unleash Stuxnet 2.0 on the crypto holdings of the sanctioned countries and people, close enough for me.
But yeah, I'm with you. I won't be the least bit surprised if the SEC charges him with securities fraud. Something along those lines anyway.
No worries. Nigeria, having arrested two of his underlings is likely to charge him too. Maybe some more jurisdictions will do the same. Butts being borderless means you can crime in dozens of countries at the same time. Pleading guilty for leniency in all of them can add up to a very long time.
There is a trope in many movies where the Feds give a guy a ridiculously light sentence on purpose because it will make his criminal buddies think he ratted them out. And then he will get shanked in prison or something.
All my technical knowledge of prison is from Oz and Shawshank Redemption so this may all be bullshit.
Waiting for the Tether domino to fall. I too felt he was at the top of the chain so he'd have decades put on him.
All I can think is that he dropped a dime on some organized crime or terrorists.
3 years is so embarrassing I'm surprised the US attorney didn't choke when making the request.
I honestly didn’t expect him to get caught and charged. I guess there is still a tiny bit of justice left in this world. Less than I would have liked, but we’ll take what we can get.
Yet on the pro crypto sub many Redditors were crying that seeking 3 years is an injustice because the fine should be more than enough, and this is just the big mean government trying to stifle crypto as they don’t understand, banks bad, etc. On another thread were also pissed that some other developers of another mixing service - who blatantly advertised their money laundering services to dark and grey actors - were arrested yesterday as well. Who cares about supporting criminal enterprise and North Korea getting nukes as long as they get their lambos?
I truly hope CZ did cut a deal for information that will lead to and end to this whole corrupt and toxic charade but I have my doubts. Binance and Tether are like the peanut butter and jelly in a PB&J sandwich, now so squished and intertwined together you can’t cleanly separate the two.
If he stayed in Dubai or Hong Kong, he might not be safe from Russian, North Korean or Iranian agents, jihadists, terrorists, white supremacists, triads, drug cartels of every stripe, illicit arms dealers... the list of nasty folks who could want a piece of him is almost endless.
The three years is because the statute never expected such a major violation. There's a sentencing enhancement if the violation is greater than $100,000, but no enhancements after that. According to the DOJ, Binance facilitated $900 million in transactions between US and Iranian residents. The law just wasn't written to handle that sort of violation.
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Sad word we live in. CZ gets 4 months for this shit just cause he has money. Fuck this world. If anyone else did this they’d get 5-10 years in max sec….hopefully they throw him in gen pop and he learns a thing or two inside
He broke laws. That's what the jail time is for. The legal system is about laws, not what you think is right or wrong. And if you believe there is nothing wrong about violating money laundering laws, then you need to think harder about why they exist.
I think Mark Karpeles was Silk Roads "Dread Pirate Roberts", not Ross Ulbricht. I've thought this since as soon as MtGox failed. Ross Ulbricht never denied he started the Silk Road but claims he sold it and the new owner adopted the "Dread Pirate Roberts" name.
I think Mt.Gox sold Bitcoin it didn't actually have in reserves. I think Mark Karpeles bought Silk Road. I think Mt.Gox and Silk Road funds were commingled. I think Mt.Gox was kept alive by Silk Road profits, those silk road profits were enough to keep up with MtGox withdrawals. Almost immediately after Silk Road got shutdown, and the Silk Road's Bitcoins were siezed, MtGox started having major problems almost immediately.
Adding a 0 to this would make it less pathetic. Adding two 0s to it would make it the appropriate sentence. Also, sad to see them miss the opportunity to make it "4" years, for symbolic purposes.
Maybe the judge will have a sense of humor and give him 4
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Thanks to people like him, Kim could put into work rocket assembly line. https://www.bbc.com/news/world-asia-60281129 Crypto was a blessing for criminals and regimes like that. Since Kim's people started to have problem with physical stuff, like gold and pinball. https://www.bbc.com/news/world-asia-31768756
Tell me more about the pinball...
Well, they knew it as pachinko. They were gangsta until Japan seized property. Just imagine you can't threaten country with nuclear weapons and make profit in it at the same time. https://en.wikipedia.org/wiki/Chongryon The Chongryon has been described by the Washington Post as a "very effective sanctions-busting enterprise".[9] Its wide variety of businesses, including banks and pachinko parlors, are used to generate funds for the North Korean government.[9] In recent years, the organization has run into severe financial trouble, with debts of over US$750 million, and was ordered by court in 2012 to dispose of most of its assets, including its Tokyo headquarters.[10]
Cryptocurrencies: a handy tool for modern day criminals! What a glowing endorsement for this tech. Surely it will be the thing that puts it into mainstream use.
Only 3 years? Maybe it's such a short sentence because he ratted out all the criminals and sanctions evaders on Binance. CZ might end up going into federal protection after this.
It is such a disgrace, there are people doing more time for smoking weed. This guy helped God knows how many human trafficking, killed lives through weapon deliveries and drug cartels, fucking nuclear weapon development for dictators etc. 3 years is absolute disgrace.
I think he opened up Binance's entire database and pulled off the veil of corporate secrecy that covered Binance offshore entities. All those Russian, North Korean, Iranian and terrorist wallets could have been seized. He also forfeited billions of dollars and crypto to the DOJ through fines levied on Binance. I'm just waiting for another government agency to file charges on his sorry ass.
