SNEAKO - November 17, 2022


SNEAKO Reacts to the FTX Disaster...


Episode Stats

Length

35 minutes

Words per Minute

190.80856

Word Count

6,816

Sentence Count

15

Misogynist Sentences

10

Hate Speech Sentences

16


Summary


Transcript

00:00:00.000 we talk about everything we're supposed to talk about i want to talk about the ftx today i want
00:00:03.020 to talk about crypto i want to talk about how that's the next epstein so actually this is kind
00:00:07.840 of some conspiracy night shit for all the schizos here we go but it's real it's not just a conspiracy
00:00:12.680 theory the ftx has been funneling money into the democratic party they're losing billions of dollars
00:00:17.080 and they're actually connected they're connected to the epstein's you know that the ftx dude what's
00:00:22.040 his name someone in chat tell me forgot his name that that fucking ethan decline looking dude who
00:00:27.840 lost billions of dollars has connections with the epstein family and i want to learn all about
00:00:34.140 that right now we're going to watch a video from jake tran explaining it let's get into it because
00:00:38.760 it's only a conspiracy theory until 30 days pass and then it's real i want to get i want to do a
00:00:44.420 deep dive into this so strap in strap on let's go hi welcome to another episode of cold fusion
00:00:51.240 what do you think is the probability of a multi-billionaire losing his entire fortune in
00:00:56.420 a single weekend most people would likely say that it's close to impossible and yet this is exactly
00:01:01.080 what happened to 30 year old sam bankman freed the ceo of ftx the second largest crypto exchange in the
00:01:06.380 world he was the golden boy on the cover of fortune and forbes magazine he had a net worth of 26 billion
00:01:11.940 dollars watched the super bowl with nba star steph curry had dinner with sia jeff bezos and leonardo
00:01:17.500 dicaprio big names like blackrock and softbank invested in his vision but behind the facade was
00:01:23.400 something completely different sam's empire was actually a bunch of 10 romantically involved
00:01:28.720 crypto kids running a shady operation out of the bahamas the fall of ftx triggered the collapse of
00:01:33.920 more than 100 affiliated companies and wiped out countless savings this story has strange but very
00:01:38.900 real ties to american politics the war in ukraine and enron it has the intensity of theranos there we
00:01:44.340 go now they're really so with a collapse as rapid as lehman brothers this is the wild story of the fall of ftx
00:01:49.680 you are watching cold fusion tv
00:01:53.860 how have you not seen this this shit is legit your job yeah i'm watching it right now
00:02:01.840 i want to figure this shit out bro i don't cheat my reactions yo big 50 in the chat w nico lemke
00:02:08.900 waggots love your streams how do i jump on a call with you i developed a software that mass uploads
00:02:14.520 tiktok's on unlimited uh tiktok accounts talk to me in the creativity kit that's the best way friday
00:02:20.320 4 p.m we have another call that's a use 50 it's 50 to join the creativity kit get in there type in
00:02:27.800 the vc right now and uh message one of like the high level people in the creativity kit i'll remember
00:02:31.800 that if you have a software that mass uploads tiktok's unlimited accounts then perfect dope
00:02:35.520 and thanks for the 10 tate said any rich person who doesn't indulge and enjoy their money by buying
00:02:39.680 cars and real estate and trips around the world are always shady as fuck look at this guy's up
00:02:42.800 they just be moving funny well and since he said that he's converted to islam which is against
00:02:49.200 that type of lifestyle sam bank but i agree this guy if you just you look like ethan decline i just
00:02:56.340 don't trust you there that is true if you got if you're a billionaire you got zero drip if you look
00:03:01.360 like you make soy boy videos if you look like you stream gaming on twitch and talk about toxic
00:03:07.660 masculinity and you're a billionaire you got skeletons in your closet i'm just telling you man
00:03:11.800 he looks exactly like ethan decline freed with his moppy hair and unsuspecting look
00:03:18.160 is at the center of this story he was born in 1992 in california to an academic and politically
00:03:23.140 connected family this video is better his mother barbara is a lawyer and the co-founder of multiple
00:03:27.200 democratic fundraising organizations sam's father joseph was a law professor and would later help his
00:03:32.080 son raise funds for his company in 2014 sam would graduate from mit and would go on to work at the
00:03:38.320 new york trading firm jane street capital there he realized that he could make untold amounts of
00:03:42.620 money trading cryptocurrency he discovered a loophole where he could buy bitcoin cheaper in america and
00:03:47.320 sell it for a higher price in japan sometimes he would shift up to 25 million dollars a day
00:03:51.220 in 2017 he would use the money from these trades to start his own company alameda research
00:03:56.520 alameda research was made up mostly of sam's mit college friends and former work colleagues
00:04:01.400 this firm would later be a key player in the collapse sam supposedly believed in effective
