How the Crypto King Fooled Everyone
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- čas přidán 13. 11. 2022
- The FTX disaster explained. Visit brilliant.org/Newsthink/ to start learning STEM for FREE, and the first 200 people will get 20% off their annual premium subscription.
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Sam Bankman-Fried image sourced from @ftx_official on Instagram
Image sources:
0:26 Interview with Mercatus Center (creative commons license - re-use allowed) • Sam Bankman-Fried on A...
2:02 Images of FTX co-founders sourced from FTX website
2:44 350z33, CC BY-SA 4.0 creativecommons.org/licenses/... via Wikimedia Commons
2:46 Gatorfan252525, CC BY-SA 4.0 creativecommons.org/licenses/... via Wikimedia Commons
2:48 Phillip Pessar, CC BY 2.0 creativecommons.org/licenses/... via Wikimedia Commons
2:55 Broll courtesy of Cointelegraph (creative commons license - re-use allowed) • Institutions are ‘DESP...
3:41 Caroline Ellison image sourced from Liquid blog.liquid.com/women-in-cryp...
7:50 Changpeng Zhao image: Aevozer, CC BY-SA 4.0 creativecommons.org/licenses/... via Wikimedia Commons
8:36 Bankman-Fried image sourced from Alamy (Newsthink Ltd. is a registered client)
8:39 Gage Skidmore, CC BY-SA 2.0 creativecommons.org/licenses/... via Wikimedia Commons
8:42 Michael Stokes, CC BY 2.0 creativecommons.org/licenses/... via Wikimedia Commons
Articles
referenced:
Coindesk article on FTX executives dating each other www.coindesk.com/business/202...
Coindesk article on ties between FTX and Alameda www.coindesk.com/business/202...
Reuters reporting on the FTX scandal: www.reuters.com/technology/ex...
Reuters article on the missing $1 billion customer funds www.reuters.com/markets/curre... - Věda a technologie
*Do you think Sam Bankman-Fried should face criminal charges?*
Visit brilliant.org/Newsthink/ to start learning STEM for FREE, and the first 200 people will get 20% off their annual premium subscription.
That's a big YES on facing criminal charges.
Spam
No. He said he was sorry, get off his back. Move on, now
Great vid as always, Cindy! Thanks! SBF=>Jail, but won't because (1) "woke" = so stupid he did not "appreciate wrongfulness" of his acts, and (2) he gave the big guy ten percent in 2020. Lol, besides what happened to the $500B that went to Ukraine? Did they use it to buy American goods and services? Nope.
The question is not should.
The question is how many (people) and when
To me, this proves further that "if you do not physically have it, its not yours"
Yupp
So he was OK with donating millions to a political party but did not care about meeting the needs of his customers. Shame on this guy.
Biden gives money to Ukraine, Ukraine invest in crypto,,crypto donates to democrats.joe is happy.
Also Ukraine was heavily invested in ftx which was receiving tax payer money.
Shame on government taking what turns out to be citizens money.
that's not donation but investment
@@Demetrius4278ddfgg8 sorry boris
His last name predicted it all..this "bank-man fried " all of his associates' money
Yep, same like, "Madoff"
Made off with the money!
LOLOLOLOL GUYS
Not to sound Anti-Semitic but.... I've noticed a common thread in many ; (not all) of the bastards that do this type of shit. ....Just sayin'
It didn't fail. The scam was performed perfectly.
No because if it had been performed perfectly, he would already have disappeared like Snowden.
Perhaps the stock market itself is a very well organized ponzi scheme....
There is no Way some one can pull this off with out backing from the Deep State
@@Soulful_Pizza Snowden from what I have discerned is of middling intelligence and is a traitor who will end his days swinging from a rope in a Federal penitentiary. Sam is a criminal grifter and is a tool of the Democrats. I have zero to say about your going "ham!" whatever that means, and less to say about your rant about the CIA, who are never quite as good as Hollywood portrays them.
