Sam Bankman-Fried Arrested (feat.
ฝัง
- เผยแพร่เมื่อ 27 ก.ย. 2024
- Cas Piancey and Bennett Tomlin are joined by @Coffeezilla to discuss the arrest of Sam Bankman-Fried and the charges filed by SDNY, CFTC, and the SEC.
This video was streamed live on December 13th, 2022.
Additional episodes mentioned in this episode:
Episode 101 - Banking on Regulators: A FTX Story
• Banking on Regulators:...
Episode 99 - Continuing Crypto Collapse
• Continuing Crypto Coll...
Episode 98b - FTX Collapse (Feat. Dirty Bubble Media)
• FTX Collapse feat. Dir...
Episode 98 - Binance Buys FTX
• FTX and Alameda Failed...
Additional resources:
SBF's charges
protos.com/us-...
John Ray III Testimony about FTX
protos.com/ftx...
Sam Bankman-Fried Arrested
protos.com/sbf...
Washington DFI does not need new laws
protos.com/was...
Federal Reserve Response to Moonstone
protos.com/exc...
Alameda Research bought HiveEx to bank FTX
protos.com/ala...
Alameda Research buys small Washington Bank
protos.com/exc...
Moonstone bank provides an interview
protos.com/exc...
Strange FTX Transactions
protos.com/we-...
Coverage of Alameda Research balance sheet
protos.com/is-...
Coverage of FTX halting withdrawals
protos.com/ftx...
Coverage of Binance purchasing FTX
protos.com/bre...
Other places to find Crypto Critics' Corner
Website: cryptocriticsc...
Discord: / discord
Twitter: / cryptocriticpod
Instagram: / cryptocriticpod
TikTok: vm.tiktok.com/...
Bennett's Twitter: / bennetttomlin
Cas' Twitter: / caspiancey
Bennett's Newsletter: TheFUDLetter.com/
Cas' Blog: / thecaspiancey
Bennett's Blog: bennettftomlin...
Bennett's TH-cam: / @bennettftomlin
Bennett's Mastodon: mstdn.social/@...
Timestamps:
#crypto #cryptocurrency #podcasts #listenable #binance #ftx #ftt #bnb #alameda
This podcast is one Dirty Bubble away from being the four horsemen of Crypto!
Molly white deserves a mention as on par with those.
Add in Bitfinex’d, and you have the Sinister Six of Crypto Criticism
Bring in Saylor or Boyle for the 4th.
Oh we have a whole episode on Saylor th-cam.com/video/mBkGhGDwqO0/w-d-xo.html
i think you mean the four horsemen of cryptocalypse
This is the crossover episode that I needed. Amazing. My two favorite TH-cam stations mashing up
Mood.
I can’t believe I missed this! Fave boys finally together!
the crossover I've been waiting for so long! i won't have know this channel if Bennett didn't appear in coffee's channel.
Love you guys. The Three Musketeers. So informative & you work brilliantly together. 👏 👏 👏
Ladies and gentlemen….we got em….
Amazing to have some of the best dudes on the tube in the same place!
You guys should star as yourselves in the movie :)
Keep up the good work guys. You're the Tag team we need against all these clowns 🤡
My favorite episode yet
Thank you!
The crossover I’ve been waiting for!
Coming back to this after the news from a few days ago. What a wild ride.
This is some real end-of-season content in crypto. Many of the big characters have been taken out of the equation. I feel like they need to introduce new big players for the next season OR make it the final season with Tether and Binance as the main antagonists.
Definitely
I forgot where this was from, but there was an interview KOL & Scaramoochi we’re doing, they were asked about blatant conflicts of interest with FTX & Alameda, and the response was - there are conflicts of interests all over Wall Street and those are legitimate businesses making tons of money. They tell on themselves! They don’t care what’s ethical or right, they just care if it’ll make them money…and if other investors and customers get defrauded, that’s fine, so long as I get paid.
I think the hypothesis that SBF /FTX was always crooked - is a good one
Glad to finally see this happening. Kudos all!
Two of my favorite channels coming together! Great pod!
Glad you enjoyed it!