00:04:07.000 altruism which he described as quote trying to figure out what practical things you can do with
00:04:11.200 your life to have as much positive impact as you can on the world he would make an impact on the
00:04:15.520 world all right but it was by no means positive so do you think he's gonna end up dead
00:04:19.160 perhaps to appear more trustworthy as sam became rich he would promote himself as the resourceful
00:04:24.960 billionaire choosing to drive an average toyota instead of a typical supercar but in reality
00:04:28.960 he would own a 30 million dollar mansion in the bahamas regardless so okay he does live a lavish
00:04:34.620 lifestyle he just doesn't show it all the time he's in flex mine's the same way multi-millionaire
00:04:38.360 and he drives a fucking like o2 honda and no one in the chat was telling me what i should bring up
00:04:43.740 on fresh of it after hours tonight with salim many social media influencers would later buy into sam's
00:04:48.040 humble brand image and many promoted his companies okay the guy you see next to me is the most generous
00:04:53.160 billionaire in the world and i found him hi my name is sam while trading at jane street
00:04:58.800 hey my name is him make a few friends one of these was caroline ellison she and sam would begin
00:05:04.720 dating back in 2017 caroline wasn't really sure what to do for a career sam suggested working at
00:05:10.400 his new company alameda research she didn't mean to get into trading but caroline thought that she
00:05:14.580 hey nico again another fucking 50 50 push-up so you are a jew well there's nothing wrong with being
00:05:19.220 jewish so i don't know why you're saying that message me on nico lemke well i guess i'm jewish
00:05:26.220 bro because i ain't doing no i brought i did a big ass workout today i hit chest today i ain't doing no
00:05:30.200 50 push-ups but thanks for the 50. might as well give it a go and with that someone with little to
00:05:35.360 no experience would quickly be on her way to becoming the ceo of what would become a multi-billion
00:05:39.900 operation according to fortune alameda research quote was run by a gang of kids in the bahamas
00:05:48.900 end quote many of the staff were sam's ex-co-workers from the trading firm jane street and others were
00:05:54.300 from mit sam had an inner circle of 10 people who were all housemates they partied together and had
00:05:59.560 been involved in romantic relations with each other this group of course included the inexperienced ceo
00:06:04.940 caroline who would publicly praise amphetamine drugs on her twitter on her tumblr caroline would
00:06:10.660 state that the only acceptable polyamorous relationship should be in the form of a hierarchy
00:06:14.220 people should know where they fall within the ranking and there should be vicious power struggles
00:06:17.660 between the higher ranks i have no comment despite issues behind the scenes in 2019 sam would start
00:06:24.100 his next major project ftx ftx was a cryptocurrency derivatives exchange for those not familiar an
00:06:30.300 exchange is basically a place to store and trade different cryptocurrencies and tokens for a fee of
00:06:34.560 course the firm would also offer discounts to clients who stored their money in a token called
00:06:38.600 ftt the ftt token was made by ftx and it was also the token that blew up this entire mess but we'll get
00:06:44.860 to that shortly the group of young misfits kept high-level management in the dark about what they were
00:06:49.660 actually doing one former ftx employee told forbes that the group was quote kind of a little clique
00:06:55.000 just a bunch of degenerate kids at the end of the day and they were all fucking each other in a house
00:06:58.960 in the bahamas right they had like a 10 person relationship
00:07:03.000 end quote so what did alameda research do well essentially they were a crypto hedge fund of
00:07:09.020 sorts they carried out trades matched buyers and sellers and would give investors a supposed return
00:07:13.660 an alleged 2019 promotional document raises some eyebrows to get people in the door alameda promised
00:07:19.540 15 annualized fixed rate returns with no downside if you watch my episode on luna you would know that
00:07:25.400 that's an impossibly good offer as later reported by the wall street journal the firm would use customer
00:07:30.260 deposits as loans for trading alameda research would later receive 10 billion dollars in ftx customer
00:07:35.660 funds ftx of course was also owned by sam gambling and investing with customer funds without their
00:07:41.380 knowledge is a clear violation in traditional finance like 10 billion dollars in customer funds
00:07:46.220 were transferred to alameda now both the wall street journal and reuters are reporting that billions
00:07:50.060 of dollars was being used on alameda so billions of dollars in ftx customer money yes being traded on the
00:07:55.120 alameda uh like through their uh trading house and so that's especially concerning i mean you can't you
00:07:59.840 can't take customer funds without the consent and what's especially bad about it brian is that it's
00:08:03.540 a clear violation of ftx's own uh guidelines ftx and the alameda offices are located in the bahamas