Yes, the red wave didn’t happen and Hunter is still able to fly on Airforce One.
You use legal tender to buy fictional money whose primary purpose was to hide its owners transactions. What could go wrong?
If a scammer took your money and give you a signed note. And he gets other people to buy that signed note from those he scammed and keep issuing more signed notes, it is a perfect scam.
ITS CALLED A PONZI DUDE
He is a scammer himself
More confused after watching this. 1. Why SBF pumped $10B into Alameda Research to fill up a hole of $500M? 2. Was the fund stolen from the customer accounts or FTX corporate assets? 3. With $10B illegally transferred, how did the resulting liabilities grow to $50B? 4. Were there multiple thieves within FTX that robbed the customers when they learned the company was unraveling?
its because they didn't do a good job explaining, ftx is a exchange, and it explain on its own site that customer deposits belong to the customer and that they don't use it.( obviously lied about that) its straight up fraud.
YES,IT'S
ILLEGALLY STOLEN
All those exchanges or banks are not really what they say... because it's all people's money! Once customers take out their money, it's all gone
Another !diot. Crypto was designed for the financial sector, not for people like you and I. Crypto like XRP and XDC were designed for institutional adoption with enterprise grade technology to disrupt both the cross border payments and trade finance sectors.
You do realize the cross border payments and trade finance sectors are a 100 and 20 trillion sectors, right?
Just like how I wasn’t deterred when I was accumulating Tesla stocks at $35 when people were saying it was going to zero, I will keep accumulating crypto like XRP and XDC as people like you are oblivious and eventually miss out on life changing gains.
It’s amazing how people are quick to fall for media hyperbolic narrative instead of doing their own research and due diligence!
Yep. I'm all done with exchanges, unless they're fully decentralized and trustless.
So simply put, I can just open a company, convince people to deposit their money into it as much as possible and then withdraw all the money via some secret channel and then declare bankruptcy and that's it? Nothing else happens? Sounds pretty easy to get rich to me.
Makes Bernie Madoff look like a street pickpocket 😉
Remember the American with his pyramide scheme he is in the nick now.
You go to jail, that what happens
Pretty sure all that donated money are customers funds. Unbelievable!
He didn't lose anything, he took what he wanted and let everyone else drown..
he's a true Democrat.
@@KB-ke3fi never trust a vegan
Something isn’t right here…the narrative is to easy.. my bias is crypto has to destroyed or seen as bad for central digital bank to raise as champion…
You mean he jewed them.
He donated tens of millions to Democrats...
Not to mention you should've been suspicious the moment Bill Clinton and Tony Blair of all people visited him in the Bahamas 6 months ago as speakers. It's exactly the same as the Theranos playbook, esp the "next steve jobs/warren buffet" marketing.
People who fell for it deserve the L
He knows exactly where that money went to. The politicians sure do.
apparently crime does pay
He didn't lose. He owns over 60 homes.
60 homes = billions?
its a classic rug pull hack
@@susanhout2141 yep but Sam Bankman is part of the same tribe of people that the WEF is part also.. It's a big club and you ain't in it
For now. All his assets will be seized.
He learnt from the ex-founders of BLM
@@androsc1418 how do you know, if I may ask?
The money isn't 'lost'. It is looking down from money heaven.
True. He could win power ball
That's a good one....Money heaven reminds me of something we older folks used to call "cargo cult". I guess it can now be called a crypto-cult; in this case.
These ‘warrior kings’ of the present age seem just as doomed to overreach and just as affected by the intoxication of power, as those of four thousand years ago.
Huh?
Human nature remains the same. Just the battleground keeps changing.
Well put
‘Twas tiller not those among the many.
"believing my own bullshit".. allover .. just like every other Wall Street punk that went bust.
Taking loans from investors then how many times over take loans on those money from unregulated several different cryptolenders?
