I think it’s a good point that Gary, Caroline and Nishad all finding out at different times points away from deliberate conspiracy, but on the other hand imo it points even more strongly towards Sam being the mastermind behind the idea of using customer funds. The common thread between how all of them found out was Sam.
@@tonyug113 I totally agree! His parents have the background, life experience and education to know that things were not legit long before it imploded. I don't believe for a moment that his father never questioned how his son created a company that made a huge amount of $$ so quickly without taking a look at the books at sometime. It is terribly odd for them to come out after the crash with...... "we don't have any idea of how that property in the Bahamas got in our name."
I know someone personally who lost all his savings because of this guy.I told him to buy a hardware wallet and self custody your BTC. He said " nope those cost money,everything is safe on FTX Kevin O'Leary said so". Those were his words,he lost everything and now pumps gas to celebrate retirement.
Great summary. The problem for the defence's closing argument, albeit salient, stating that SBF's next phase in life is in their [jury's] hands, is that SBF clearly intended to defraud, and that he did not come across as likable in any manner. In fact, quite the opposite. In all likelihood he will be found guilty, though never a given, it is actually the sentencing that will be the exciting part of the outcome.
Very interesting synopsis of the trial and events yesterday. You are great at this. It’s not only the content but the cadence of your presentation is very engaging. Keep doing this work!
Killing it Carly. Ngl, I'm gonna be sad when this is over. This clown Fiesta has been something I've been following like a hawk for the last year and I'm gonna miss it when sams in jail.
Oh don’t jinx it! Counting your chickens is a classic way to make sure they never hatch. Let’s wait for the jury to at least BEGIN their deliberations before we start exaggerating rumors of Sam’s demise lol
Sam bought a $16 million home for his parents right before it all hit the fan. A nest egg for him to inherit from this parents paid for indirectly by customers he stole from. The FTX bankruptcy is trying to claw it back with lawsuits, but so far unsuccessfully. Sam was way ahead of the game. He knew exactly what he was doing
They returned money to lenders because FTT was their collateral and lenders were threatening to dump FTT. Since there was no FTT liquidity, that would have ended the game.
Exactly. They switched to a last-ditch ponzi mode to stay alive. I think if SBF can do it all over again, he would have insisted on making a deal with the prosecution. There was NOTHING good that came out of this for SBF. A product of his parents on steroids.
Even though it seems pretty clear that Sam is guilty, I really appreciate how much you go out of your way to try to see things from his point of view, and hear his defense with an open mind!
@@TheCPRshow I second the comment by another poster that you should consider covering Trump trials. You've done a good job being objective here. If you can keep that going, there's a good chance your subs grow exponentially. Whatever you do, think about broadening the subject matter covered by the channel vs. simply limiting yourself to NFTs. The channel name change was a step in the right direction.
@@TheCPRshow generally, I think I'd listen to anything you have to say, as long as it's delivered with your passion, insights and the (pop) you make when you deliver the big twists.
Hi. Your take on SBF thinking about closing Alameda misses some important points. He believed Caroline wasn't doing a good enough job hedging, he had recently purchased Modulo, and, as Caroline stated, there was tension between them (he was even sleeping in another apt.). You mention that he must have thought Alameda would be able to pay off debts to close it. That makes sense because he, like all gambling addicts, which he is, always believe that if they just keep playing, they'll catch a big break that will erase all the losses. While he has convinced himself that all this s Caroline's fault for not hedging enough, the truth is it was always going to happen at one time or another because he was always going to keep placing larger and larger bets until it imploded. It is his gambling nature.
Carly, your reporting and break down of the trial has been unparalleled - I look forward to each video you put out and I find your summaries more not only very well informed, but more clear and engaging than any other of the numerous reports, podcasts or channels dedicated to the topic. I could not be less interested in NFTs, so I hadn’t come across your channel before, but you absolutely shine as a reporter here. You really deserve a bigger platform. Congrats and keep it up!
@@TheCPRshow excellent! It’s hard to put into a short reply like this but I’ve been so impressed by your analysis, both in terms of how informative and how digestible it was. So really looking forward to more 🙏🏽
All of the mind games about "its technically not illegal to steal from people who have margin accounts" should put an end to margin accounts across the globe if correct. Here is how Nicolas Roos, the prosecutor, addressed that issue in his conclusion: “The defendant was gambling with customer money. And whether he thought these were sure bets or safe bets or risky bets or almost sure bets, or that he was going to win more money back in the long run, it doesn't matter. When he took the money and he played roulette with it, he was stealing.”
Because you are so fair-minded, your analyses are all the more penetrating and damning. I will miss your podcasts on the Bankman-Fried trial when it’s all over. I anticipate two more at least: one tomorrow on the jury instructions and another finally on the verdict, although no one knows how long this jury will deliberate.