00:08:09.120 just steps apart from each other in a co-working compound now they're all in argentina what do we
00:08:13.240 know about the use of customer funds from here to over here because that is spectacularly illegal oh
00:08:18.880 yeah that doesn't happen on wall street that is a clear violation of security we're not in wall
00:08:21.600 street we're in the bahamas we're in the bahamas and to make things worse some of the things that
00:08:25.680 caroline said in interviews weren't too encouraging yeah absolutely could pull it off without my math
00:08:30.460 degree use very little math um use a lot of like uh elementary school math that's bro you're a
00:08:36.680 billionaire fucking that queen she's beautiful what chat who does she look like
00:08:44.960 being comfortable with risk is she has like an inverted chin she looks like
00:08:51.840 she looks like leafy is here it's very important um we tend not to have things like bro she looks
00:09:02.280 like an ant how bro you you can't eat you can't buy a batter bitch with that much money stop losses i
00:09:08.940 think those aren't necessarily great risk management tool trying to think of a good example of a trade
00:09:14.040 where i've lost a ton of money um well i don't know i probably don't want to go into specifics too much
00:09:18.760 sam stated that he started ftx because he saw that most other crypto bro you said g said
00:09:26.340 you would platforms only managed to cater to inexperienced retail investors ftx on the other
00:09:32.680 hand would offer more advanced financial products like features and options trading for crypto or
00:09:37.080 tokenized stocks that track the value of real companies like tesla people either really like the
00:09:42.360 idea or really trusted sam because he managed to raise two billion dollars from various hedge funds
00:09:47.300 and investment banks including blackrock how he managed to pull this off i'm not entirely sure
00:09:51.680 no no i don't want to spread anti-semitism but sam bankman is he is he is he is he
00:09:57.960 is he is he mazelstof
00:10:01.640 but supposedly smart people thought of him as a genius in fact according to a blog post from venture
00:10:08.560 capital giant sequoia capital sam was playing the video game league of legends while nerd on a call to
00:10:13.840 discuss a 210 million dollar investment that's some shit destiny would do on seeing this someone
00:10:20.260 from the firm typed quote i love this founder in a chat box during the meeting after the call
00:10:24.780 sequoia gave sam the 210 million dollars little did they know they would never see this money again
00:10:29.640 according to coindesk current and former ftx and alameda employees claimed that the operations were
00:10:35.120 full of conflicts of interest nepotism and a lack of oversight here's a quote gary nashad and sam
00:10:40.980 control the code the exchanges matching engine and funds if they move them around or input their
00:10:45.320 own numbers i'm not sure who would notice end quote nashad's girlfriend claire who used to live with
00:10:50.180 i don't want to spread anti-semitism i just did a podcast with leah heilpern that uh the girl who
00:10:56.800 did that iconic interview with andrew tate and we were talking about how jews don't actually run the
00:11:01.500 world and it's just but why is it that they have a connection with the hepsines and that the more
00:11:06.920 these conspiracies get exposed it's always a fucking every time epstein was jewish too right
00:11:13.700 i hate these coins i really don't want it
00:11:18.120 no it's just a coincidence chat it's just shut up shut up shut up shut up shut up sam was hired and
00:11:24.840 immediately promoted to head of hr this meant that she could and often did fire anyone who didn't agree
00:11:29.860 with sam other employees claimed that sam was the ringleader quote sam wanted to take riskier
00:11:34.960 decisions than what others would take sam ran everything we trusted him and believed him
00:11:38.900 but regardless for now crypto was rising like no tomorrow and business was going great for sam
00:11:44.720 so i'd encourage everybody to go w jews w jews it's just it's just a weird coincidence
00:11:48.860 out there and look at you know let's call it the top 30 or so cryptocurrencies by market cap
00:11:52.520 what's up i'm getting into crypto with ftx you in
00:11:54.440 in july 2021 it was reported that ftx was averaging 10 billion dollars a day in trading volume across its 1
00:12:02.300 million users by this stage ftx had a uc berkeley stadium named after them an advertising partnership
00:12:07.400 with the golden state warriors and the mercedes f1 team they even had an nba stadium in miami
00:12:11.480 named after them ftx was involved in every corner of the crypto space
00:12:15.040 you recognize any of these names not really as ftx grew it became a household name promotional material
00:12:23.660 included stars like tom brady stephen curry naomi asaka and larry david and according to nbc
00:12:29.180 these stars received larry david i'm playing i'm playing sam's company in return in fact it's
00:12:34.080 reported that tom brady put his 650 million dollar fortune into ftx it's worth noting that this whole