Thank you - amazing work!!!
The party ain't over till SBF sings.
Probably dumb question but who put John ray in charge of ftx? The bankruptcy court or SBF? If SBF resigned as ceo but he’s the major share holder what prevented him from taking it back over before being arrested? Does the bankruptcy court take charge of the company?
The answer to your last question is Yes, the bK court is in charge and the bk court put Ray in charge. SBF’s ownership interest became irrelevant once everything was put into bankruptcy. The logic stems essentially from common sense that the bk court in any bk case would never allow the person(s) who drove the company under and into bk to continue running the company because the “clients” of the bk court are the creditors of the company and it is their interests that bk is all about protecting by minimizing damages to them and equity owners move to the back of the line in order of priority. The proceeds from liquidation and recovery of the company’s assets go first to creditors and if there are any funds left after paying all creditors then the equity owners get that on the back end (unlikely in most cases). Keep in mind that clients/customers of a bk company that are owned something by the company are unsecured creditors and their interest is ahead of equity in the distribution of funds via liquidation of assets. In this case, clients who had funds in depository accounts under Terms of Service in which FTX wasn’t supposed to use those deposits for its own use are unsecured creditors in the bankruptcy and their interests are ahead of the interests of the equity owners. Hope that helps. Regards
@@dorothygale1104 thanks for the detailed answer! I kind of figured that’s how it was but wasn’t for sure. I get how companies that have a board of directors can oust a ceo when filing Bankruptcy, but was curious with ftx because they didn’t have a board. It was basically Sam.
three of my favorite youtubers
loved the interview, but there's a lot of audio problems you guys NEED to sort out.
poor audio quality, robotic voices, cutting in and out.
I was so excited for coffees video and even more excited when I saw this. I’m addicted to long format crypto reporting/ confused frustrated ranting.
Wow, North Dimension is really interesting. The office of the electronics vendor was in downtown Berkley, the original home of Alameda. They didn't update their "deal of the day" in the six-month interval between the two Wayback Machine snapshots. Very strange!
Very!
@@CryptoCriticPod Hey, I sent you guys an email about this. The proximity of the two companies' offices is... interesting.
You know who else is in proximity to that location….SBF’s parents. Their primary residence is in Palo Alto, where SBF was raised.
@@dorothygale1104 same thing - it’s obvious it’s a SBF whether it was the old alameda office or not. The fact he has ties to the Bay Area is not surprising - they all do as it’s Silicon Valley and Palo Alto is the heart. Caroline Ellison also lived there when going to Stanford. It’s more weird how the office is tied to Berkeley rather than Palo Alto imo because it’s not just the bay now it’s around the corner you know
They mentioned they interviewed SBF does anyone have a link to that ? BTW I'm not talking about coffeezilla's interview
th-cam.com/video/mHikzIr6Gq8/w-d-xo.html
Been waiting for this. Great episode!
Thank you!
Thanks!
I clicked so fast when this came up in my notifications.
What a wasted opportunity. How could they NOT call NorthDimension Inc Vandelay Industries instead, smh
Vandelay industries is taken lol
What a great panel 👏👏
CoffeeZilla and Crypto Critics, together! Talking about a major crypto scammer actually facing consequences? Is this heaven!?!
Nice work gang. Keep going.
When you can fix the audio cutting out for 2 seconds every 20 seconds I can rewatch this.
Well this was nice to wake up to
The three musketeers!
Cryptos only utility was always laundering money or purchasing illegal stuff. Crypto was always a ponzie.
It's so endearing going back to the vids from when the FTX things just gotten started and no one knew what sort of a shitshow this will turn out to be XD
Did you listen to Kevin O'leary lie? He hedged his words with " That's what SBF told me". He belongs in prison for lying to Congress.
