How Sam Bankman-Fried Built a $40 Billion House of Cards

[@masiosareiii4915]

-Create an exchange -Create a token for your exchange -Pump that token -Borrow real assets with that fake money. -Now you are a Ponzi billionaire.

[@globalismoblackman]

Well described mate lol 😂😂😂🤣

[@jonasbaine3538]

Squid game coin 😂

[@yuanruichen2564]

All finance is Ponzi, but some is Ponzier

[@danb5595]

No one cared to understand what a coin or token is or isn’t. Just influenced by idiots to give up their money

[@teaguejelinek4038]

Too lazy. I'll just die poor it's not too bad.

[@ThomasWSmith-wm5xn]

He did the absolute opposite of his pledge. Instead of giving away his wealth, he burned others.

[@dennisfahey2379]

Monty Python's "Dennis Moore" - "He steals from the poor and gives to the rich! - Stupid B_tch!"

[@Chris-ey8zf]

No he absolutely gave it away, just not in the way people assumed! He gave it away to all his friends (and himself) by stealing everything and then flying to Argentina.

[@1800cc-Dead-Meat]

New tech, old story. POOOF It was all hocus-pocus to begin with.

[@snooganslestat2030]

Hope no one is actually shocked it was bs.

[@americanbobtail1]

@@Chris-ey8zf - Did he fly to Argentina or did his plane fly to Argentina. The reason I am saying that is Argentina has an extradition treaty with the United States. It may have been a diversion tactic and he is already in a country without an extradition treaty with the United States.

[@ChopsticksKilla]

The thing is he didn’t build it “all by himself.” A lot of shady connections

[@teaguejelinek4038]

Such a good point. There's people sweating right now hoping everyone focuses on the front man.

[@Sarah-ft8jr]

I believe that’s the case with a lot of things. For example Face book. Mark was just the front man and the government were behind it.

[@Thx1138sober]

Now that I'm old retired and of very moderate means, I'm so happy that I invested in my family, my health and my community instead of nonsense.

[@danb5595]

Got a new coin called bankrupt coin if you are ever interested. Younger generations are learning what a Ponzi is.

[@nonefvnfvnjnjnjevjenjvonej3384]

Amen. We need to get people off social media and create healthy local communities. That is the only way to live a happy life. Take care of your fellow humans and live a peaceful life.

[@blasphemynbagels9324]

​@@danb5595 if you say I won't lose any money I'm im

[@massimo931]

@@nonefvnfvnjnjnjevjenjvonej3384 BEWARE of people taking care of human fellows. SBF was apparently one of them.

[@piccalillipit9211]

@@danb5595 - Ive been watching Downton Abby, set in the 1920's - cos Im sad - the guy that owns the castle has already lost one fortune and been bailed out by the family, now he wants to invest with Charles Ponzi. The conversations were JUST like the Cryrop Bro's of today. Its everyone else that is stupid and just does not "get it".

[@scientificapproach6578]

Next: 1. Dies of a mysterious cause 2. No autopsy 3. No burial site

[@nosuchthing8]

Like the Canadian scam

[@GeeCoach35]

When I want a business story explained clearly, I come here. Was waiting for this one.

[@gregorysagegreene]

Fraud, mania, and stupidity yet again repeated in history is not 'business'.

[@michaeladams8578]

this guy thinks brokerages are holding people's stocks lol

[@mickflahr9702]

💯

[@chessdad182]

It wouldn't surprise me if he had billions hidden overseas.

[@bigkahunaburger5185]

Probably in US dollars.

[@unicorn.julia2383]

Yes cause he a genius.

[@Distinctions]

His cronies just “hacked” fix and siphoned off 600 million dollars

[@yuanruichen2564]

@@unicorn.julia2383 and a ju

[@PeacockRhino]

I suppose it depends how much of his wealth was in the FTX share price.

[@josyjosy7495]

The worst of the worst is: scammers get away with the mega destructions they cause, and others learn from it. More and more people glorify evil and lucrative acts, even take it as a career path. Some ppl will go to hell for sure with the damage they did to innocent people. Scamming is not an IQ competition , it s a sin.

[@stevefan8283]

why do you still naively think there are evil and justice in this world, wake the f up, join the revolution

[@lokyinphotography]

Usually people invest because they want their money to multiply. And they're being scam it's because they're being greedy period. It's just the big fish knows how to eat small fish and the small fish just being baits.