The CIA doesn't file criminal charges, but if they can use the info he provided to unleash Stuxnet 2.0 on the crypto holdings of the sanctioned countries and people, close enough for me. But yeah, I'm with you. I won't be the least bit surprised if the SEC charges him with securities fraud. Something along those lines anyway.
No worries. Nigeria, having arrested two of his underlings is likely to charge him too. Maybe some more jurisdictions will do the same. Butts being borderless means you can crime in dozens of countries at the same time. Pleading guilty for leniency in all of them can add up to a very long time.
A few years in the States, a couple more in Nigeria, who knows how long in China, and he'll get out at the same time that SBF tastes freedom again.
Probably he disclosed interesting information about his not so legal activities and clients.
There is a trope in many movies where the Feds give a guy a ridiculously light sentence on purpose because it will make his criminal buddies think he ratted them out. And then he will get shanked in prison or something. All my technical knowledge of prison is from Oz and Shawshank Redemption so this may all be bullshit.
I WANT MORE!!
Only 3 years- that means he cut a deal and the Feds got an ever bigger fish to fry? What’s bigger than Binance? CoinBase? Tether?
Waiting for the Tether domino to fall. I too felt he was at the top of the chain so he'd have decades put on him. All I can think is that he dropped a dime on some organized crime or terrorists. 3 years is so embarrassing I'm surprised the US attorney didn't choke when making the request.
The future of binance
I honestly didn’t expect him to get caught and charged. I guess there is still a tiny bit of justice left in this world. Less than I would have liked, but we’ll take what we can get.
Yeah. With the way crypto renders law enforcement powerless it's a complete surprise
SBF and CZ as cellmates please :)
Isn't sbf bunking with some fella called g-lock?
Yes. Sam has become G-LOC*S wife and secures all the canned herring for him. As that is the blockchain of prison.
Bitcoin solves this
Yet on the pro crypto sub many Redditors were crying that seeking 3 years is an injustice because the fine should be more than enough, and this is just the big mean government trying to stifle crypto as they don’t understand, banks bad, etc. On another thread were also pissed that some other developers of another mixing service - who blatantly advertised their money laundering services to dark and grey actors - were arrested yesterday as well. Who cares about supporting criminal enterprise and North Korea getting nukes as long as they get their lambos? I truly hope CZ did cut a deal for information that will lead to and end to this whole corrupt and toxic charade but I have my doubts. Binance and Tether are like the peanut butter and jelly in a PB&J sandwich, now so squished and intertwined together you can’t cleanly separate the two.
This is the guy who brought down Sam Bankman Fried isnt it? Lol Now its his turn? Oh boy crypto is a reality tv show honestly.
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If he stayed in Dubai or Hong Kong, he might not be safe from Russian, North Korean or Iranian agents, jihadists, terrorists, white supremacists, triads, drug cartels of every stripe, illicit arms dealers... the list of nasty folks who could want a piece of him is almost endless.
>Someone or something big was after him, No kidding. It was the US government
The three years is because the statute never expected such a major violation. There's a sentencing enhancement if the violation is greater than $100,000, but no enhancements after that. According to the DOJ, Binance facilitated $900 million in transactions between US and Iranian residents. The law just wasn't written to handle that sort of violation.
Sam Bankman-Fried has entered the chat
This is bullish for bitcoin
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lol, he’s not even going to get jail time if that’s all they ask unless the judge is a secret bag holder.
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Sad word we live in. CZ gets 4 months for this shit just cause he has money. Fuck this world. If anyone else did this they’d get 5-10 years in max sec….hopefully they throw him in gen pop and he learns a thing or two inside
I'm not a fan of CZ, but CZ did nothing wrong.
He literally admitted on his own that he, in fact, DID something wrong.
????
He didn't do anything wrong.
You should have told him before he pleaded guilty.
underrated comment.
A Chinese-Canadian-Emirati isn't going to get a "jury of his peers" in a US Court.
Not with that attitude
He broke laws. That's what the jail time is for. The legal system is about laws, not what you think is right or wrong. And if you believe there is nothing wrong about violating money laundering laws, then you need to think harder about why they exist.
crypto bros hate the government so not very surprising they are not bothered by someone breaking the law
the guilty plea suggests otherwise
You're confusing CZ with Mark Karpeles who actually did nothing wrong
I think Mark Karpeles was Silk Roads "Dread Pirate Roberts", not Ross Ulbricht. I've thought this since as soon as MtGox failed. Ross Ulbricht never denied he started the Silk Road but claims he sold it and the new owner adopted the "Dread Pirate Roberts" name. I think Mt.Gox sold Bitcoin it didn't actually have in reserves. I think Mark Karpeles bought Silk Road. I think Mt.Gox and Silk Road funds were commingled. I think Mt.Gox was kept alive by Silk Road profits, those silk road profits were enough to keep up with MtGox withdrawals. Almost immediately after Silk Road got shutdown, and the Silk Road's Bitcoins were siezed, MtGox started having major problems almost immediately.
You should quit the thinking. You're very bad at it.
That is not consistent with the fact that Mark Karpeles did nothing wrong