00:12:40.380 time ftx had no board of directors just sam this guy was famous another employee and a lawyer ftx even
00:12:47.820 became involved geopolitically being a partner of the world economic forum
00:12:50.720 i didn't know this what lawyer ftx even became involved geopolitically being a partner of the world
00:13:03.560 economic forum what this shit proves the deep state i don't understand how all the liberals on youtube
00:13:11.780 are just completely ignoring the story how does this not prove the red pill idea that they're trying
00:13:20.080 to push a liberal woke agenda to make us dumber and it's an active agenda from the elites not because
00:13:27.640 they give a fuck about gender neutrality or trans people or blm but they're pushing woke ideas
00:13:34.240 so that they keep us all stupid weak and easy to manipulate while they make all the money pushing
00:13:41.460 the globalist agenda the world economic forum why did nobody tell me this chat
00:13:47.420 they also built the infrastructure to supply funds to ukraine basically converting cryptocurrency
00:13:53.380 donations into fiat currency for deposit at the national bank of ukraine at this stage sam became
00:13:58.640 knee-deep in politics
00:13:59.480 it's a conspiracy theory until 30 days goes by bro i've been saying that bill clinton's been eating
00:14:17.820 kids on an island look at him next to bankman man all connected with the epsteins it's a secret
00:14:24.940 society that works together to push woke people woke ideologies on the weak people so that we have
00:14:31.760 one giant government that controls the whole world they're going to control all the currency they're
00:14:37.460 going to make us have phones dialed up to the how much carbon we emit they want us to be godless and
00:14:44.300 stupid this is what they're pushing thanks for the five uh hung wizard google ftx ukraine please
00:14:50.160 we're watching this video soon he would be worth 26 billion dollars oh and he's wearing the ukraine
00:14:57.200 little what he donated five million dollars to joe biden in 2020 alone what
00:15:02.560 and 50 million dollars to politicians ahead of the 2022 midterm elections
00:15:08.780 but there's a hidden detail to the story a lesser known player within ftx was ryan salami
00:15:13.840 he donated 23 million dollars to republican politicians to also gain political leverage for ftx
00:15:19.000 left or right isn't the point here the main issue is that this company was buying political influence
00:15:23.820 and nobody was paying attention on the 16th of november 2022 the united states new york fed and 12 banks
00:15:29.860 including citigroup and wells fargo announced that they're testing digital us dollar crypto tokens
00:15:33.740 so after years of chatter central bank digital currencies are looking to be a part of the next financial
00:15:38.580 system for the united states and ftx wanted to be at the center of it as sam's empire grew
00:15:45.320 someone was watching closer than most his name was chang peng zao aka me with a hoodie and glasses and 50
00:15:53.260 cz and he was the ceo of binance ftx's biggest competitor a single tweet from this man would start
00:15:59.120 to chain reaction you know that that gun uh who just goes one two three four five six seven eight
00:16:07.160 nine ten eleven that would collapse sam's empire but we'll get to that for sam everything would
00:16:14.000 start to change in the second half of 2022
00:16:15.860 as inflation was beginning to rise the u.s federal reserve lifted interest rates higher rates mean more
00:16:23.180 expensive loans and a more cautious economy for this reason risk assets took a dive and the premier
00:16:28.140 among them was cryptocurrencies as crypto firms began to blow up and go under sam became the man
00:16:33.100 to bail them out he could then buy the crypto off their books at record discounts and this wasn't risky
00:16:37.900 because after all alameda research had plenty of capital to spare or so everyone thought behind the
00:16:44.120 scenes sam and his friends at alameda were making huge losses from bad trades and these bailouts
00:16:48.420 meanwhile guys as crypto lenders continue to collapse along with prices one key figure we've
00:16:54.080 talked about has emerged to help stabilize the ecosystem that is sam bankman freed founder and
00:16:58.080 ceo of crypto exchange ftx bankman freed's company provided a loan made up of crypto and cash it was
00:17:02.280 worth about 500 million dollars voyager only drew on about 75 million worth of that total legal analysts
00:17:07.760 that are telling me it's unlikely alameda will recoup that equity and credit line that money may be wiped
00:17:11.960 out in voyager's restructuring seeking to prop up alameda sam secretly transferred at least
00:17:16.760 four billion dollars worth of ftx consumer funds publicly he was stating that all of these funds
00:17:21.200 were being moved around within the ftx company quote heads up rotating a few ftx wallets today
00:17:26.280 mostly non-circulating we do this periodically might have a few more coming won't have any effect
00:17:30.460 people tracking these wallets were suspicious and they had a right to be sam was lying this trade
00:17:36.040 wasn't routine it was the largest transfer of tokens on an exchange ever the recipient wallet wasn't