[@blasphemynbagels9324]

Our entire country is based of scams and stealing easiest way to money without working

[@blasphemynbagels9324]

Logically speaking if you are making ludicrous amounts of money without working that means someone else is doing the work and your money is taken directly from them

[@ryandgarland]

The problem with this scammer is that he was wealthy to start and his family has deep political ties. So even people without money in FTX get scammed, because our government gave to money to FTX through roundabout deals with foreign nations such as Ukraine putting money in FTX from US government aid.

[@khathaway414]

Just remember "If it looks to good too be true it probably is".

[@obsideon1343]

Everyone is a genius in a bull market.

[@-TheOracle-]

It is the bear and grin it market that makes people good scratch.

[@christopherraymond4826]

... everyone is a genius in a bullshit...market...

[@obsideon1343]

@@christopherraymond4826 Same difference

[@PaintballVideosNet]

Yea, I hate this guy so much. Not necessarily for my monetary loss, but the sheer arrogance.

[@keithjackson4985]

Lol 😆 🤣 😂

[@joannemeeks745]

I don't think any of the exchanges are safe. If everyone tries to pull money out of them, you have a "bank run."

[@aristideau5072]

Pretty sure most exchanges don't operate like banks (as explained at around 12:00 in video, also I could be wrong, but I am pretty sure that banks lend out $10 for every $1 that they have in actual cash deposits). It's only because FTX used customer funds to make risky bets with Alameda that they got in trouble. If FTX just adhered to simply charging trading fees when buying and selling coins they would have been OK.

[@tensevo]

I think a consortium of BNB holders would be able to bring down Binance too, if they were coordinated in selling.

[@reddragonflyxx657]

An exchange like this is supposed to be fully backed. They aren't a bank, so they're just holding on to customer money.

[@victorugo3875]

"They appear to have been joined by the hip..." 😂 I see what you did there.

[@karlosm2730]

That 8% almost caught me. Then I realized, if it sounds too good to be true...

[@michalsladek8809]

exactly, huge red flag

[@1greenMitsi]

whatabout ppl believing 20% apy from luna was normal 😂

[@bernardwatkins1759]

8% is not too good to be true. At&t pays a dividend yield of 7%....sbf was gambling with other people money. That's why it collapsed.

[@jcsjcs2]

@@bernardwatkins1759 Risk free 8% is too good to be true in a 0% interest environment. Especially if there is not a single company behind it that would be creating something of value -- like communication services. It was just one huge bag of inflated vapor.

[@bernardwatkins1759]

@@jcsjcs2 these exchanges make money on every buy or sell trade. If you're one of the top exchanges, you have massive volume and you're making a killing. At least in the bull run. In a bear market volume dries up.

[@johnpatrick1588]

Celebrity endorsements are often a red flag. Celebrity restaurants are usually overrated and overpriced and don't forget about the $250 sneakers endorsed by celebrities. The list is endless.

[@EngineerDJ_Julius]

Guy Fieri is probably the only exception

[@fluxbios]

Playing Jenga with a jenga tower that was literally on fire with a massive influx of termites

[@AlwyneAvinash]

People who steal a couple thousand dollars are called thieves and imprisoned, but people who steal billions of dollars become celebrities enjoying retirement in a hamlet

[@StevenHunterPangians1]

🎤 drop

[@bigkahunaburger5185]

It seems like he did the same thing banks do, there was just no regulation. Banks take in deposits and ‘siphon’ a percentage of those deposits off to offer riskier loans. If those loans go bad and end up bankrupting the bank, the depositors are left holding the bag, but there are rules to how much banks can ‘siphon’ off for loans and there is FDIC insurance to cover depositors if banks fail.

[@bigkahunaburger5185]

@@chrispaul1117 Exactly! There are regulations and safeguards in place that do not allow banks to offer unrealistic yields. If there were no regulations, I’m sure there would be banks offering higher “safe” yields while taking more risk under the surface.

[@davidng2699]

Banks also check for good collateral before they lend out money

[@Scorpia161]

'it seems like he did the same thing banks do except for the clear, legally enforced differences between the two'

[@thewonderingbuddhist6123]

At least chris paul is right

[@life_of_riley88]

Banks don't work like that AT ALL anymore. In fact, banks are required to have ZERO reserve assets now. They don't have anything more than $250k if something goes wrong. They're just a front for the Federal Reserve.