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I followed the whole debacle since early 2022. I’m a bit surprised Coffeezilla didn’t come up, one of the the few people to press him into a corner on twitter Space when SBF thought he’d get away free. He’s getting a minimum of 20 in my option. Great job and thanks for covering the whole trail in detail. I appreciate the long and detailed review, 100% sharing your channel and your work to my network. Fantastic coverage
Of course, Coffeezilla pressing him was "after the fact". After the collapse. He and Lex Fridman even discussed the fact that this was one fraud going on that Coffee had missed ~ until it was exposed ~ much to his chagrin. I imagine it is hard to keep track of them all.
@@newhorizon4066 Now he is looking at a 110yrs... It all lies with the judge for sentencing, I wonder what will be his mitigating factors to get that maximum penalty reduced to even less than 30yrs.
It is somewhat analogous to the Theranos case in that the principals likely did not set out to defraud. They began with a legitimate idea/business. Where the fraud comes in is the point at which they actively chose paths that are illegal. In the Theranos case, it was covering up to clients, regulators and patients the fact that their product didn’t work. In FTX’s case it was the decision to raid the FTX customer funds to use however they liked, whether it was making risky bets, buying fancy real estate in the Bahamas or propping up Alameda. It doesn’t matter what they used the money for, if they used customer money to buy a pack a gum, that’s stealing from customers. I think the fact that SBF tweeted to customers that their money was “safe” and not being used for other means is the smoking gun.
Thanks for another great summary of the case. You hone in on the salient points and provide a good analysis of the arguments on both sides. Well done Carly!
They just put customer funds into their wallet and spent it like it was their money. From the very beginning. Even before they wrote allow negative into the code. That was just the point that Alameda had lost enough money that they were insolvent without customer funds.
This is what it was from the jump. This was the intent. To use customer funds to spend it how he saw fit, and how he was directed to spend it. It was never a legit business.
@@suzannecoe4347 it was an OK scam. Nothing new. Sam had some delusion that if his scam got big enough it would become legit. He needed to run to Venezuela before the cops came.
Didn’t SBF worked at Jane Street just like Caroline? Hard to believe a CEO won’t pay attention to the company’s financial condition. When SBF gets nervous, he does word salad, big words, qualifying his answers, blaming others, and he shakes his knees. Watch SBF other interviews. Before SBF got indicted, he went on all these media tours saying that it was a $8B mistake, but not intentional, just oversight, and intended to make FTX customers whole, starting with the Bahamian customers. Why? SBF was at the mercy of the Bahamian government because he was physically there. He didn’t want to go to jail and hoped that his money would have influenced the local authorities.
I wonder if you could some day make a series of "basics" , where you can explain in a simple way absolute basics of the crypto world. E.g. how block chain works, how exactly do NFTs work , etc etc
Great vids and updates! Thanks very much for doing these. Fascinating stuff. It is interesting how you mentioned ‘stock’ instead of ‘tokens’. I’ve heard on some other podcasts that viewing the tokens as stock is how SBF views it, when it’s really an unregistered security, and can’t be stock because FTX was always private.
Thanks for watching! I’m not sure exactly which moment you’re talking about but the charge is that he committed security fraud against investors, since the investment contract with them is a security. There’s then a broader question as to whether FTT is a security, but I definitely agree they’re not stocks so if I said that, I misspoke :). Though we did have a couple of witnesses describe FTT as being “like stock in FTX”
In the unlikely event that this individual is acquitted, it would suggest a clandestine undercurrent at play, possibly implicating individuals of considerable influence within the government's upper echelons.
For a bank robbery, the prosecutor would need to prove that you acted with the specific INTENT to illegaly take the money. On the other hand, you would have to prove that you genuinely did not know that your conduct (rob a bank) is illegal or wrong. Good luck with that 😂. Some crimes don't require "proof of intent". But robery and fraud do. Hopefully, showing that SBF was deceitful and lying should be enough to prove intent. (Simply showing what you did to acheive your "goal" like using force, threats, breaching the safe,hiding... etc)
"i dont agree with that bc yadda yadda techically alameda was yadda yadda, and i mean due to my margin position policy we were able to yadda yadda". An eternity later " and i think thats where the discrepancy comes from, not theft but a loophole" like we are actually supposed to believe he had no idea his terms of service said they wouldnt do this specific thing.
Yep, the quote that he’d gamble the fate of humanity to make it 50% better, if the other side of the coin mean human extinction. Tells you all you need to know about the depths he was willing to sink to if he believed the upside was worth it……which is exactly what happened hear, he was so bullish on bitcoin price stability that he gambled away all that downside risk, on big plays across crypto.
Acting in good faith? That’s a claim made by any criminal. A pedophile believes he has a right to abuse; a murderer believes he has a right and so on and so on. To claim not knowing surely shows the guy had no business running such a business. I hope the jurors see through the claim of innocence this crook is claiming.
