U.S. GDP per person employed was about $100,000 dollars in 2021. FTX had depositors from many countries (and the vast majority have lower GDP per person employed).
It's not clear how much is permanently lost, but even $1B (out of the $8B missing) of customer funds would be equivalent to more than 10,000 years of employed human labor. If the average employed person works 40 years, this would be 250 lifetimes [1] that was stolen by SBF and colleagues.
I'm trying to imagine what a reasonable sentence would be and can't settle on anything besides life with no parole.
[1] Life savings is only about $265K for the median person about to retire. So stealing $1B is stealing about 3,500 people worth of life savings. This is much worse: this is stealing the entire productive life of the person. Their 8 hours x 5 days a week x 50 weeks a year x 40 years of going into work day in and day out, time spent away from family, facing the grind, doing what they have to do to survive.
It's not clear how much is permanently lost, but even $1B (out of the $8B missing) of customer funds would be equivalent to more than 10,000 years of employed human labor. If the average employed person works 40 years, this would be 250 lifetimes [1] that was stolen by SBF and colleagues.
I'm trying to imagine what a reasonable sentence would be and can't settle on anything besides life with no parole.
[1] Life savings is only about $265K for the median person about to retire. So stealing $1B is stealing about 3,500 people worth of life savings. This is much worse: this is stealing the entire productive life of the person. Their 8 hours x 5 days a week x 50 weeks a year x 40 years of going into work day in and day out, time spent away from family, facing the grind, doing what they have to do to survive.