Do you have a version of this with locally recorded audio? The lag is annoying
ftx trivia time
which one of these
creepy crispy crepes is
to scam bankman fried eggs
a) elie youssef najem
b) weird al yankovic
c) sathya sai baba
I'm living in Japan and honestly I question a lot about this story of "Japanese exchange magical trade"
Few reasons
Bank system here is super outdated.... We still using bankbook
Exchange in Japan are super regulated. It's impossible to open an account without the proper visa. So open account overseas is extremely unlike
Money laundry here more or less is around gambling (actually same story of Ada Cardano)
So unless he had a very strong ties with the mafia here, is virtually impossible
Mafiosi have lawyers and judges, etc. on their payroll. Some of the best young minds and talent are recruited early.
I heard he did arbitrage in Korea, not Japan.
Im an accountant living in Osaka, the japanese trading thing is a complete lie. Its not realistic at all
@@Eline_Meijer And that’s why there are so many wealthy people in Japan. 🙂
Multi billion $ company run on Quickbooks. Amazing
It only gets funnier
Anyone have a link to the twitter space they were referring to in the beginning of the podcast?
th-cam.com/video/mHikzIr6Gq8/w-d-xo.html
Maybe his patents when he was in school,college,unniv.think whtever he got himself in trouble(they might've thought)it's his quirkiness!!!
OMG how is he gonna survive prison without the Internet or any gadgets?!
"Yeah and he was playing dominoes while he told me about how he could turn my ten cigarettes into twenty cigarettes by selling them in the women's wing for tampons then selling the tampons back for cigarettes. He is a genius!"
Your man's called the plea deal hahaha
I remember listening to a podcast with SBF and Sam Harris, it was about EA. I had no idea who SBF was at the time, didn't care about EA, I just wanted to listen to someone explain the murky BS that is crypto.
I wanted to make a suggestion about the money laundering charge. I had someone file a fraudulent tax return iny name, changey bank info on file with the IRS, redirect IRD funds to a fraudulent unauthorized account in my name at a bank in New York, exchange the $1200 cash to crypto which escalated in value to $5000, deposited and withdrew the $5000 into a second fraudulent account in my name at a different bank, and that was money laundering.
Although mine was a "small" case, FTX was by no mesns above identity theft, as we saw with the prostitutes opening accounts to try and trade frozen assets that were under investigation in China. My understanding is that they used the identities of the prostitutes, not that the prostitutes themselves opened the accounts (but I don't know if my understanding is correct, maybe the prostitutes were hired to open accounts).
I also suspect the cannibis operations out of the bank in Washington (Farmington) might have been to open pit shops as fronts for money laundering bigger drug operations.
But i really find the idea intriguing that the original exchange with Japan that made SBF rich might have been some sort of fraud or mone laundering.
Yeah no, they just used the prostitutes names and identities they didn't try to reach them anything as complicated as how to open bank accounts and stuff
Coffee has a background that looks green screened but isn't. What a cool studio
lol
It’s called The $10M Studio. Lol
They're all involved the whole thing when something's too good to be true it's too good to be true
It's still a tragedy that Carolyn is still free.
Caroline has plead guilty on multiple charges and is awaiting sentencing
Nuts.
If only the NY Times had the access to Coffeezilla's billions when they interviewed Sam. They could have paid a few grand to a consultant to do basic research and give them some pointed questions to ask, with follow ups.
Taking hugely directional bets works sometimes and doesn't work sometimes. Look at LTCM August 1998. Those guys, far smarter than SBF, with years of successful trading were crushed by a 10 sigma event in a period of 6 weeks. They were worth 4.5 billion? (the equivalent of 15 billion today) and lost it all. None of them went to jail because they brought in lawyers right away when the storm started and truly were the victims of bad business decisions. Still huge losses in trading is possible even where the trades were hedge and done by professionals. The more success they had the more risk they piled on. Their convergence trade was a proven money maker and it worked until it didn't. When the world markets blew up bc of the Russian Ruble collapse LTCM was totally unprepared for such a catastrophe bc the models said it couldn't happen. But it did.
1st> you are GREAT!😊 Q) has the USA FEDS,IRS,treasury even yet investigated where all the invested funds came from? Did Drug Cartels,Arms smugglers, Human Traffickers,HAMAS TERRORISTS invest in FTX CRYPTO CURRENCY and if so,so have they lost their investments and will they recruit a Hitman vs SBF and his parents,partners> And all the Product placement Profiting Celebrities ,sports personalities? 😅😅😅😅😅😅
They arrested Bernie Madoff the NEXT DAY, it's been over a month for SBF. I don't think they needed to take their time.