[@michaelhensley8203]

Forgot to add $600M of customer coins were stolen TODAY and Sam is in Argentina!!

[@alquinn8576]

SBF is in Bahamas and Caroline was last seen en route to Dubai from Hong Kong, according to the internet

[@carlmorgan8452]

They will look ..... way .... cuter behind bars. Thieves are on the run?

[@youtbe999]

@@carlmorgan8452 Brandon to the rescue. No worries.

[@TheFrenchPug]

No he's not. Catch up on the latest.

[@thoughtsofalostoneofalosto2591]

@@youtbe999 🤣🤣🤣✌❤✊

[@alfiey5783]

I wonder how his parents feel…. His parents are law profs at university and how their students will look at them. For their son stealing.

[@fourshore502]

his parents probably encouraged him, they are probably in on the scam. they are quite sus themselves.

[@PeacockRhino]

They’re law professors which might come in handy for him if he wants to avoid a long time in federal prison for fraud!

[@carlmorgan8452]

Doubt it . Compound having an orgy in Bahamas on stolen 💰. Nothing to see here ....... generation X succeeding in failure again.

[@johnstickles6789]

Birds of a feather flock together......lmao

[@Misaka-gt5yj]

If any of you paid attention to the Bahamas meeting with Sam, Bill Clinton and Tony Blair, you would immediately realize the simiarity with Theranos and Elizabeth Holmes AND you wouldn't be asking such a redundantly stupid question. Just like Sam, Elizabath got her professor in on the venture way before it was exposed. Imagine thinking there's no similarity in script whatsoever.

[@seank3548]

There was also a lot of bad blood between SBF and binance CEO CZ, SBF had taken shots at him on twitter and also lobbied against him in DC. Not sure CZ meant to completely kill the company but he knew what he was doing when he dumped those tokens..

[@obsideon1343]

Oh he meant too.

[@SmokeBurp]

When you pull the rug out all at once you’re hoping to do the worst

[@LaGrandeBayou]

Wows! The jewish stooge behind FTX was Laundering billions in Ukrainian fronted American Cash via a jewish Ukrainian billionaires bank with the blessings of the jewish president of Ukraine Puppetskyy who was installed by yet another jewishOligarch Ihor Koylomoyski. At least the ChildSexTrafficing and Drug Money Laundering operations weren’t affected.

[@laowai2000]

Let's not blame CZ. Full responsibility should lie with SBF.

[@CaptainNippon]

CZ made the right move, he protected Binance and his customers, now just imagine if CZ didn't do that? SBF and his gang committed fraud, and sooner or later the world would know of this.

[@Prospektism]

Dude literally admit his business was a scam on one meeting with investors, and yet he still ran the company for 6 months

[@susancorgi]

It's absurd how many ppl blame CZ (dumping FTT) for SBF's scam. Anybody would sell the shit coin once they knew it's shit. Wouldn't you?

[@tensevo]

interesting how binance now restrict withdrawls, and they operate similar to FTX.

[@bigkahunaburger5185]

Insider trading by Binance?

[@ilikenicethings]

But when Binance/CZ decided to sell their FTT tokens, did they really have to tweet about it?

[@svda814]

@@bigkahunaburger5185 they didn’t buy anything tho

[@vjbk1587]

Damn right!

[@Nobodyofimportance2u]

I think about 50% of the market is comprised of valuations just as crazy as this

[@roseoverdose6451]

I think there's about a 10% chance your comment is accurate.

[@cheesesniper473]

Works 50% of the time, all the time.

[@Zb_Calisthenic]

When the tether bomb explodes BTC to 2k eth 150$

[@AnhNguyen-hn9vj]

possibly that's how wall street and stock worked. lol fake companies with fake investment and fake bankruptcy. lol

[@jdsguam]

I thought these exchanges looked pretty damn shady back in July and so I moved everything to cold storage.

[@shauna996]

Are you going to sell everything now? How would you sell everything if you’re worried about everything dropping 90+%.

[@jdsguam]

@@shauna996 I'm not worried. I have no plans to sell until it makes financial sense to do so. Could be this time next year with any luck.

[@Sarah-ft8jr]

My brother in law has a new. wallet called StrikeX . Please look into it

[@jdsguam]

@@Sarah-ft8jr My brother in law's brother in law said not to look into it.