OFC he tried to "help Voyager" .. they were in the deep with them themselves.
In my opinion, one of the best explanations about FTX here in CZcams
he didn't loose it , he knows where it is
Or where it went
Exactly
to fund globalist Dems in the midterm elections
He will weather out the storm. Then take that money to restart another project like this. But trough somebody else.
The investors took allot of it out of the ftx exchange when the news came out about him mixing two different companies wish we're supposed to be two different entities
This train wreck was so obvious it hurt. Alameda was run by a self proclaimed Wood Nymph and FTX's risk management department was run by a 20-something that only has 2 years experience at......wait for it.....Credit Suisse. Anyone who didn't question that management team deserves to lose their money.
His personal net worth was always $0, he made up a fake coin and got people with money to give it to him to invest. He took their personal trust and spent the money like it was his.
Greed. That's all there is to it.
'The wicked go to bed rich but wake to find that all their wealth is gone.' Job 27:19 New Living Translation
Both his parents taught law at a school that is at the center of Silicon Valley, so nepotism is at the core of this case. His parents probably had to only make a couple of calls each to get the seed funding to launch FTX.
They are both Stanford lawyer
Which is why he structured his companies the way it was...he will be handled with kid gloves by the U.S court system
@@mushroomtits8387 I highly doubt that he'll be handled with kid gloves. Look what just happened to Elizabeth Holmes, she also had a lot of connections. If he ends up on US soil, SBF is most likely going to do some serious time.
That “I’m sorry” is so fucking meaningless it’s funny af 😂
I like how everyone now plays Monday morning quarterback. The smart analyst is the one who predicts this before it happens.
No crypto for me. Does that count?
"smart analysts" never predict... smart isn't enough... must be wise too... and that is scarce in "analysts world"...
Yes, True. But no reason we can't offer people advice. It seems to be the fault of the exchanges, not the 'currency' itself.
Coffeezilla caught this six months ago
First time I visited your channel and its amazing, you are like a hidden gem and I love how you deliver your content, like someone said in the comment section, your channel is underrated, you should have more subscribers. Subscribing now.
America should make their own electronics chips
Ass kisser... The only one with a poster like... Shows how insecure he is
I almost bought into crypto early on, but since I really didn't understand block technology I declined. Stories like this make me glad I stayed out.
the only crypto u can trust is bitcoin, mother of all crypto bro
📩✍️Send me a private message for investment guides and recommendations %
@@cloud9579 like unironically
I was close to buying bitcoin when it was 800 a coin. I was really concerned about the security because it seemed to be open to hacking since it is not really centralized and not really regulated.
@@hinkhall5291 truly the best advice ever period.
it's scary how many people ignore this basic advice.
Corruption is big when you play during a solar and Lunar Eclipse
This channel is way underrated. Such a great distillation of most salient points.
Yes. I've watched many reports, but this one has been the best
It's always interesting how we keep making the same mistakes over and over again. Somehow new generation has figured out a way to convince ourselves that the previous generations before us are idiots and they missed the obvious signs. Good luck to the next gen.
This is when people start to believe their shit don't stink and start believing the bullshit other people say about them that do not know them. They start believing they really are this genious everybody talks about. Yet he knows what a scumbag he is.
There are no cases of winner with loans on top of loans on top of loans. They bought out Voyageer because they themselves were heavily in the deep with them. That's where loads of investors money went POFF.. Take investors money and then several unregulated loans on top of loans from various cryptolenders that do not communicate inbetween.
Just like he was saying in interviews. "Creating money from thin air" ^^ but the original money was somebodies.
if you dont know history... you are doomed to repeat it
why do you think they dont really teach history any more
"It's always interesting how we keep making the same mistakes over and over again."
Greed will do that to you. As long as there will be people who fall for cons, there will be con men.
@FFChat Negative. They aren't the only con men in the world. Corruption comes in all shapes and sizes.