00:17:40.960 one with an ftx but another wallet that was at alameda according to reuters sam did not tell
00:17:46.540 other ftx executives about the move to prop up alameda he was afraid that it could leak
00:17:50.740 meanwhile caroline accidentally said on a call that ftx used customer money to help alameda meet its
00:17:55.960 liabilities the 27 year old ceo just admitted to potentially criminal activity and could now be up
00:18:03.520 for a lengthy jail sentence so a key point to note is that these funds given to alameda weren't in
00:18:11.660 dollars but four billion dollars worth of ftx's own tokens ftt and herein lies one of the biggest
00:18:17.500 issues with sam's crypto empire ftt was essentially a made-up token by sam and his friends
00:18:22.740 here's the problem say you had a great idea and we're looking for an investment sam could say
00:18:27.360 here's five million dollars but it's not dollars it's an ftt frankly he was using money that didn't
00:18:32.960 exist to buy things as cory clipston ceo of the investment platform swan bitcoin puts it quote
00:18:39.220 it's fascinating to see that the majority of net equity in the alameda business is actually ftx's
00:18:43.660 own centrally controlled and printed out of thin air token what basically doing what the federal
00:18:48.080 reserve does just making up money on november 2nd sam's worst fears were realized when behind the
00:18:55.080 scenes information about alameda finally leaked a report by the news outlet coindesk detailed a very
00:19:00.860 unhealthy balance sheet that allegedly showed that much of alameda's 14.6 billion dollars in assets
00:19:05.540 were held in ftt the coin made up by sam and his friends in essence sam created a coin artificially
00:19:11.320 attributed value to it and then used it as collateral to finance his projects it was very
00:19:15.440 very shady for sam this was never a problem as long as the coin went up in value but things were
00:19:20.700 different now the crypto market was sliding and as this happened much of alameda's books became
00:19:24.540 essentially illiquid questions about the real financial stability of ftx began swirling
00:19:29.100 it became the perfect opportunity for sam's main rival cz to step in
00:19:33.720 sam and cz's relationship started six months after the launch of ftx
00:19:39.860 cz bought 20 of the exchange for about 100 million sam would later buy back the stock for 2 billion
00:19:45.120 dollars this sum was paid to binance in part by ftx's own token ftt meanwhile cz was bitter because
00:19:52.700 behind closed doors sam had been lobbying for the creation of a brokerage-like licensing system
00:19:56.440 decentralized finance and who would lose out the most from this arrangement almost all other
00:20:00.920 exchanges especially binance ftx's main rival and this is where things get a bit crazy because
00:20:05.900 interestingly it's reported that the head of the sec gary gensler and caroline's dad glenn ellison
00:20:10.820 both worked at mit as professors at mit caroline's dad was the former boss of the head of the sec
00:20:16.360 an alleged leaked email shows that the sec was going to give ftx quote no action relief basically
00:20:22.940 this means we know that you're breaking the rules but we'll look the other way if these reports are
00:20:27.740 true we could be looking at genuine corruption within the u.s government
00:20:30.660 wow is it not insane to you that this information is out there and just all the commentary channel
00:20:42.100 all the streamers all the liberal streamers on the mainstream platforms are not talking about this
00:20:47.720 what are they talking about who fucked who did she suck your dick no that's problematic
00:20:52.620 that's gaslighting you're manipulating me no if you in a way if you put it in a way
00:20:57.300 you're she's manipulating shut the fuck up look what's happening and also look at this bitch
00:21:03.560 look at her look at her you got a billion you're fucking that
00:21:07.940 she looks what movie is that she looks like the ant from a bug's life
00:21:18.280 and you're billion you're funneling and money laundering all this to the government you're
00:21:28.840 gonna risk it all and then go out fucking a blue ant from a bug's life do better sam bankman
00:21:35.080 genuine corruption within the u.s government as ftx grew cz viewed them as a genuine competitor
00:21:40.800 he now had two billion dollars worth of ftt tokens if he wanted he could bring down the house of cards
00:21:45.980 so he did and the leaked coindesk report was the perfect excuse to do that
00:21:50.060 what set in motion the disaster was a simple tweet it's november 6th and cz comes out publicly stating
00:21:57.640 that binance will dump the two billion dollars worth of ftt that they got from that early ftx stake
00:22:01.840 now ftt wasn't heavily traded so dumping all of this on the open market at the same time
00:22:06.360 would have mammoth consequences so ftx ceo sam bankman free took to twitter this morning
00:22:10.240 to clear something up he said that a competitor is trying to attack the company with rumors
00:22:14.520 he then says in this it's fine assets are fine you know that meme where everything's burning and