[@jmsjms296]

@@jdsguam LOL

[@exoticbutters2781]

His name is now Sam Bankrupt-Fried.

[@gregorysagegreene]

They should make a new movie about how he split the Pina Colada atom. ... 'Young Madoff'.

[@toolegittoquit_001]

Bankrupt-fraud

[@kondor9998]

You had me at “8% yield”. Scam.

[@shauncoptcoat9378]

If it sounds too good to be true, it is

[@mortalstorm]

Bernie was guaranteeing 10% and that was when prevailing interest rates were much higher than the ones available when sbf made the offer.

[@kondor9998]

@@mortalstorm Exactly. Why give anyone 8% under those conditions??

[@WiCapitalco]

Thanks for always providing high quality content

[@TonyMontana-pe6vf]

SBF was another classic Bernie Madof case.

[@Zb_Calisthenic]

Except Bernie went to jail

[@cancel.lgbtq.6892]

When something seems too good to be true , it probably is.

[@Chironex_Fleckeri]

8:09 holy sh*tcoin it's the glasses girl with the pencil head from the 90s animated series Recess. Always wondered what she was up to these days.

[@-TheOracle-]

I will see your holy Sh*tcoin and raise you a fried Bankerman. I heard she and Bernie-made-off with the Wolf of Wally Street's money. The wolf read the sign hanging on her door, "Enr-on at your own risk." The wolf simply did not get that sign until it was too late. LOLOLOL Reply

[@Prolificposter]

Being that he showed up on CNBC, when it all shakes out, will this be an “American Greed” episode? Asking for a friend.

[@delinquense]

I hope so. And an episode for Mark Cuban and Mr. Wonderful as well.

[@vertz4545]

A 2 parter hopefully

[@starrababy31]

I hope so

[@pavlestanimirovic6704]

Working on it now

[@Kier4n99]

This + Patrick Boyle's video = full knowledge of the situation. Thank you

[@ZanathKariashi]

yeah, I dunno why WSM skipped out on the sultry wood nymphs. It's critical to understand the case.

[@nikitakucherov5028]

When your crazy uncle borrows $300 for groceries but instead loses at the local casino 🎰

[@digitalblunt]

hahaha

[@AssetPolitics]

I think Binance offering to buy FTX then pulling out was just a way for Binance to buy time to get themselves together

[@galea2623]

Or another strategic move to signal to the market that FTX isn't worth a damn. Why would you buy your competition when you can destroy it for free?

[@AssetPolitics]

@@galea2623 the thought of them coming in and saving the day would give them a pretty loyal customer base honestly. but regardless, I won't be surprised if Binance is the next to fail lol

[@galea2623]

@@AssetPolitics I highly doubt that any of the customer still have trust enough to kept participating. Most likely after binance bail then out, most of the customers would be gone and binance would be left holding the bag.

[@AssetPolitics]

​@@galea2623​didn't think about that..I can see that as well

[@susancorgi]

could be

[@Ciborium]

Caroline Ellison is described in serious articles about FTX as a "sultry wood nymph". What reputable investment firm does not want a "sultry wood nymph" and children's book fan as CEO?

[@achtung001]

just another due

[@YI-iq5rt]

She had a few yrs experience at credit Suisse , then boom she was a ceo

[@LoveClassicMusic0205]

I see you watched Patrick Boyle's video on the subject.

[@LeonMortgage]

@@LoveClassicMusic0205 I was going to make the same comment lol

[@mbg9650]

She has good connection to be promoted CEO.

[@stachowi]

Tether collapsing will make this look like a joke... Tether (with Bitfinex) is literally the same thing.

[@ruckmarch]

I was waiting for your channel to post on this guy. Love your content

[@eurobonusabc7427]

I don't feel sorry for the FTX investors. Seriously, someone promises 8% return which was way higher than any hard currency risk free rate and people don't question it and blindly invests into something they don't understand, they deserve whatever comes! As Warren Buffet says, he won't touch anything he doesn't understand. If something looks too good to be true, it probably is ....

[@vanesslifeygo]

This guy lives up to the name BANKMAN-FRIED!

[@gilanggilang9859]

is it jew name?

[@jellybryce7742]

@@gilanggilang9859 of course!

[@EroticOnion23]

Just more tribe-members robbing non-tribe-members, nothing to see here move along...😅

[@khanhcao3123]

@@gilanggilang9859 is the name chang, Chinese?