Sam is a manipulator, point blank. In all of his interviews he’s slippery, evasive and shifty AF. He’s a pathological liar, end of story! Great work Carly, wonderful coverage of the trial!!
Great summary of the closing arguments. Great work also by the prosecution. They clearly documented SBF's modus operandi during 2022, and it leaves no doubt that the same type of activity was going on for the years before. As prosecutor Sassoon said, even 2 balance sheets is 1 balance sheet too many. So to ask for multiple of them shows intent. However, I'm not sure that a spreadhsheet will always open to the main tab. I've used google sheets mostly, and that opens with whatever tab is in the URL.
Sam, in his mind, was playing a game. All the 000,000,000’s had no value to him. To spend $30m buying the apartment was a ‘token peanut’ in his mind. He got to a ‘high level’, before it crashed, game over. This type of fraud will happen again and will be even bigger when it collapses.
Can someone please explain to me why was Alameda borrowing so much money in the first place where they just suck ass traders underneath it all?. Every single bet they took they lost and figured it doesn't matter. It's not our money
I can explain. Their main job was to pump up the value of FTX the exchange and the FTT token. Alameda held 5 billion dollars of the FTT token. That wasn't because they thought it was a good investment. It was to artificially inflate the value. Making money on trades wasn't their main job. FTX was a pump and dump scheme. Except Sam had some delusion that he didn't have to dump it and he could pump it forever. FTX had a paper value of 30 billion dollars. That isn't free. That is why Alameda lost so much money. Making that happen. Alameda was also over 50 percent of all trades on FTX at times. Everything they did was to increase the paper value of FTX.
@@MrCurcio99 but they weren't supposed to be good trades. They were just pumping FTX. Sam didn't care that they were losing money. Making money wasn't their goal. FTX had a paper value of 30 billion because of Alameda. Sam didn't care that they lost 8 billion. From Sam's warped perspective he was up 22 billion. If you look at Alameda from the perspective that their only goal was to increase the paper value of FTX then everything they did makes sense. Granted it was a dumb goal and Sam is going to prison forever. But if that is the goal then Alameda accomplished it.
Tiffany Fong interviewed Sam in his parent’s home several times and has a totally different take on the closing arguments than Carly's nuanced softball. Check her out to see how the prosecutors closing arguments show Sam to be just a flat out criminal
I agree with the sketchiness of the balance sheet defense; but have to point out as a fact, when you open an excel spreadsheet it opens on the tab/sheet that was being viewed when it was saved.
Honestly, if anyone can't look at the overall body of work that SBF put together, the actions taken, the lies, the cover ups, the relocation to different country, the muddying of the waters and see that this was just one big joy ride for these people who could not have cared less about the savings they stole from, you need to see your health care professional immediately for an assessment.
Thanks for this… much of this puzzles me, but nothing more than the fact that FTT coins seem to have some value currently $1.25 and seems to be fluctuating but is staying above a dollar? What am I missing?
Well actually the jury instructions are pretty clear that if they believe he was acting in good faith and genuinely didn’t know what he was saying and doing was inaccurate or wrong, then he’s not guilty. Reality is though, it’s hard to imagine anyone believing he didn’t know what he was doing was wrong on some level
Год назад+1
This sounds so much like a story of an inexperienced trader who are left holding the bag. Basically when your trades start to turn red, you are not mentally able to cut your losses but hope things will turn better in the near future and are doing stupid things like averaging down. So instead of blowing your own account and losing your own money, Sam did that in the grand scale and with customer money. So in hopes to turn green again in the near future he slipped to defrauding, but that took him deeper into the hole.
All it shows is he is a gambler who finally realized even his tab was way to big to win on a final roll of the dice....that GWTFM and that tap on the shoulder was coming.
In defense against the defense, they had a tough job. The evidence is strong, with the rest of the upper management at his companies all telling the same story, and SBF's version of events is implausible to begin with.
An entire company structure , organisation and communications DESIGNED to obfusticate whilst funnelling money to political 'friends' in a roundabout manner.
It was never a legitimate business. It was a stunt by a rich, pampered kid who never felt any responsibility for the fact that he never made a decent investment. It was just about him taking people's money and spending it.
Yeah I don’t believe the defense had a random closing argument, I believe he was trying to deflect and make it all about appearances. Another thing they do is make the jury confused about what “reasonable doubt” is and they will try to assert that circumstantial evidence is not good enough evidence. Typically they do those kinds of things when their client is super guilty and there is a lot of evidence against them. I’m sure he is the best that there is and that he did the best that he could with what they had.
So, Sam's entire defense is that he is so stupid that he did not know borrowing $14b when the company is making less than $1b is a bad idea? And, that borrowing this money from people who in no way agreed to lend you money is, if nothing else, morally wrong... Stupidity, luckily, isn't a valid defense.
She’s so smart she can’t actually out-speak her own thoughts. And she does speak pretty damn fast. But I feel like that’s because her mind is working so fast she just can’t allow her words to slow things down too much.