Bernie Madoff turned himself in and confessed.
From a van down by the river
I thought Super Dave Osborne died
I thought the arbitrage was done via South Korean exchanges which is why it was known as the "Kimchi Premium" rather than being an abitrage via Japanese exchanges. Someone kindly clarify this
Japan was first and was pre-FTX, Korean premium also occurred after FTX was founded
Bankman, orange man, conmen.
Y'all know if El Salvador's prediction of Bitcoin going to 31 million each is still happening? Asking for a friend ( ͡° ͜ʖ ͡°)
🤘🏾
I found out he's a vegan his mother's complaining while he's in jail he can't get vegan food congratulations now he has to learn how to eat meat like the rest of us
Why is Cas so stoned?
The guy with the stoner cartoon voice cracks me up lol.
Why it is so childish... just like SBF...????
SBF's cohorts began cutting their own deals almost immediately, i.e., cooperating with authorities. It's a simple case. SBF stole money from his customers. How he did it and who he did it with are just additional facets. These acts were not just bad business decisions. SBF will cut a deal and he will get 18 to 25 years and do 8 to 12 in my estimate. Remember Madoff stole from charities, etc. and did it for years. This guy SBF claims to be a victim of youth, crooks and idiocy and that might work for mercy from the court. Who knows but he is going to do some serious time.
SBF won’t live long enough to make it to trial. The old phrase “He knows too much” has never been more true than with SBF. Those up the food chain won’t risk that Chatty Cathy will keep his mouth shut about whatever they don’t want revealed. His constant talking post-FRX crash has been his death sentence in that regard.
Sam didn't kill himself
Democrat parent's are the head of this tobakel swamp
these guys know nothing or next to nothing about the law or these types of investigations and arrests. They should read a book called "Den of Thieves" about Boesky, Levine and Millikin. It would help them.
I was wondering why guy in the upper right corner was screaming and talking in a REAlly loud voice. When he took a sip of red bull, I got it. Stop shouting for heaven’s sake. You know what you are talking about but ya sound a bit nuts!
Is this good for bitcoin? probably not!
I wish I could give more, but I lost most of my net worth. It vanished somewhere in a poorly named fiat blackhole. Thanks again.
Who's the fat guy at the top left? Wanna follow him, he sounds really knowledgable
I like Coffeezilla, but he likes to scream a lot. Turns me off. You don't need to scream, guy, to make your point. Please stop it.
I think his parents will get wrapped up in this..
algorithm
Putting brilliant minds in jail is a crime to humanity. We need their brilliant minds to solve the worlds problems.
lol
dudes please EXECUTE the 8*(*(#(*# spammers now praising "Marshmello Finance MARSH3" in the thread.
On it!
bit horrible this
Haven’t finished the episode but wanted to say on the point of sequoia getting their investment back
I used to work at a startup backed by sequoia and all our benefits were handled via sequoia One which is their platform. Not sure how much money it cost or if it was effectively a kickback to sequoia but just a thought
Nope. He bought BlockFi to avoid repaying the loan. So it was more convenient to buy them then to pay back the loan.
CFTC settlement says “to refill hole”
SBF won't do any significant prison time in relation to the size of this fraud. If he had robbed a convience store for $200 he would be looking at serious time. These criminals never do time relevant to the size of their crime. Lawyers involved will make serious $'s.
Damn you really think so? That’s depressing
@@loislois3526
I'd be interested in what you think. Seriously would welcome your opinion.
I've been watching guys like him face little or no consequences while they are clearing out homeless camps in my town and throwing away all their stuff. Seems unfair???