[@gregorysagegreene]

You guys are soooo cancelled. 😆🤣😆

[@PInk77W1]

“If u sold me all the Bitcoin in the world for $25. I would pass.” Warren Buffet

[@carlmorgan8452]

I don't take wooden nickles either

[@brunon44]

@@carlmorgan8452 Usually spelt nickel.

[@Elizabeth-jk4yj]

@@carlmorgan8452 often spelt nickel

[@costcorotisseriechicken2520]

@@brunon44 I don't think spelt would be very good either. Don't want the mice eating my savings.

[@ralphpal]

Then he is idiot

[@SPLSE]

Thank you for explaining this clearly and without emotion.

[@Moyopheus]

Been waiting for this episode!! What destruction of value! There are lessons to be learned here.

[@life_of_riley88]

What value? It's ALL nothing. Literally just maths. People are buying maths.

[@briandixon992]

We need to get people off social media and create healthy local communities. That is the only way to live a happy life. Take care of your fellow humans and live a peaceful life.

[@jagoz9367]

I read the article on Fortune magazine about SBF and saw him as a new tech pioneer. But in less than a week my opinion of him as a visionary have evaporated into thin air, I should start reading between the lines when it comes to such charismatic individuals

[@jonasbaine3538]

Proves an Ivy League education does not equal a trust worthy person

[@jonasbaine3538]

@@chrispaul1117 yeah. makes me want to research the people who are running companies deeply before investing. ftx and alameda both run by people screwing each other...

[@user-gz7fh8vo6e]

Yep, intelligence does not equal morals or ethics.

[@hanooi7450]

8% return? Isn't that the same return given by Madoff?

[@TheFrenchPug]

All I know is SBF has to be in a sheer panic right now along with his playmates. They know they're going to be a Lifetime movie soon.

[@blehbleheh]

SBF has to come clean to his wife's boyfriend about his decisions.

[@laotzu2453]

The first clue, why is an honest business set up in the Bahamas?

[@mathewomolo]

it's so bullshit how they lose other people's money and act like they had as much warning as the users and that they didn't see this coming from day one.

[@dkaoboy]

People put their life savings into this brokerage? Wow! They deserve to lose it all.

[@jordan5881]

I do think deserved is a strong word, but damn, talk about ignoring warning signs. I’m not saying suits equal trust but when your onstage and everyone is in suits, (including a former president) maybe don’t invest with the slob in basketball shorts. Something ain’t right. Oh well, hero worship will continue…

[@anuraagt]

Nicely put together video, very informative. Thank you.

[@kquat7899]

This is what happens when interest rates are set too low.

[@life_of_riley88]

Can you say: "malinvestment?" Knock knock, Who's there? Austrian economists. . .

[@llcoolmartine]

That thumbnails is pure genius! Bernie Maddof indeed :)

[@BstarBme]

A better question is why haven't you mentioned the fact that he was one of the biggest campaign donors for Dems and federal relief money sent to Ukraine was being invested in ftx???

[@alankeungz79]

MIT, traders, genius....all a bunch of crap. Never trust 2 types of people, bankers and traders.

[@johnnyrocketed2225]

Best explanation I’ve seen so far. You filled in a lot of little gaps for me. Thanks!!

[@snowlockk3464]

He basically said he was running a pozi scheme and people still lined up to give him their money.

[@ralphpal]

Well everyone gets bailed out

[@cpm1003]

There's an intersting story these kids should read, about a man named Charles Ponzi...

[@First.Last.99]

Is it possible that SBF wanted to steer focus from FTX to DEFI with those regulation proposal? sure looks like it

[@tuckerbugeater]

he wants regulatory reform and kyc

[@First.Last.99]

@@tuckerbugeater you mean "he wanted" ...

[@Alister22ful]

Must be scary watching your entire networth plummet into the earth's crater like that. I, once, saw a South Korean streamer livestream his trades when the whole Terra Luna was going down. He was on full panic mode, trying to dollar cost average down his losses. Reportedly he invested his parent's entire life savings into LUNA. Sad, but also funny watching someone not you, lose.

[@tomo1168]

I don't think it's funny. But it is still his fault.

[@miguel1795]

schadenfreude. taking joy in the misfortune of others

[@Alister22ful]

It is the hubris of men that they think they can progress in life in easy mode. When reality sets in, what is there to do, but to laugh at oneself?