Intent is not required to find a guilty verdict. One can commit a crime without intending to. In all likelihood, everyone involved probably simply did what they could to keep the companies running and stable without thought on "Hmm, am I committing a crime this very second?" but rather "I can probably lie about this or that and we'll fix it on the backend so nobody knows we messed up".
I’ve been thinking… and not that this is any kind of excuse, but there is one world, one situation where maybe, plausibly Sam only saw the one tab of the spreadsheet and that is if he opened it in email preview. I speak from experience: preview in Outlook for example does weird things to spreadsheets - it’s easy to miss tabs, currencies are displayed differently to the original… it’s a mess. So there is a small world I could imagine in which he is not lying about this because he is multitasking and only opens a preview of the document… is it plausible?! Not sure and it is certainly gross incompetence in his position. But just a though - playing devil’s advocate 😅
I think it’s a good point that Gary, Caroline and Nishad all finding out at different times points away from deliberate conspiracy, but on the other hand imo it points even more strongly towards Sam being the mastermind behind the idea of using customer funds. The common thread between how all of them found out was Sam.
hmm convenient that they all painted this picture then right
dont forget his parents
@@tonyug113 I totally agree! His parents have the background, life experience and education to know that things were not legit long before it imploded. I don't believe for a moment that his father never questioned how his son created a company that made a huge amount of $$ so quickly without taking a look at the books at sometime. It is terribly odd for them to come out after the crash with...... "we don't have any idea of how that property in the Bahamas got in our name."
Yep I think this is a good point
I know someone personally who lost all his savings because of this guy.I told him to buy a hardware wallet and self custody your BTC. He said " nope those cost money,everything is safe on FTX Kevin O'Leary said so". Those were his words,he lost everything and now pumps gas to celebrate retirement.
Cool Story Bro
Yeah bro, your friend is an idiot. Choose better friends
@@2ndFcRecon2006what State still has gas attendants instead of self service?
New jersey@@nunyabizness573
in Manitoba Canada all co-op gas bars are full service I believe.I know someone working part time at one.@@nunyabizness573
Love your coverage. Will miss you and this trial after it’s over. Thank you for bringing this trial to life for all of us around the world.
Thanks so much! I’m going to miss it too 😭😭
Great summary. The problem for the defence's closing argument, albeit salient, stating that SBF's next phase in life is in their [jury's] hands, is that SBF clearly intended to defraud, and that he did not come across as likable in any manner. In fact, quite the opposite. In all likelihood he will be found guilty, though never a given, it is actually the sentencing that will be the exciting part of the outcome.
Very interesting synopsis of the trial and events yesterday.
You are great at this. It’s not only the content but the cadence of your presentation is very engaging.
Keep doing this work!
Thank you so much!
Killing it Carly. Ngl, I'm gonna be sad when this is over. This clown Fiesta has been something I've been following like a hawk for the last year and I'm gonna miss it when sams in jail.
i second this
Oh don’t jinx it! Counting your chickens is a classic way to make sure they never hatch. Let’s wait for the jury to at least BEGIN their deliberations before we start exaggerating rumors of Sam’s demise lol
There will be another crook. Probably you 🤭
I third this :-). But there's still Trump. You gotta do Trump! Please.
Thanks so much! I too am going to be sad! What will we do then!?
Thanks for putting all the energy and time into this coverage @theCPRshow! Have really enjoyed following some of the trial through your perspective.
Sam bought a $16 million home for his parents right before it all hit the fan. A nest egg for him to inherit from this parents paid for indirectly by customers he stole from. The FTX bankruptcy is trying to claw it back with lawsuits, but so far unsuccessfully. Sam was way ahead of the game. He knew exactly what he was doing
16 million home and a ten million dollar gift. They knew what was coming, I think.
those scam victims will not see a penny of there money
Thanks for this brilliant reporting. Careful, spot on, with real clarity and your unique, enthusiastic energy. Top flight! Bravo! What a gift…
Thank you so much!!
They returned money to lenders because FTT was their collateral and lenders were threatening to dump FTT. Since there was no FTT liquidity, that would have ended the game.
Yeah, Alameda would just have to buy all the FTT they dumped anyways. And it would still drop the value of FTT.
But Caroline was willing to buy all the FTT for $22 😆 @@Jordan-Ramses
Exactly. They switched to a last-ditch ponzi mode to stay alive. I think if SBF can do it all over again, he would have insisted on making a deal with the prosecution. There was NOTHING good that came out of this for SBF. A product of his parents on steroids.
Even though it seems pretty clear that Sam is guilty, I really appreciate how much you go out of your way to try to see things from his point of view, and hear his defense with an open mind!
Thank you! I appreciate that you appreciate it. Not always a popular choice
I bet there are lots of wonderful things to see from the point of view of a sociopath and a fraudster per excellent. Hope you all enjoy the view.
