Crypto Crash: The Rise and Fall of Sam Bankman-Fried and FTX (In Real Life)
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- Опубликовано: 1 апр 2023
- Full interviews with Sam Bankman-Fried referenced in this documentary are available on crypto reporter Tiffany Fong's platforms: / tiffanyfong ] / tiffanyfong
Discover the rise and fall of Sam Bankman-Fried, the founder of FTX, a cryptocurrency trading platform. Once hailed as a genius and industry titan, his success was overshadowed by reckless investments, suspicious accounting, and the mixing of customer funds. Facing criminal charges, his story raises concerns about how press coverage and marketing can mask bad business practices. #FTX #Cryptocrash #ScrippsNews #SamBankmanFried #InRealLife
"In Real Life" is a documentary series that dives deep into a different topic with a different reporter each week. Episodes premiere each Sunday at 9 pm ET on Scripps News.
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![How This Man Just Caused a $45 BILLION Crash [Terra Luna]](http://i.ytimg.com/vi/3KZY41SqaTI/mqdefault.jpg)
Drives a corolla , lives with roommates. Left out the $30mill penthouse part.
And $500 million “loans” of customer funds to FTUX execs 🙄 glad this guy was found guilty.
Thoroughly well done. Kudo's to your team. Quality information and very nice production.
Great explanation and well-produced video!
The fact he tried to sell it to binance tells us he isn’t innocent. He needs to be put in jail with Epstein’s old celly. Either that or that Fran lady that was a nanny on tv. That would be torture. Like like like like
A lot of info here is incorrect
6:00 Larry was right 😂
the best explanation of what happened. thank you for this video!
Name of Song at 6:06?
Nice job Scripps
I have completely stopped trading or investing on any crypto platform.. to me even bitcoin is a scam.. all coins are scam.
Good for you, as it is a gambling principle,
So, Sam "Bankman Fried" is preordained by the deities of Money, and he would be hitting the sun like a Pheonix, then be reincarnated at the end of the 'Crypto Currency World'.
15:55 I remember watching those interviews with Fong. I’m amazed Sam didn’t invoke his right to a lawyer
That’s because he is innocent he’s a he’s the best analytical cyber security expert take a fine to go undercover to fix the problem before the communist got our Neste Gower hundred trillion dollar Nestec kudos to bank man I look for bank man dollars in the future not coins
What are you referring to? He had lawyers even when he got arrested in the Bahamas. Not to mention both his parents were also lawyers.
He had an "aura".... yes an aura of a sleazebag
@@govindagovindaji4662 incorrect his parents weren't lawyers, his dad taught accounting law at Stanford and his mum taught compliance at Stanford as well.
And they both siphoned off millions fromm FTX as a 'salary' and bought a beach house in the Bahamas with their sons stolen money
This is when growing up in third world country benefits.
EVERYONE is trying to rip you off, even your family.
And honest people will claim every penny they got, because they earned it hard. Especially when they're still young.
You can run a legit company in a 1st world company - not so much in 3rd world country. Keep that victim mentality though, I am sure your parents are proud.@theadjudicator7323
8:00 I don't quite get the part of "very quickly" he became this hugely influential figure in the market." Certainly, he could not have bought the sponsorship of Miami Heat and the FTX Arena early on. He would not have had the money then. I think its more what that first guy said: that it was the confluence of how Crypto was exploding anyway and so then of course, a marketing campaign was everything. I just wish one of these videos would explain how someone can "make their own coin." I mean like, when they initially do that, is there a dollar amount/value of money associated with each coin and what/who determines that and how? This is the piece of information that non-crypto people need to help fill in this incredible story.
Only in crypto world. It was like a real life exploit that theoretically CANbe used purely legitimately, but obviously was not
The ancestors would like to offer you to go to democracy now Amy Goodman, and this young man is a hero. He figured out how to keep the Russians and the Chinese away from our bank man dollars.
15:47 he wanted to hit it, Tiffany. That’s why.