[@saltymonke3682]

@@tomo1168 it's funny when you told hardcore sheep Cryptobros that they're wrong. oh, not just funny, it's satisfying

[@tensevo]

it is funny because everybody thinks they are right, until they are wrong.

[@MrWarrenRB]

So he was using Alameda Research to make risky bets with customer money. Wow.

[@anthonyyoung6489]

The biggest crime of this whole debacle was that with all that money he was banging a shrew. Coulda had a lot better.

[@gregorysagegreene]

Well, look at Fuckaberg?

[@anthonyyoung6489]

@@gregorysagegreene zucchiniberg is a lizard. His wife is Chinese. Born year of the dragon. You have to pay attention. Lizards and dragons can make babies.

[@ponderingsojourner]

At 7:27-29 SBF's right leg couldn't stay still. 😁

[@crescentprincekronos2518]

If you look at the chart, it shows vulnerability as early as April. This wasn't a shocker, something's always been off to me.

[@isaacongzy]

Wow what a genius you are. You're almost as smart as people who didn't buy into this bullshit from the start.

[@tomo1168]

8% for your money?! you don't have to be a genius to see, that company will only last as long the bull market is going.

[@joey_343]

You can't seriously believe you predicted this by looking at a chart. Why didn't you short FTT then?

[@supratiksarkar6336]

Yeah everybody knows this. But since you are so confident, why didn't you warn the world then ?

[@viewtifuljon8105]

Thanks for the info Captain Hindsight

[@Bleach420]

SBF's girlfriend worked as a risk manager for guess who... Credit Suisse😂😂😂

[@rodrigodelius]

He is currently in Argentina

[@valdomero738]

If he goes to Argentina they are gonna whack him.

[@WillieFungo]

0:50 what a glorious image here. Almost looks like he's floating 🤣

[@Hawking1969]

All well and good, but let's face it, we ALL knew about the 8% interest rate, and yet NONE of us knew how he was able to offer it.

[@cris1735]

I was watching the video with my little bro. And as soon as Sam Bankman Fried's face popped up, my bro called him a goblin and ran away. Kid's got a good intuition.

[@mikekirkpatrick6718]

As long as an idiot gets born every minute, scammers will be around to take their everything.. As simple as this cliche is, just so simple is the irrefutable truth in 'if it sounds too good to be true, it probably is' My experience has taught me that it ALWAYS IS.

[@stevefriedl3983]

It's not entirely clear that "the hip" is the body part they were connected by

[@darrenlongley8491]

Well, since the "Giving Pledge" is a scam, go figure....

[@anro_gaming]

it's always amazing and a sight to behold of what greed and stupidity can bring you

[@BertGraef]

S B-F is Bernie Madoff II This financial BS never stops does it?

[@ViceCoin]

Robin hood delays stock trades if it is profitable for investors.

[@gilanggilang9859]

maybe we need to stop giving billion to young and can't handle risk people that like doing fraud.

[@herpderp3131]

More of a small hat problem, not of age.

[@kartoffel1181]

I was totally out of the loop and was wondering what even happened, but i was also sure that I can count on you to make a good video on FTX

[@qwaszxerdfcvtyghvb]

when you transfer 10000$ the bank transaction goes through multiple checks and sometimes it can be rejected same thing if you deposit cash in a bank... but for some mysterious reasons companies like this shit plays with billions of dollars without any government supervision, or questions.... at the same time the investors are stupid to trust their billions funds to some guy who was born yesterday and now after the crisis they found out that a 20 somthing Harry Potter fan was the CEO of the company they invested in, great due diligence work.

[@life_of_riley88]

This is a huge issue with the SEC and Gary Ginsler is at the center of it.

[@mondoenterprises6710]

In your world I'm bankrupt. But in my world I'm a billionaire.

[@MichaelLaFrance1]

Referring to Bankman-Fried as a 'Bernie Madoff' ignores Fried's real mentor...Charles Ponzi.

[@dguy-xk4fc]

I can not understand why you would go secretly gambling with customer funds like this when you are already a billionaire. It is the most greedy thing ever. He is such a smart guy, how can he engage into this when you already know it is not sustainable and doomed to fail in the long term. It is setting yourself up for disaster. Sometimes greed clouds the mind I guess.