Great work, my morning routine will not be the same without your trial updates... Will miss them when it's over.
Thank you so much!! What should I talk about next!?
@@TheCPRshow I second the comment by another poster that you should consider covering Trump trials. You've done a good job being objective here. If you can keep that going, there's a good chance your subs grow exponentially. Whatever you do, think about broadening the subject matter covered by the channel vs. simply limiting yourself to NFTs. The channel name change was a step in the right direction.
@@TheCPRshow generally, I think I'd listen to anything you have to say, as long as it's delivered with your passion, insights and the (pop) you make when you deliver the big twists.
For the whole trial I can't go to bed until I here from you and Tiffany. Nice work!
Hi. Your take on SBF thinking about closing Alameda misses some important points. He believed Caroline wasn't doing a good enough job hedging, he had recently purchased Modulo, and, as Caroline stated, there was tension between them (he was even sleeping in another apt.). You mention that he must have thought Alameda would be able to pay off debts to close it. That makes sense because he, like all gambling addicts, which he is, always believe that if they just keep playing, they'll catch a big break that will erase all the losses. While he has convinced himself that all this s Caroline's fault for not hedging enough, the truth is it was always going to happen at one time or another because he was always going to keep placing larger and larger bets until it imploded. It is his gambling nature.
Yeah I think you’re right with this
Carly, your reporting and break down of the trial has been unparalleled - I look forward to each video you put out and I find your summaries more not only very well informed, but more clear and engaging than any other of the numerous reports, podcasts or channels dedicated to the topic.
I could not be less interested in NFTs, so I hadn’t come across your channel before, but you absolutely shine as a reporter here. You really deserve a bigger platform. Congrats and keep it up!
Thank you so much!! I’m going to be broadening out from NFTs after the trial so stay tuned :)
@@TheCPRshow excellent! It’s hard to put into a short reply like this but I’ve been so impressed by your analysis, both in terms of how informative and how digestible it was. So really looking forward to more 🙏🏽
Carly bringing the best coverage on this case
You've done a good job of covering this. I've followed a few folks and you've done the best by far.
I really appreciate this!!
Fantastic job! Your summaries are so well structured and lively. I feel like I was in that courtroom. Much thanks.
All of the mind games about "its technically not illegal to steal from people who have margin accounts" should put an end to margin accounts across the globe if correct. Here is how Nicolas Roos, the prosecutor, addressed that issue in his conclusion:
“The defendant was gambling with customer money. And whether he thought these were sure bets or safe bets or risky bets or almost sure bets, or that he was going to win more money back in the long run, it doesn't matter. When he took the money and he played roulette with it, he was stealing.”
Been looking for this video all evening. Thanks for the summary!
Carly - Really well done! Thanks for putting yourself through all the drudgery and bring us the cogent exchanges in a concise summary👍🏻👍🏻👍🏻
I’m so glad you’ve enjoyed it!!
Because you are so fair-minded, your analyses are all the more penetrating and damning. I will miss your podcasts on the Bankman-Fried trial when it’s all over. I anticipate two more at least: one tomorrow on the jury instructions and another finally on the verdict, although no one knows how long this jury will deliberate.
Yep! Nailed it. I’ll be doing those two vids and then we’ll see from there! Some people thinking the jury will come back with a verdict tonight 👀
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Been enjoying all the coverage, this summary digs deep! Amazing Job! Also, can't wait for Crypto Critics Corner take as well.
I followed the whole debacle since early 2022. I’m a bit surprised Coffeezilla didn’t come up, one of the the few people to press him into a corner on twitter Space when SBF thought he’d get away free.
He’s getting a minimum of 20 in my option. Great job and thanks for covering the whole trail in detail. I appreciate the long and detailed review, 100% sharing your channel and your work to my network.
Fantastic coverage
Of course, Coffeezilla pressing him was "after the fact". After the collapse. He and Lex Fridman even discussed the fact that this was one fraud going on that Coffee had missed ~ until it was exposed ~ much to his chagrin. I imagine it is hard to keep track of them all.
minimum of 20?" That's good enough. Still leave a nice chunk of years to enjoy the zillions tucked away courtesy of mom, dad, and little bro.
@@newhorizon4066 My bet, if convicted is more like Elizabeth Holmes'. 11 yrs but only does 7.
I really appreciate it!! I’m also kind of surprised CoffeeZilla didn’t come up!
@@newhorizon4066 Now he is looking at a 110yrs... It all lies with the judge for sentencing, I wonder what will be his mitigating factors to get that maximum penalty reduced to even less than 30yrs.