1:00 I don't know who this good looking man is but somebody has to say it~!! The funniest thing about all this is that I had heard of crypto and bitcoin prior to this scandal, but I had never heard of FTX nor SBF. Never. I wasn't paying much attention to either crypto or bitcoin but still ~ unless you were actively engaged in it, I don't think SBF was a poster boy for it. I think that gold coin with the dollar sign running through it was.
The people in the beginning describing SBF personality is what they saw, be honest I never seen that I really don't just any of those people's judgement.....
No, the reason this one was different is because we know he was the biggest democratic donor in 2020 that's why it's f****** different
14:32 As to the comingling of funds - I do 'get it' as Alameda & FTX were supposed to be separate entities. However, don't banks use customer money all the time to make investments and buy and sell stocks? I thought that was how banking worked and why they like to have and even solicit automatic deposits. No~?
That's banking not an exchange. To entirely separate things
@@lioneltholmer4584 Now I understand completely! 😂
It’s still criminal what the banks do honestly. They do use our hard earned money to make more money for themselves by creating loans and charging interest from our money! That’s why I’m going bankless… Defi, gold and silver and cold cash
@@govindagovindaji4662let me help, it’s like the difference between a bus and a train. Got it now?
@@govindagovindaji4662 The FTX terms of service explicitly stated that customer funds would not be used by FTX for trading/investments but they went behind the backs of their customers to do exactly that. It mentioned that customers could withdraw their money at any time, which was not the case. With banks depending on the type of account you have, you are made aware from the beginning that the money will be used for investments. So the issue here is about consent and customer awareness.
Please do ken griffin and citadel
This was so obviously a scam, I truly don’t feel sorry for anyone dumb enough to went into this
I lost over $19 dollars into this fiasco! I want my money back
@@michael-4k4000 just don’t take a check
Silly investment @@michael-4k4000
Hd ko pa nakukuwa ung id ko sa sm rp sa parking lot ng motor
Omg how?
This "in retrospect" is all bull-dinky~! As Paul here said, there were plenty of red flags ~ nobody cared because they were making money. So, other than small retail investors who wouldn't know any better, why should we care if big investors looking to get rich quick, get their money back~? And a question, if CZ "withdrew" his FX tokens or "sold them off" ~ who did he sell them to~? Is that person holding the bag for him now~? Or did FTX pay him in dollars~? These are the type questions that I do not know how to find answers or tutorials on. Any suggestions~? I don't mind if you answer this 6 months or a year from now b/c I've been asking since last Nov, 2022 and it's June 2023 now.
Short term views 📚🙃
11:47 uhm no, he was literally throwing *a wrench into the broken system* ... KNOWINGLY....
one look at his nose and rumply shorts and i was totally hooked.
How much did the Chuck person get for those smiles?
3:50 " He spoke articulately but kinda in this distant way...?" More like talking in circles if you'd ever asked me. Someone should have.
He is a criminal. It is as simple as that.
The guy drove an old Toyota and that was enough for me
the money P T Barnum of the con
Money was not literally pouring in my friend. It's a solid not a liquid, and you can only pour a liquid.
👁 EXPECT US
what a scammer
What a joke. While he was declaring his philanthropic goals in effective altruism, he was probably also busy using FTX user deposits to gamble in crypto, to purchase naming rights of FTX Arena and to spend lavishly in marketing and sponsorship deals. He failed his most basic fiduciary duty to protect user funds. Yet, he wants to be the savior and the effectively altruistic billionaire. He knew he was misusing user deposits. Yet, he went to DC to help write crypto regulations??!! How could someone do this in real life? It’s beyond disgusting.
thats why never store or invest money in one single place..
One thing I do not understand on this case is how did he lose all the money. Did he really made stock bets with billions of dollars and lose every single time. Seems impossible to spend over billion dollars on material things and not have much resale value.
They flew private jets up to 4x a day for Amazon goods ...they spent a lot..but mostly they created wealth thru the crypto trading 'casino' practices ,,,they didn't limit themselves to money printed by the Feds that's why they used customer funds when bills came due ,,,
They didn’t lose it all but they weren’t able to liquidate it nearly fast enough to give money to people withdrawing bc they had invested it elsewhere to get future returns instead of just putting their money into savings
4:00 money money... money money money? MONEY! money money, money........ I mean; money. right?