00:22:19.660 falling apart ftx is fine assets are fine emery tate says she looks like the girl with the glasses
00:22:26.800 and recess yeah mrs richard he sam bankman money laundered to the democratic government to
00:22:34.740 push a woke agenda and also get really rich and be in a polyamorous relationship same tweet ftx is
00:22:40.960 fine assets are fine over the weekend speculation rose about the solvency of ftx this came after a
00:22:46.740 coindesk report revealed alimator research's balance sheet is full of ftx's native token ftc so binance
00:22:53.260 ceo cz got in on the actions he said that he would be liquidating the exchange's ftt tokens on
00:22:59.040 its books and there was a little bit of back and forth with alimator ceo adam i'm gonna kick this
00:23:03.800 off to you first i was gone for a week and what a story to come back to maybe you could talk us
00:23:09.240 through what is going on the tweet shook the crypto world and money began bleeding out of ftx and fast
00:23:14.080 in a correspondence with staff a presumably panicked sam said that the firm saw a quote giant withdrawal
00:23:19.620 search as many users rushed to withdraw six billion dollars in crypto tokens from ftx in just 72 hours
00:23:25.300 sam would remain confident stating quote we're chugging along obviously binance is trying to go
00:23:30.520 after us so be it end quote the ftp tokens price collapsed 80 percent over the next two days this
00:23:37.080 resulted in ftx's reserves falling ftx didn't even have the funds to pay out all of these withdrawals
00:23:42.520 so did they use customer funds they had nine billion dollars in liability and only 900 million in
00:23:47.280 liquid assets oh my god freshest call should i pick up fine i'll pick up
00:23:50.480 yeah i'm streaming we're talking about the ftx scandal we're learning about what's happening with
00:23:57.160 the government and the new new world order yeah you said 10 o'clock
00:24:01.080 yo
00:24:06.960 what happened you just gonna start no i i just froze like what hidden does
00:24:32.240 what so what so are you still doing or what you told me 10 years huh you told me 10 yeah i told
00:24:41.340 him 10 but i didn't know all right we got we got done early all right so uh yeah i guess 9 45 i think
00:24:46.820 uh salim's coming i told salim 10 should i tell him earlier yeah yeah yeah
00:24:51.760 all right what's up i'm pulling up later say what up to the stream say what up to rumble
00:24:57.020 all right yo what up rumble okay like this all right bro all right
00:25:04.080 that's only 10 percent covered to stop a further sell-off caroline of alameda offered binance a deal
00:25:14.220 alameda would purchase all the ftt that binance was dumping on the open market but cz binance's
00:25:18.900 ceo answered by stating that they quote won't support people who lobby against other industry
00:25:23.260 players behind their backs next more news would come out that would shock everybody again
00:25:27.620 sam called cz begging for help an agreement was made for binance to buy ftx
00:25:32.220 so to go from saying that assets are completely fine to a complete 180 and selling his company in a
00:25:36.860 single day things needed to be very bleak while the deal was labeled as a strategic acquisition
00:25:41.740 one two three cz went into pr mode stating that quote ftx was in trouble we bought them to save
00:25:47.620 them he may have said that but he knew perfectly well that dumping all of this ftt would destroy
00:25:52.500 sam's empire buying up all of his assets at a steep discount would be a great way to consolidate power
00:25:57.700 but as a side binance were by no means clean themselves the u.s justice department is investigating
00:26:02.900 binance allegations include money laundering and criminal sanction violations reportedly binance
00:26:08.200 had helped iranian firms trade eight billion dollars since 2018 despite u.s sanctions
00:26:12.880 for a while this looked like one of the most cutthroat business moves in recent times
00:26:19.720 binance was able to destroy and acquire its main competitor however only two days later binance made
00:26:25.740 another announcement and this would rock the crypto world once again they were no longer pursuing the
00:26:30.160 deal and they weren't going to help ftx so what was the reason for the major so it's binance beast
00:26:35.080 are they the good guys once binance investigated ftx's books they found a disaster the company had
00:26:42.260 a far bigger gap between assets and liabilities than they expected reports suggest an eight billion
00:26:46.580 shortfall with this news even some employees at ftx were shocked executives had been left in the dark
00:26:51.980 about the true state of affairs the kids in the bahamas were playing with risk and they were losing
00:26:55.840 big without telling anyone on top of this the u.s justice department began to investigate yo this is
00:27:01.440 what tiktok is doing man they banned me on tiktok and they put pedophile globalist world economic
00:27:09.460 forum money laundering fake woke ethan decline looking bots on there they were losing big without
00:27:16.300 telling anyone money laundering dances on top of this the u.s justice department began to investigate