I think it’s Stanford people. They all want Billions for no work.
The way you started ' he woke up losing ....😂
SBF should definitely be charged because he built software in stealing clients money and did not
have good governance and procedures. Of these would be useless, as CEO he did what wanted to do : enhance his own status and wealth. Luckily, both of his parents are lawyers and he should get break in fees.
He caused a lot of grieve and harm, he should go to jail. This should serve as deterrence to others.
Rule one of crypto: never hold on an exchange. They’re there to buy and sell, not store. Almost every exchange has had some sort of breach with lots of “lost” funds. Cold wallets are the safest bet but I’m sure many folks just jumped on the crypto bandwagon without understanding what they’re doing and simply didn’t know better.
I’d still be willing to bet that he knows exactly where the “money” went.
Rule 1 of crypto: Don't buy crypto.
@@BrawndoQC You know nothing.
Sam Bankman-Fried... or Fried Bankman or... Burnt Bankman. It was predicted and transparent. Ponzi.
"Genius " . "Crypto king " I think the media are very loose with words
Bitcoin is the Dutch Tulip
Naw, not like NFTs
Ok
Lost? How about offloaded to his personal hard drive?
Its like he doesn’t even show no shame,fear or empathy in his face or body language because he didn’t loose all his money he lost OPM(other peoples money)
He's still rich.
When you have the backing of the powerful incumbent President and DNC, what should he ?
I like the idea that when someone is ugly and nerdy, people automatically think he is a genius 😂
Jail doesn't even scratch the punishment he and his mates should have.
These guys are crooks, they knew what they were doing and didn't care.
His mum and dad must be very proud.
Where is the money?
📩✍️Send me a private message for investment guides and recommendations %
1:41 "It is no surprise that FTX failed" Yet almost every journalist that tackled the topic only wrote about it after its failure. Why?
His name is bankman fried. He fries bankman. What do you expect😂
I also find the name telling. Not freed but fried, like he fried his investors.
True!
Based on what I read from Crypto peoples, these are the best reasons to invest in crypto:
1) You just don’t understand it bro
2) Have fun staying poor
3) More for me
4) It’s cyclical, it always comes back
😅 I'll guess how. Here is my analogy. I owe each of 5 people $20. They all come to me at once, and say they want their money. And, I don't have any money to give them. 😂
They stole the money. Any amore questions
The ponzi king lost his castle
He lost 32B in one week ? Now that's bloody careless.
I've seen many videos about FTX's collapse. But if you odn't know anythign about FTX, this is a good video to catch up from ground zero.
Thank you, thank you, thank you so much, was waiting for this since last 3-4 days. You are great
The uprise happened to quickly. Mistakes and lack of due diligence were bound to occur. I'm glad I stayed out of this one.
Too*
I made millions
I made millions
@@Brovider you’re one of the lucky ones. That didn’t hold on.
It wasn't mistakes and lack of DD. It was blatant FRAUD.
Bro looks like a villain sidekick and his ex looks like she fantasies bout villains 😂😂😂
Your videos are always so enlightening. I had no idea. Thank You.
I'm at Cocoa Beach FL to HOPEFULLY see the Artemis 1 launch tomorrow night. Can't wait to see if you do a video on that.
If it won't launch they should 'pull it'. Give you folks a show!
Sick guy who payed to look nice but even in the interviews you could see there was something off and creepy about him.
Like a true monster living inside his character.
Probably no girl ever wanted to be around him.
Sbf lol
voice did not match the shell
@@manonamission2000 First time hearing him speak was today. The voice of crypto, LOL.
Just a puppet like the Z Borg. Obviously not that smart. Used in a bigger plot like Jeffy Eppy.
Crypto has been around for over a decade. It is not the future. Something will replace it as the "future" soon enough. The mass majority of people will never invest in the wild west of crypto. The fact that it's still not entirely regulated after a decade is a Giant red flag for most people
Lmao, what an ill informed donkey!
