The sentence follows his conviction on all seven felony charges in November 2022 — a decision reached by the jury within hours of beginning their deliberations.
Bankman-Fried intends to appeal the conviction.
...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.
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The sentence follows his conviction on all seven felony charges in November 2022 — a decision reached by the jury within hours of beginning their deliberations.
Bankman-Fried intends to appeal the conviction.
According to prosecutors, they tried to conceal that the exchange had customers from the United States in order to claim that they were exempt from US anti-money laundering laws. They also marketed KuCoin as a KYC-optional exchange where customers from the US could operate unverified accounts.
The charges against the founders carry maximum sentences of five years in prison.
Things went awry in the land of the schnibbles and snuggeries when an attacker siphoned around 17,400 ETH ($62.5 million). Various descriptions of the attack circulated, with blockchain sleuth zachxbt attributing it to a recently hired developer, and crypto developer 0xQuit claiming the theft appeared to have been "planned since deploy".
Some began discussing the possibility that the Blast layer-2 blockchain might forcibly roll back the chain to "undo" the hack. Some have argued this is contra to the crypto ethos or would set a bad precedent, while others have argued that as a blockchain focused more on gaming and experimentation and less on decentralization and other facets of crypto ideology, it would be a reasonable step.
The tokens became so popular that projects showing newly-released tokens, like DEXScreener, became full of such tokens. DEXScreener released a statement on Twitter to say that "We'll be reviewing our token profile moderation policy in the coming days. We won't be the gatekeepers of what happens on-chain, but we're definitely not here to spread hate." The replies to the tweet were, predictably, full of people accusing DEXScreener of "censorship" and "going woke".
You almost have to admire the tenacity.
Robb, also known as "pokerbrat2019", convinced at least 11 people to give him a total of $1.2 million, which he said he would use to develop various MEV bots. Instead of doing so, he pocketed the money, offering a litany of excuses for why the project was continually delayed.
Robb had previously been convicted of a $4 million scam in 2002 after soliciting funds for an online gambling platform, instead using the money to buy a car and fund his own gambling.
After the thief was identified by blockchain sleuth zachxbt, they posted a long message on Twitter, writing, "im not sorry for any of you, tbh. you are all morons if you believe all it needs to make it here is to send your money to a custodial address and get rich". The thief later spent some of the money on Milady NFTs and memecoins.
zachxbt stated that he had identified the developer, including his full name, location, and other details. He encouraged those who were scammed to contact him if they were interested in pursuing legal action.
The attacker contacted the project shortly after the theft, claiming to be a whitehat. They wrote, "Hi team, this is a whitehat rescue hack. Let's work on reimbursing the users." Super Sushi Samurai later confirmed that the funds had been returned, minus a 5% "bounty". The team also gave the whitehat an additional 2.5% in SSS tokens and land, and brought them on to the project team as a tech adviser.
AirDAO announced the theft the following day, and stated that they were working to track and freeze stolen funds. They also offered the attacker a 10% "bounty" if they chose to return the stolen assets.
An attacker apparently discovered a reentrancy bug allowing them to drain user funds from those who had approved the old contract. Altogether, around $1.8 million was taken before the team disabled the contract. The attacker quickly tumbled the stolen funds through Tornado Cash.
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