It is somewhat analogous to the Theranos case in that the principals likely did not set out to defraud. They began with a legitimate idea/business. Where the fraud comes in is the point at which they actively chose paths that are illegal. In the Theranos case, it was covering up to clients, regulators and patients the fact that their product didn’t work. In FTX’s case it was the decision to raid the FTX customer funds to use however they liked, whether it was making risky bets, buying fancy real estate in the Bahamas or propping up Alameda. It doesn’t matter what they used the money for, if they used customer money to buy a pack a gum, that’s stealing from customers. I think the fact that SBF tweeted to customers that their money was “safe” and not being used for other means is the smoking gun.
Thanks for another great summary of the case. You hone in on the salient points and provide a good analysis of the arguments on both sides. Well done Carly!
Thanks so much! I’m glad you’ve enjoyed it!
They just put customer funds into their wallet and spent it like it was their money. From the very beginning.
Even before they wrote allow negative into the code. That was just the point that Alameda had lost enough money that they were insolvent without customer funds.
Right! I have a hard time believing these are the “smart” people. It was an idiotic scam from the beginning.
This is what it was from the jump. This was the intent. To use customer funds to spend it how he saw fit, and how he was directed to spend it. It was never a legit business.
@@suzannecoe4347 it was an OK scam. Nothing new. Sam had some delusion that if his scam got big enough it would become legit. He needed to run to Venezuela before the cops came.
It boggles the fucking mind that the defense is SERIOUSLY ARGUING the dave chappelle, "he didn't know he couldn't do that" line.
Your interpretation is so generous Carly and you seem to give so much credence to the content of the testimonies of the central conspirators.
Fantastic coverage,,,Congratulations Carly!!!
Imo you've made the best and most real, fun and detailed coverage of this trial I've seen - great job
Thank you so much! I’m so glad you’ve enjoyed it
Didn’t SBF worked at Jane Street just like Caroline? Hard to believe a CEO won’t pay attention to the company’s financial condition. When SBF gets nervous, he does word salad, big words, qualifying his answers, blaming others, and he shakes his knees. Watch SBF other interviews. Before SBF got indicted, he went on all these media tours saying that it was a $8B mistake, but not intentional, just oversight, and intended to make FTX customers whole, starting with the Bahamian customers. Why? SBF was at the mercy of the Bahamian government because he was physically there. He didn’t want to go to jail and hoped that his money would have influenced the local authorities.
Yep, think this is right.
i really love your narrative. Thank you for analysing all this and giving us insights.
Thanks so much for tuning in!
I wonder if you could some day make a series of "basics" , where you can explain in a simple way absolute basics of the crypto world. E.g. how block chain works, how exactly do NFTs work , etc etc
The speed in which ur subs blew up!!! Super solid reporting not suprised
Wait wait wait what is this nft sponsorship I take it back wtf😤🤮
Thank you!
I have historically been a podcast about NFTs! 🤷♀️
Great vids and updates! Thanks very much for doing these. Fascinating stuff. It is interesting how you mentioned ‘stock’ instead of ‘tokens’. I’ve heard on some other podcasts that viewing the tokens as stock is how SBF views it, when it’s really an unregistered security, and can’t be stock because FTX was always private.
Thanks for watching!
I’m not sure exactly which moment you’re talking about but the charge is that he committed security fraud against investors, since the investment contract with them is a security.
There’s then a broader question as to whether FTT is a security, but I definitely agree they’re not stocks so if I said that, I misspoke :). Though we did have a couple of witnesses describe FTT as being “like stock in FTX”
Very nice and seamless coverage of this trial on this channel. Delivery for your channel is 👏🏼👏🏼
I’m so glad you’ve enjoyed it! What should I cover next!?
Great coverage summary. Really appreciate the rundowns so I can l catch up on the trail without reading the transcripts
Thanks so much! I’m glad you’ve enjoyed it
thanks for all the work of going to the trial every day and giving your analysis. it's been amazing to follow.
In the unlikely event that this individual is acquitted, it would suggest a clandestine undercurrent at play, possibly implicating individuals of considerable influence within the government's upper echelons.
I stumbled over your videos and I utterly enjoyed them! Thank you and keep it up! Maybe venture out to other topics?
Thank you! Yes, my plan is to start covering other topics after the trial :)
Amazing coverage 👏 👌 Thank you 🙏
So I can rob a bank as long as I think it's OK to do so and if I planned to give the money back with interest?
For a bank robbery, the prosecutor would need to prove that you acted with the specific INTENT to illegaly take the money.
On the other hand, you would have to prove that you genuinely did not know that your conduct (rob a bank) is illegal or wrong. Good luck with that 😂.
Some crimes don't require "proof of intent". But robery and fraud do.
Hopefully, showing that SBF was deceitful and lying should be enough to prove intent. (Simply showing what you did to acheive your "goal" like using force, threats, breaching the safe,hiding... etc)
Great coverage as always! Thank you Carly 😊
borrowing without asking aka stealing.
"i dont agree with that bc yadda yadda techically alameda was yadda yadda, and i mean due to my margin position policy we were able to yadda yadda". An eternity later " and i think thats where the discrepancy comes from, not theft but a loophole" like we are actually supposed to believe he had no idea his terms of service said they wouldnt do this specific thing.