The digital currency age is arguably the most crucial piece of technology since the internet and will be WAY bigger.
Blockchain will completely change the face of cross border payments by way of (Ripple) XRP. Example:
XRP exists so it could target sectors of banks such as the Nostro Vostro problem we face globally.
Banks globally hold currencies from all around the globe within Nostro Vostro accounts and it costs them in the course of sending money billions upon billions of dollars annually. Only made worse with inflation.
In addition, payments are instant and in real time. No more of the credit card and PayPal bull$hit that rides on pre approved rails which takes days and in some cases weeks to settle.
People seriously think with the efficiency of blockchain that the tech won’t be a big player for the entire globe? If you want to send money overseas, you would save money by utilizing XRP and its blockchain; the XRPL.
XRPL will soon replace Nostro Vostro accounts. Foreign exchange fees will soon be a thing of the past.
Not to mention the biggest institutions waiting on the sidelines to utilize this technology once clarity comes in. Standard Charted, SBI, DBS, Bank of England… these are the biggest names in the financial sector.
Look kid, if you can’t see how vital blockchain will become for everyday life then I don’t know what to tell you.
Also, have you seen how corrupt the SEC and the US government is? The SEC v Ripple case (where SEC is getting exposed for fraud and inside trading) goes to show how they are unwilling to regulate this space for innovation to thrive. These people are scared because crypto takes away their ability to monopolize the banking sector and become even more wealthy.
Crypto isn’t failing because of useless tech, crypto is failing because of governments like the US.
We need crypto to revolutionize this outdated 60 year old payments financial system.
foreign exchange fees, replaced by 'gas fees', etc
Great research and delivery!
Sam Banknan, needs to be sentenced life in prison without parole along with entire FTX team to set him as example to other billionaires. We need the Congress to investigate Sam Banknan immediately .. this guy is criminal along with his FTX team.
This is just weird. All his roommates dated each other and he has roommates when he was a billionaire? Haha
Not weird. Just an ugly person sex cult 😂
"Not your keys, not your coins" People who lost money were chasing greed instead of using common sense.
Agree. Me myself lost over £5000 but I’m not upset. Greed got me there so my own fault
@@Livefree432Livewhole wise person u are
@@Livefree432Livewhole What? Wow
awesome video and enjoyed watching . thanks for sharing.
I remember reading about Bankman when he was considered a bitcoin financial genius. My thoughts were if it's too good to be true then its likely a scam.
I bought FTX early on because it was so promising with big names behind him. However, when SBF's name got tied with so many big projects even promising games, I became watchful - just too many investment, too much money, too soon. I am no financial genius so illogical it may be I sold based on gut.
Anyone who says they would like to help the unfortunate and then promptly does nothing or uses others misfortune to enhance their own wealth is a fraud and scam artist.
*Ponzi, Madoff, Fried.*
That picture of SBF in the beginning is sooooo falsely-flattering
I'd like to see a follow up if any criminal charges will come of this and will he get jail time for fraud?
I thought the point of blockchain was you could trace all transactions. So you can point to who stoke the funds?
That's literally the OPPOSITE of what's it supposed to do.
Block chain was created so no transactions could be traced.That way people could buy and sell without the government knowing their financial business. People could spend whatever they wanted on whatever they wanted and the government would not know anything about the transaction.
It keeps records well, but that doesn’t imply those records give away identities.
Human traffickers and poppy salesman don’t want records kept of their unethical profiteering.
And he took a billion dollar with him
Best summary... subscribed!
You notice that the media is still trying to protect him ( nothing to see here) it shows that he main stream media is still trying to protect him
But not before he helped Blden buy the midterms.
Once they start talking to Forbes SELL THE FREAKING COIN.