25 years is NOT long enough....The victims got short changed... (TWICE)
The great con
who is not contented with what he has, would not be contented with what he would like to have.
Socrates
OR, "He is like the woman that walks around with a Virginian Ham under her arm and complains that she has no bread." Sopranos
The ancestors and a spirit of civic civility and community will cover this young man’s bill. He was deep, deep, deep, deep, deep, deep, deep, cover, this young man is in the top 1% of analytical cyber security op specialist he had round 99% of the other security companies. It was catch me if you can kudos bank man and give my regards to your parents, we will keep you out of jail. We will pay your bill.
Not if Bigfoot snatches you up first.
Did someone stop taking their medication? You know what happens when the voices come.
Sam bacon-neck fried giving the tshirt a whole week of wear before washing it again
He is exactly that dude in the TV commercial w the girl, the two of 'em out to dinner, and first thing she notices is the yukky T!T-shirt. And!!! Did he really think he's cute? 10 Yuks!!
So pretty much you shouldn't off gotten into Crypto basically it's like money laundering between the two companies the same man owned.
Just this company - FTX. Not all Crypto exchanges do what his did. In fact, no other Crypto exchanges or companies have/own "a second company" like Alameda which was a hedge fund type company - or a trading company. But yes, this case WAS 'like money laundering' between two companies.
@@govindagovindaji4662 thanks for the feedback on this I have been trying to learn about all of this as I have been thinking about doing this with Federal check I get this year but I have not really made up my mind on it. I'm not sure if the guy even got into any trouble for what he did it kinda seems like it got all swept under the rug . Money looking out for money 🤑💰 or at least so it seems that way.i know not all companies do business like he did .
Yes, crypto just like stock exchange is made up for money laundering. It's what the jew does best, play with your money.
@@govindagovindaji4662 Crypto is a scam
He fix the 1% hold that was in the industry is going to be secure in the future Rabi call bank man dollars the kids a Genius. He went undercover and fixed it out ran 99% and the security companies out there who actually out around 100% of them had that’s right we didn’t put the money in the fun fast fast fast enough expect a bunny to five kiddo next time spending a little slower next time you’re in a mission Spanish slower we couldn’t keep up with your spending you gave it away too fast
I am really curious, why did these "smart" people think this would work? Why? I would not have considered it, and I am not even one of the well connected "smart" people, why didn't they?
It was an intended fraud all along, not an accident, that's why. But Curly-Wrinkly-Smarty-Pants here thought some of the Alameda investments would bring in millions to cover their billions in debt. He just got his millions & billions mixed up! 😅
Haven’t they locked 🔒 him up 😮😳👀🤔😉
They have now!!
👍
Anyone in America 🇺🇸 visit him ?
Yea, a NYT journalist who got him recently sent to prison for it and as he now awaits his trial. In all seriousness though, he was allowed visitors when at his parents house prior to this. What an idiot h although it'll count as time served so he may as well. I never understand ppl putting their prison time off. Faster in - faster out.
He lives with roommates where in multimillion dollar home flying private jets
I stopped watching at 22:01
If you want a legitimate documentary then please don't give Aaron Kaplan a platform - he's so irrelevant to this story that I actually find it insulting that his commentary is included!
I have to believe the Russians are gonna be really interested in SBF
Professionals from all around the world have fixed the coin industry on the we’re gonna call the bank man dollars kudos kid you want deep cover and fixed it
Larry is right 😂
I bet JP Morgan not happy
22 billion to $100,000 in a few days....,
Did China contribute to this wreckage
that poor dog has to live with dbags: SBF=AnthonyPage+Beavis+Butthead
Buterin comes to mind.
SBF sucha big fraud 😂😂😂😂😂😂
He stank of conman, and cryptocurrency is made for it.
Scam Bankrupt Fraud🎉🎉
He was gambling and playing games with billions of peoples money they invested. The bizarre polyamory and Anfedamine abuse should have been a huge red flag 🚩
"Bankman Fried". Says it all really, doesn't it???
Fried anything is generally not good for you.