00:27:21.960 this was over the 10 billion dollars of customer ftx funds that were given as loans to alameda
00:27:26.040 so with no liquidity and no plan b ftx stopped withdrawals whispers of bankruptcy filled the digital
00:27:33.100 spaces of twitter on the 11th of november sam resigns and tweets that ftx and alameda ftx is fine
00:27:39.900 everything's fine a filing for bankruptcy this news sent crypto markets crashing no corner of the market
00:27:45.420 was left unscathed over 150 billion dollars in three days that's how much the world's 15 largest
00:27:51.300 cryptocurrencies lost in market value it's because of the crypto exchange platform ftx orderly is
00:27:56.460 difficult when you have an entity that has 130 entities across the globe really looking to file
00:28:01.300 for bankruptcy and receive whatever assets they can to make some investors partly whole again however
00:28:06.880 the value of a lot of their holdings obviously have fallen dramatically you have ftx trading the ftx u.s
00:28:11.940 entity alameda research which is sam bankman freed's trading shop and again like i said 130 additional
00:28:16.760 companies he apologizes and took full responsibility but people were understandably still extremely
00:28:23.200 angry and with that ftx which was once valued at 32 billion dollars earlier this year with investors
00:28:30.360 including softbank and blackrock was no more wait wait it was tied with blackrock too
00:28:37.660 two billion dollars earlier this year with investors including softbank and blackrock this is what i'm
00:28:42.560 saying they all work together when you talk about the elites when you talk about the globalist
00:28:46.620 agenda it's the democratic party it's the people who own these companies behind the scenes who
00:28:52.080 push a woke agenda and invest in different places and have woke scores
00:28:57.460 it's people like this behind the scenes who probably touched a kid and now does whatever
00:29:03.860 the woke mind works for that world economic form it's one giant ring of people who are trying to
00:29:10.540 control us as much as possible i'm glad that when i talk about it before i just sound like a crazy
00:29:16.120 conspiracy theorist but this is really unraveling in front of our faces this is what's going on
00:29:21.580 was no more another mystery soon came to light as it was discovered that one billion dollars worth
00:29:27.680 of customers cryptocurrency had vanished from ftx writers is also reporting that one to two billion
00:29:32.520 dollars of that customer money that was transferred to that trading house alameda is just missing they
00:29:36.820 just don't know where it is so that's a huge concern and to make matters worse whatever money
00:29:40.540 remained in the ftx accounts was hacked and stolen alarmed consumers began chattering on social
00:29:45.440 media that cryptocurrency was disappearing from their accounts and their balance was now reading
00:29:48.880 zero chat who took an l i had no money involved in ftx did anyone take a fat l like that over half a
00:29:55.440 billion dollars in cryptocurrency was siphoned online blockchain detectives this is why leah said and
00:30:01.120 the podcast is gonna drop soon all the tiktokers that's gonna be great clips that was one of the my the
00:30:05.700 best podcasts i ever did best interviews i've ever had she says just invest in bitcoin ethereum is some
00:30:10.340 world economic form crypto that they're trying to make to compete with bitcoin that's why i have an
00:30:15.260 equal amount of money in both i'll have some globalist money but i have a lot of bitcoin as well and it's
00:30:19.320 really low right now and i'm dumb i don't know a lot but i know it's the lowest it's been in over
00:30:23.760 two years right now or at least a year i think bitcoin's had like 16 000 and it peaked at 68 000 last year
00:30:30.600 but now's a good time it's decentralized no globalist money is involved in it it's the only
00:30:36.800 crypto that really has a chance to beat the globalist economy to beat the all the globalist
00:30:43.240 currencies i that's what i've heard from people who are really into crypto and it's low right now
00:30:48.640 and i'm not gonna i'm never gonna promote a crypto scam i'm never gonna try to scam you
00:30:52.820 the only thing that i sell is my course which is 50 the creativity kit i have three calls i talk to
00:30:59.340 you it's a really clear exchange i'm never gonna do a crypto scam and it's tempting to do some
00:31:03.600 gambling stuff i'm not gonna lie wll if i do some gambling i can make a bag off that but maybe it's
00:31:11.280 better to just do healthy business and never not really indulge in any of that i understand that it's
00:31:17.440 your decision to do what you want to do but seeing the way a lot of these businesses end up maybe it's
00:31:23.000 better if i just stay out of that completely and now watching closely so far the hacker has moved
00:31:28.740 into ethereum making them one of the largest holders in the world
00:31:31.380 countless companies are affected sequoia capital one of the biggest ftx backers announced that
00:31:41.620 their stake was essentially worthless and wrote it off their books so i guess next time when they take
