Jennifer TaubAYFKM?
By Matthew Cranston: "Washington | Members of the inner circle of power at collapsed cryptocurrency exchange FTX formed a chat group called “Wirefraud” and were using it to send secret information about operations in the lead up to the company’s spectacular failure."
Brent Guernsey, Artrocity StudioTough call: was it
A) a fraudulent cryptocurrency Ponzi scheme? or
B) a fraudulent cryptocurrency pyramid scheme?
Ash HobbsSeems just like simple theft to me from what I understand. They simply robbed FTX accounts to keep Alameda afloat.
Hi Ash. What you refer to as "simple theft" is not a federal statutory offense. Prosecutors have to indict someone with crimes that exist under federal law.
One of the charges, wire fraud, is such a statute that would cover these factual allegations.
Ok, thanks for the explanation.
I don't know if this clarifies, but my comment wasn't about what law was violated, but whether it fit the definition of a Ponzi or Pyramid scheme, which I'm having trouble seeing how FTX fits either of those (with how I understand those schemes work).
Looking forward to understanding better as more details emerge.
And FWIW, I'm definitely not a crypto fan, and never have been.
Walt Harris@Brentguernsey @jentaub Why not both?