@@daltronius lol it depends on what your definition of borrowing is
@@victorybeginsinthegarden Or your definition of what Yadda Yadda is
@@richard8242 lol
Sam is addicted to risk and it was always going to end this way.
Yep, the quote that he’d gamble the fate of humanity to make it 50% better, if the other side of the coin mean human extinction.
Tells you all you need to know about the depths he was willing to sink to if he believed the upside was worth it……which is exactly what happened hear, he was so bullish on bitcoin price stability that he gambled away all that downside risk, on big plays across crypto.
Did that come up at all in the trial ~ his proclivity toward risk~ do you know? [besides the banal showing of playing cards, I mean]. Thanks.
addicted to the high of feeling master of the univers.
@@ChipsWinston to make it 50% better," says who? Says Sam.
Good question. It was in the Michael Lewis book, right?
I woke up early in Sweden for this. I am so looking forward for this video. Thank you ❤
Acting in good faith? That’s a claim made by any criminal. A pedophile believes he has a right to abuse; a murderer believes he has a right and so on and so on. To claim not knowing surely shows the guy had no business running such a business. I hope the jurors see through the claim of innocence this crook is claiming.
Sam is a manipulator, point blank. In all of his interviews he’s slippery, evasive and shifty AF. He’s a pathological liar, end of story!
Great work Carly, wonderful coverage of the trial!!
Thank you so much!
Best coverage of the trial.
Well done!
Great summary of the closing arguments. Great work also by the prosecution. They clearly documented SBF's modus operandi during 2022, and it leaves no doubt that the same type of activity was going on for the years before. As prosecutor Sassoon said, even 2 balance sheets is 1 balance sheet too many. So to ask for multiple of them shows intent. However, I'm not sure that a spreadhsheet will always open to the main tab. I've used google sheets mostly, and that opens with whatever tab is in the URL.
Sam, in his mind, was playing a game. All the 000,000,000’s had no value to him. To spend $30m buying the apartment was a ‘token peanut’ in his mind. He got to a ‘high level’, before it crashed, game over. This type of fraud will happen again and will be even bigger when it collapses.
Great reporting. I really enjoy your assessment of this trial. Thank You!
Love the editing Easter eggs you leave for us!
Great job! I love hearing your perspective.
Do you see any significant appeals possible?
September 2021 they took 2 billion of ftx customer funds ~ without their knowledge.
These posts are so good.
Can someone please explain to me why was Alameda borrowing so much money in the first place where they just suck ass traders underneath it all?. Every single bet they took they lost and figured it doesn't matter. It's not our money
I can explain. Their main job was to pump up the value of FTX the exchange and the FTT token. Alameda held 5 billion dollars of the FTT token. That wasn't because they thought it was a good investment. It was to artificially inflate the value. Making money on trades wasn't their main job. FTX was a pump and dump scheme. Except Sam had some delusion that he didn't have to dump it and he could pump it forever. FTX had a paper value of 30 billion dollars. That isn't free. That is why Alameda lost so much money. Making that happen. Alameda was also over 50 percent of all trades on FTX at times. Everything they did was to increase the paper value of FTX.
Yes, basically they just made terrible trades with no risk assessment just a free-for-all
@@MrCurcio99 but they weren't supposed to be good trades. They were just pumping FTX. Sam didn't care that they were losing money. Making money wasn't their goal. FTX had a paper value of 30 billion because of Alameda. Sam didn't care that they lost 8 billion. From Sam's warped perspective he was up 22 billion.
If you look at Alameda from the perspective that their only goal was to increase the paper value of FTX then everything they did makes sense.
Granted it was a dumb goal and Sam is going to prison forever. But if that is the goal then Alameda accomplished it.
Fun fact - fraud doesn’t need much intent in the wire fraud scenario…
Tiffany Fong interviewed Sam in his parent’s home several times and has a totally different take on the closing arguments than Carly's nuanced softball. Check her out to see how the prosecutors closing arguments show Sam to be just a flat out criminal
Great work
Thanks for all the coverage and the efforts.
Top shelf!
I agree with the sketchiness of the balance sheet defense; but have to point out as a fact, when you open an excel spreadsheet it opens on the tab/sheet that was being viewed when it was saved.
Oh interesting! Well it was a google sheet actually, not excel. Is that still true?
@@TheCPRshow I haven’t experimented… maybe? Task for tomorrow
Just checked Google sheets. It opens to the first tab, unlike Excel.
FAST verdict! Just notified.
Honestly, if anyone can't look at the overall body of work that SBF put together, the actions taken, the lies, the cover ups, the relocation to different country, the muddying of the waters and see that this was just one big joy ride for these people who could not have cared less about the savings they stole from, you need to see your health care professional immediately for an assessment.