@tomparker9966 Personally, I was under the impression that he would face a harsh sentence. While I generally agree that people with privilege, power, and wealth usually get off light - I think SBF and his family have ruined their credibility and standing with anyone who matters. For me my gut just doesn't swing that way with SBF. After the trial, he proved himself as absolutely incompetent on the generous side and eagerly criminal on the other. He was absolutely terrible in interviews and on the stand - people who want a crook want a clever one and he proved himself so dumb in how he handled the fall and aftermath. Not only that but there's a layer of shame in how so many people were duped by such a nut. I think some people may champion him to save face but overall he lost any specialness, perception of intelligence and success. If he had been a criminal but good at it then I think people may not view him as a total dud but he wasn't even good at what he did. Sure FTX blew up but were talking about no more years than the amount of fingers on my right hand.
Essentially - I just can't see any reason or advantage anyone would have in cutting him some slack. His a younger generation - there's no alliance to those in charge on that either. I can see him being easy to throw under the bus and made an example of but I also think he deserves decades in prison.
Do you think anyone has any value to not give him a hard sentence?
and I agree with you - I normally would think nope he's gunna get a slap on the wrist but I tried to elaborate below why I think this might not be the case. But yea there's never real justice on the large scale by what I consider the criminally wealthy@@tomparker9966
Look what sams gfs dad does for a living it was all s scam from the start to ruin bit coin
i love how coffeezilla thinks he was arrested so he can have stable internet so he can testify
I believe Coffee meant that the Bahamian authorities would know his location at the time of the hearing because it would likely be his home because he would have a stable connection there
@@CryptoCriticPod Exactly. Coffee explained exactly what you stated in response to skepticism (bordering conspiracy theory) about SBF being arrested the day before he was scheduled to testify, as if the arrest was a plot to silence his testimony.
isn't it a coincidence that at the same time we are dealing with inflation and the Fed is trying to make money disappear, billions of dollars just vanished.
Yes
Yes
Democrats send money to Zelensky -> Zelensky buys FTT tokens on FTX in Ukraine -> FTX Ukraine sends the FTT tokens to FTX USA -> Fried dips his hands in and sends some to the Democrats!
Nonsense
40:07 that whole segment with Cas about Venture Capital inflating the valuation of private equity totally goes down a whole lot. I'm with him 100% on that. Having read Cult of We. It is so clear that is how these hyper growth private equity firms work. High valuations, no profit, hype it up, get it to IPO/SPAC as fast as we can so we can cash out and bilk investors to profitability.
Great content! Discovered you guys thru Coffee, glad I did. Your work making this stuff more transparent is important & groundbreaking. Best wishes for the holidays!
This is the dream team :D
Thank you!
O’Leary rushing around trying to put the genie back in the bottle is a curious reaction to all the fake money financial collapse , his 3 wishes weren’t granted yet .
This is legendary 🎉😂. There is so much to unpack it’s absolutely wild. Sam is clearly just the visible corner of an ice shelf.
Late comment, I know,
but you guys do a fantastic job of keeping me engaged.
High-level conversations and topics, but you keep it low enough for dummies like me.
Loved it! Ty!
Get your recording fixed man. You're likely on Windows with some Microsoft telemetry really screwing things up.
LOL! I could have won under entirely different set of rules!
After prosecuting SBF, is the US govt going to say, "Crypto is too complicated and messy, and it's straight out unfixable, so we will ban it in the USA"?
Omg CasCoin, BTT, and CoffeePoints pump tha fuckin stocc
Hodl CasCoin 🤑🤑🤑
Mr scamderful
Best trio.
Wow SBF's written testimony is ABSOLUTELY unhinged...
He submitted the coordination chat himself!
@@CryptoCriticPod Floored by that. Especially after the lengthy section about the John Ray and the bankruptcy, the whole thing read like: "John Ray listens to his lawyers, I don't. So anyway here's some screenshots of securities fraud..."
@@CryptoCriticPod ugh I could go on forever haha. A master class in subtext. Sure the text of bullet points i and ii from subsection c, of no. 1 of "what I learned after the crash" is about not having a single data engineer employed at FTX; but what Sam here is *really* saying is that he abuses stimulants and is bad at fraud. The fun irony me for me is that I was hit up late august for a data engineering position at FTX. He can't even be honest about the timeline of his life lessons.
He's building evidence for a plea of insanity.