[@danspencer4235]

Does anybody think he will just sit in the Bahamas and wait to be extradited?

[@markstunell815]

He went to Argentina i heard and cant be extradited.

[@danspencer4235]

@@markstunell815 Bahamain authorities say they have him. Argentina DOES have an extradition treaty with the US, so that wouldn't have saved him anyway.

[@anfieldreds5027]

He could go to his homeland Israel. His country doesn't have a extradition treaty with the USA or any other country.

[@jockihm831]

Wow. It's like everyone forgot about Mt Gox

[@hilalchouman8548]

Sam Bankman-Fried was born and raised to an upper-middle-class Jewish family in California, he is the son of Barbara Fried and Joseph Bankman, both professors at Stanford Law School.

[@Dan-yf2df]

His ethnicity is not relevant to what happened. Jews are prominent in many fields such as the arts, finance, industry, literature, but above all science and technology. About 1/4 of all Nobel prizes in science have been awarded to recipients with a Jewish background. As a result a disproportionate number of Jews will appear in the news for better or worse.

[@resevoirdog]

Therefore what ..?

[@hanktrill1498]

@@resevoirdog y3

[@resevoirdog]

@@hanktrill1498 therefore .. ya? Wtf does that mean. You can't just drop an anti Semitic turd and not claim it

[@morwickchesterham3875]

@@resevoirdog How is it 'anti-semitic'? please explain...

[@davidduxbury9246]

7.44 you can see how much he was talking crap as his legs is shaking like he was on speed......is this the moment i get caught out...

[@bitcoinski]

Offering an 8% guaranteed return was the canary in the coal mine...a total red flag.

[@marcyanus1430]

omg, look at the leg tapping at 7:40 so abnormal

[@MyWasteOfTime]

If it looks too good to be true........ It probably is!

[@j2simpso]

The key in any pump and dump scheme is to dump the instrument the second you see the price being pumped!

[@claudiaboelte4037]

Thank you for this concise presentation. As the Bible tells us, there is nothing new under the sun. Have lived long enough to have seen this before. My motto: Go back to the old paths, and all will be well with your soul. I am so sorry for all the people who lost their savings.

[@dbrock1553]

It's a bit ironic that Elizabeth Holmes is back in the news today due to her upcoming sentencing. SBF and Holmes are very similar stores and in very different ways they both managed to fool the "experts" of the financial industry into believing they were these young wizards of their respective fields.

[@fpvgarage8072]

So who is the lucky SOB that figured out how to short ftt token and took Sams money 😂

[@a.jlondon9039]

Many unwittingly invested in FTX through their pension funds.

[@Dota2funny]

and all for a 15% yield? they could have bought ccc bonds that have the same yield

[@elestimatev6743]

how can purchase them?

[@ahndeux]

@@elestimatev6743 Call me. I can be your broker. I'm from Pakistan and learned from the great bond experts from India and Nigeria. You probably heard of the some of the Nigerian princes we use to sell those bonds.

[@patrickbateman783]

@@ahndeux 😅🤣😂😅🤣😂😅🤣😂😎👍

[@elestimatev6743]

@@ahndeux 😂

[@nosuchthing8]

Sigh. Madoff also promised huge returns

[@josecabanasperales8731]

My only question about all of this is if the VCs and the investors really know how to do Due Diligence

[@dontthrow6064]

here is my conspiracy theory, invest into ftx making them seem trustworthy, regular people invest into it too, pumping the value, you know they are idiots which are basically gambling their funds, beat them fair and square in the market, reap the rewards while crying that you are innocent and lost like everyone else to begin with, there has to be a winner somewhere

[@greenflagracing7067]

no, they don't. due diligence doesn't happen overnight. Negotiating a non-disclosure agreement doesn't happen overnight. agreeing to a letter of intent doesn't happen overnight.

[@kelvin-zh9fm]

His name is bankman fried, you can't make this shit up 😂

[@marilynlucas5128]

HAHAHAHAHA

[@valdomero738]

If you gave money to a scrawny Jew named BANKMAN l I don't know what to tell you...

[@mangekoo3682]

Yes he sure did fried banks....man

[@theRealJohnWayneGacy]

CZ didn't "dump his entire stake" he said he'd unload it over a period of time, if I remember correctly it was a while.

[@theeraphatsunthornwit6266]

In another more rational alternate universe a crime of this magnitude is punishable by death.