Prosecutors closing argument: 'Gestures broadly at everything'
Thanks for this… much of this puzzles me, but nothing more than the fact that FTT coins seem to have some value currently $1.25 and seems to be fluctuating but is staying above a dollar? What am I missing?
Very nice analysis! Thank you.
Great summary! thank you
Love how you cover this
Sams defense is he was too busy spending money to know the money he was spending was not his to spend. Not OK.
The best comment to summarized his defense.
Great breakdown as usual - you’ve established yourself as the go-to source for the SBF trial. Nice work 👏
Thanks for all your great coverage throughout the trial
soooooo you liked the big lebowski defense? "her life is in your hands, dude." -Philip Seymour Hoffman's character
love this channel
Would be great to have a recap on charges to evidence, thank you!!
I too, will miss following this trial & you (Carly). Perhaps you can branch out from NFT’s et al to provide coverage akin to this!?
IT DOES NOT MATTER WHAT SBF THOUGHT WAS RIGHT OR WRONG. IT ONLY MATTERS WHAT THE LAW SAYS. '"Ignorance is no excuse for the Law"
Well actually the jury instructions are pretty clear that if they believe he was acting in good faith and genuinely didn’t know what he was saying and doing was inaccurate or wrong, then he’s not guilty.
Reality is though, it’s hard to imagine anyone believing he didn’t know what he was doing was wrong on some level
This sounds so much like a story of an inexperienced trader who are left holding the bag. Basically when your trades start to turn red, you are not mentally able to cut your losses but hope things will turn better in the near future and are doing stupid things like averaging down. So instead of blowing your own account and losing your own money, Sam did that in the grand scale and with customer money. So in hopes to turn green again in the near future he slipped to defrauding, but that took him deeper into the hole.
All it shows is he is a gambler who finally realized even his tab was way to big to win on a final roll of the dice....that GWTFM and that tap on the shoulder was coming.
Thanks for your report. I enjoyed your logical structure as well as your energetic and charismatic personality.
great job. did it change recently to CR show?
In defense against the defense, they had a tough job. The evidence is strong, with the rest of the upper management at his companies all telling the same story, and SBF's version of events is implausible to begin with.
Thank you 🙏 ❤
they shouldve just tried to become a bank so they can legitimately use customer money for their own purpose.
An entire company structure , organisation and communications DESIGNED to obfusticate whilst funnelling money to political 'friends' in a roundabout manner.
FIRST AND CARLY RULES !!!!!
Great video. The closing from the defense hit you because you have a heart. Sam not so much and is entitled. He has to pay hard for what he did.
It was never a legitimate business. It was a stunt by a rich, pampered kid who never felt any responsibility for the fact that he never made a decent investment. It was just about him taking people's money and spending it.
Yeah I don’t believe the defense had a random closing argument, I believe he was trying to deflect and make it all about appearances. Another thing they do is make the jury confused about what “reasonable doubt” is and they will try to assert that circumstantial evidence is not good enough evidence. Typically they do those kinds of things when their client is super guilty and there is a lot of evidence against them. I’m sure he is the best that there is and that he did the best that he could with what they had.
Your coverage is so gooood! Please cover more stuff I'm interested in - like tokenized impact claims, hypercerts, public goods funding, etc.! 😀
So, Sam's entire defense is that he is so stupid that he did not know borrowing $14b when the company is making less than $1b is a bad idea? And, that borrowing this money from people who in no way agreed to lend you money is, if nothing else, morally wrong... Stupidity, luckily, isn't a valid defense.
She’s so smart she can’t actually out-speak her own thoughts. And she does speak pretty damn fast. But I feel like that’s because her mind is working so fast she just can’t allow her words to slow things down too much.
"She’s so smart" 😬
... what?
Thank you!! (I think :))
Live in prison without a parole for SBF and his associates, that is justice for everyone.
Love your analysis. Can he get that one juror who believes him? It is not likely but possible. He thinks he gave the jury enough doubt
Intent is not required to find a guilty verdict. One can commit a crime without intending to. In all likelihood, everyone involved probably simply did what they could to keep the companies running and stable without thought on "Hmm, am I committing a crime this very second?" but rather "I can probably lie about this or that and we'll fix it on the backend so nobody knows we messed up".
I think they already knew when the change the line of credit to a 65 billion line of credit. So when did they changed it ?
I’ve been thinking… and not that this is any kind of excuse, but there is one world, one situation where maybe, plausibly Sam only saw the one tab of the spreadsheet and that is if he opened it in email preview. I speak from experience: preview in Outlook for example does weird things to spreadsheets - it’s easy to miss tabs, currencies are displayed differently to the original… it’s a mess. So there is a small world I could imagine in which he is not lying about this because he is multitasking and only opens a preview of the document… is it plausible?! Not sure and it is certainly gross incompetence in his position. But just a though - playing devil’s advocate 😅
damn very good analysis. What are you going to talk about after trial is finished?