True, I noticed that as well
See? I told you there’s always a back door 🚪 😂
Oh my bad , I thought they said they “lost” 1 - 2 billion 💸 not 32 billion 💎wow 😂 (hacked) so far 😂
Currently, MDB is working on Xenia 2.0 which is an upgraded version of their current Xenia and will offer more passive income strategies for their holders
The upgraded version will see amazing autocompaunding farms and better APY'S
this may be the best thing to happen to Crypto
One person’s loss is another person’s buying opportunity.
The best video so far on the crypto happening...you did an awesome job
These numbers are crazy for the situation. Not a good sign for our future.
This is my theory.
He wanted to be robin-wealth-redistribution-hood. He was giving away money like there is not tomorrow.
Your money not lost, its gone to somewhere else. Crypto is the modern day biggest scam
The real shame is that he walked away from this mass including most likely illegal actions as a very rich man himself.
And that is the real problem.
If people like this lost the majority of their private fortune after such a mass such gambling and criminal deeds would be brought to a hold.
Was he really a crypto king or just a scammer. One of the red flags was all those influencers/celeb promoters all of the sudden.
Well having that "backdoor" circumventing any detection of transactions from the company... it's quite clear he was using it on a regular and not just at that point.
You don't accidently code that in.
One word will answer your question (democrat).
So binance started the run on FTX. That action needs to be looked at very closely.
"Good business is where you find it" - Dick Jones Omni-Corp President.
🎉 I also got that, and then the false flag bail out. I think binance did this to cause ftx to fail. There were two mistakes here, one is ftx acting like a bank and loaning money out, and second is that prices of their coins are based on the last transactions, so theoretically, anyone can set the price. Sort of like how banks set the price of gold using future contracts that then are never executed.
@@Sara-wv3ms yes, but having run listed companies, I would suggest the statement put out by Binance, and CZ's comments sail very close to the wind when you consider the damage they caused. I would think the SEC should look at trades by Binance and staff in the few days during Due Dilligence. Far from being a white knight here, I think the actions of CZ and Binance warrant a closer look. As does Binance.
Stay away from non physical and non hard assets. All of this virtual wealth will evaporate one day. Buy gold, land, real estate even guns and bullets will shoot in value (no pun intended).
It was designed as a scam from the start.
Posing in a Toyota but owning a multimillion $ mansion....hmmm.
Bill Hwang : you gotta pump those number up, that's a rookie number
I love how suddenly everything was a “red flag”, why didint you say it sooner?
Why how much money do you have matters when the government and a ton of people want to take you down .
Imagine a digital bank heist for a minute!
.
.
.
What's there to chase?
There isn't no getaway vehicle, no vault, no bank teller, no armed robber, no video footage, no bag, NO money!
What if the hackers are.... the cómplices?🤣
Something that could be deleted with a stroke of a button. And wasn't insured never seemed like a wise investment to me.
Crypto wasn’t meant to be on an exchange. Allowing a large portion of currency to be in the hands of a few people or organizations was exactly what crypto was supposed to prevent. The whole idea of a crypto marketplace is a bastardization.
I’d rather be poor than use crypto
In the famous words of Robert Palmer, "She's so fine, there's no telling where the money went".
Fantastic explanation that anyone can understand. IDK how there are only 4.6K likes with 200K views; It's probably people that had money on the exchange that are too upset to even think straight at the moment... Sorry for your losses peeps!
Let’s learn the word FRAUD.
I know that ftt is reporting they was hacked to 350 million most likely he moved that money into secret accounts so he still made out good as long as he don't go to jail 😂
No, he shouldn’t face charges. If people are dumb enough to “invest” in the intangible then they deserve to lose everything.
🏆🏆🏆 Best video about FTX
This is unacceptable!! Fried must be held accountable accordingly 😠
Sorry, any CEO that dresses like that just cries "slacker" > don't care what his resume says...
The man-boobs too are an indicator of sloppiness.
There were rumours about his involvement in collapse of Terra Luna. So, what goes around comes around.