00:31:45.800 an investment call with a guy playing league of legends they may think twice galois capital a hedge
00:31:50.240 fund whose founder is credited with spotting the collapse of luna still had quote half of our capital
00:31:54.660 stuck on ftx at the time of implosion blockfire had to stop withdrawals and are now filing for
00:31:59.500 bankruptcy a teacher's pension fund in canada invested almost 100 million dollars into ftx
00:32:04.500 so now innocent people who had nothing to do with crypto could see a dent in their retirement
00:32:08.220 ftx bankruptcy files show 134 affiliate companies across the world estimates say that liabilities could
00:32:15.000 be up to 50 billion dollars for a sense of scale enron's liabilities will turn to 3 billion
00:32:19.360 fittingly ftx's new ceo is the former enron bankruptcy lawyer the white house would comment
00:32:25.220 on the situation calling for more regulation as for sam according to reports he lost all of his
00:32:30.000 wealth and has a negative net worth this is what's gonna happen to him chat i want to see your
00:32:34.520 predictions because he has more debt than equity in all of his companies and investments adding the
00:32:38.580 involvement of the department of justice in the case who knows how much the damages would be
00:32:42.060 sam is currently under police surveillance in the bahamas
00:32:44.740 on november 16th sam tweeted that he was going to meet regulators to try and repay customers
00:32:49.900 comments under the tweet could be summarized as basically what are you doing you should be in
00:32:54.020 jail meanwhile bloomberg reports that u.s and bahamian authorities are in talks to bring sam
00:32:58.880 back to the u.s for questioning this will be what's gonna happen if they arrest him test of his
00:33:02.720 political donation oh he's chatting he's gonna off himself the camera's gonna turn off in the
00:33:06.880 prison cell for sure so naturally there's unconfirmed rumors at this point i'm going to still
00:33:12.100 mention them but take the following with a grain of salt the main theory is that the hack was an
00:33:15.980 inside job funds were stolen through a secret back door that sam could siphon without detection
00:33:19.920 when reuters asked about the missing funds sam simply responded with three question marks
00:33:24.100 as for crypto as a whole there's now a whole lot of risk and uncertainty it's going to take a while
00:33:29.980 to see which companies were dangerously tied up with ftx a lot of firms seem like they were tied up
00:33:35.480 somehow with ftx right now we're just going to have to wait and see what happens with the market and
00:33:39.820 what arrests are being made will there now be regulation what happened to the missing funds we
00:33:44.120 just don't know at this point it's a wild story that's still unfolding ftx you know generated uh an
00:33:49.500 ftt token blew you know if you trade your own token on your own exchange with wash trading with
00:33:54.600 leverage you can park the price at any number you want so you want to make a billion dollars you jack
00:33:59.300 the price by three bucks by wash trading with yourself then you generate a billion dollars of
00:34:03.260 collateral then you look for a bank that'll loan you money against the collateral of course nobody in
00:34:07.480 the right mind should be loaning money against an air token that you manipulated yourself but of
00:34:11.100 course sam happened to be the ceo of a bank that made loans so he applied for a loan from his own
00:34:15.840 bank and he granted it to himself and then he took real assets like bitcoin from his honest customers
00:34:22.060 and then he rehypothecated him traded him lost him and so this is just an egregious ethical lapse and
00:34:28.120 it can't go on so what can we learn here well if you're an investor only put in what you're willing to
00:34:33.020 lose they didn't mention in this video how he was one of the biggest donors of all time
00:34:37.580 to the democratic party he was funding biden's campaign this story also shows that in a bull
00:34:43.660 market with cheap money anything goes even the smartest experts become drunk with the idea of
00:34:47.820 making millions they're willing to throw hundreds of millions of dollars to a 30 year old and his
00:34:51.440 polyamorous friends some of whom had next to no experience really with this whole thing it just
00:34:55.920 seems like no one knows what they're doing although there might be a deeper aspect at play here in the
00:34:59.980 depths of u.s politics although we can draw nothing conclusive at the very least the political
00:35:06.420 lobbying and possible corruption is concerning so what do you guys think about all of this feel free
00:35:10.980 to discuss below the whole thing reminds me of 2008 firms making up financial products taking on huge
00:35:16.780 risk and passing it to others it's like 2008 mixed with epstein it's crazy because cryptocurrency was
00:35:21.940 supposed to stop this but i guess where there's money to be made you always get bad actors
00:35:25.300 i just finished the documentary on the 2008 crisis what happened and how it still affects all of us
00:35:30.900 today so really i can't help but see the parallels i'll leave a link to that and my other documentaries
00:35:34.640 on fraud and scams