What a coincidence, as his name is preordained by the deities of Money, and he would be hitting the sun like a Pheonix, then be reincarnated at the end of the 'Crypto Currency World'.
He did nothing wrong.... he was framed by Russians
ya, kinda like Bernie 'Made off' with everyone's dough
What about David Grusch? The fly in the ointment and all
He’s a hero. He went undercover for the government and fix the one percent hold at the car minutes we’re gonna get through get them out of jail pay his bill, Tata government to pay his bill.
what a con...rich by taking other people's money
That's how most people actually get rich tho lol
@@johnathanrush4666similar but not same, this guy just took away other people's money..
Scam Bankrupt-Unfreed
Fried means Giant or Mountain or Rock kinda
@@TremereTT oh I get it now. Giant hair.
He tried to buy politicians?😂 lies already
Scamed Artists
You could be sued for calling it a scam. It was not a scam. It was a government undercover espionage
Let him go Lil Sbf gon be a Rapstar.
This guy is the standard for loser or standard for badass. Haven’t decided yet
He a jew, so he automatically a loser
Definitely won't be a badass in prison!! I'd love to be a recorder inside his mind right about now as he sits inside Brooklyn Jail. Seriously interested in what he's thinking then and now. And what his parents are thinking 😮😮😢too. How could they NOT see that he was too inept to pull off his/their frauds?
Him and his little brainiac nerds get what they get
Democrats little cash cow 🐄
This is what a certain famous Austrian painter tried to explain, trust the Jew and go down with the Jew. Bankman-Fried is such a clear Jew name.
Lol you thought you did something huh
Jesus Christ (Yeshua) is the only true God and he is against the love of money. Godd of money😂😂 AllaZacheberg🤣🤣.
The love of money always shows its true colours as evil.
These are just charges we need to wait for the courts proceedings.
... JCy is Scammer
of asSouls like U !!!
Please, this is not a religion matter the communist her at our door they’re gonna get through the Twitter virus. This young man was on an undercover mission to figure out how to stop at. He’s a hero. He saved our nation close to $100 trillion in our boomer nesting, kudos to his team, quit picking on them, will pay his bill.
Love your own money and love other people's money is not the same thing..
It was only a scam because it failed but if it didn’t then it would have been a success… I blame BNB for all this FUD
Besides the massive fraud with alameda and breaking a fuckton of regulations, on top of having no idea where exactly all their assets were?
It may not have been an intentional fraud, but it definitely has similar effects, in that a lot of money was misappropriated, lost, etc.
Also, maybe consider that your own views are being coloured by trying to justify personal investments, and also failing to try to inspire the general public to think crypto is anything other than 100% financial speculation.
Or in short, your opinion's kinda immediately undercut by that you have a financial interest in not admitting problems, lest investments plummet and you have no greater fool to sell the bag on to.
No, all Ponzi type schemes eventually find their end...trickle up economics b/c there is no 'real' currency at the foundation. If it were not CZ, it would have been either some ONE else or a situation where multi-numbers of people, due to some simple market fluctuations one week, and unbeknownst to one another, decided to cash in OR Alameda went bankrupt due to not being able to pay their rent, bills, and employees. Any given person or entity like BNB always has a right and expectation to be able to withdraw their money out of their account, just like one does at our banks. BNB was purely lucky that, by announcing what they were going to do in advance, "they" were not also out of the fruits of their own withdrawal by a million other people beating them to it. That is what surprised me.
That’s right to run on the bank is what caused the problem. He went deep undercover, deep deep undercover the money was supposed to be there didn’t get there in time. The kid didn’t do anything wrong. He did not commingled funds. He did not commingled funds funds were supposed to be there eventually it will get paid back hopefully soon he rescued our next stage of close to 100 trillion $ Nestec is a hero and so are his parents go to Amy Goodman democracy now for real news.
@@govindagovindaji4662 it wasn’t a Ponzi scheme as a deep undercover government scheme to protect your hundred trillion dollar Nestec that the communism we’re going to get
Alameda Research's corporate logo was an EJECT BUTTON ⏏️ 👈🧐