FTXs Sam Bankman-Fried on Trial: What to Know | WSJ
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- Опубликовано: 22 май 2024
- FTX founder Sam Bankman-Fried is about to go on trial after the collapse of his cryptocurrency empire last year. On October 3, Bankman-Fried’s trial on charges that he defrauded customers of billions of dollars will begin in a New York federal court.
WSJ’s Alexander Osipovich breaks down what happened to FTX and what to look for as the trial unfolds.
0:00 Bankman-Fried trial set
0:40 Who is Bankman-Fried?
2:34 The fall of Bankman-Fried
4:12 What’s next for Bankman-Fried?
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#FTX #Trial #WSJ
'He started two successful companies...' How do you call them successful, they are bankrupt and now we know that they manipulated and was a hype until they depleted others money.
They are saying that the true value of the fraud cannot be traced.
because it’s new form of digital thing.
@@ctawabFTX was obligated to return the assets their customers held with them (customers were told in the contract that there was no transfer of ownership or permission to do what they did). It's like a warehouse (FTX) getting caught trading off the stuff they store, making bad trades (Alameda), and being unable to buy back the things they stole.
agreed there was no profitable business until they stole
@@jf6853 I think that collecting fees, offering loans, and insider trading/market manipulation could easily make them profitable (possibly only with the somewhat legal parts).
It'd be nice if they didn't have worse accounting than Enron, then we could know for sure.
I wanted to comment this but u nailed it :D
What I find most puzzling about this situation is the belief that odd and eccentric behavior equates to genius.
Two years - 'he can hold meetings AND play video games. GENIUS!'
Today - 'he held others in such disregard that he tuned them out and played video games.'
Unfortunately, it's the norm in the startup world
The application of "Definitions" are skewed.
An "Idiot Savant" is very bizarre form of study. Then there is aptitude. Neither are grounds for "Genius" label as is commonly used.
Yep some people are naive. Money doesn't just amount in a business without hard work, and right now there is an online culture of people believing this ii is realistic to get rich without any form of work, so they see some guy that is apparently bored while somehow achieving this philosophy of low effort getting rich and they take it to mean genius, when in reality he was a fraudster that was insulting.
You know the saying you can part a fool and his money.
@@omarperezpulido2388 no it is not. More people who play video game don't stop long enough to accomplish anything.
His criminal parents need to be held accountable.
You forgot to mention how his family bought millions of dollars worth of Mansions. I wonder where the money came from
It must have fallen from the sky...
Bahamian sky...
He and his criminal parents should be jailed for life.
He’s just a thief and a scammer. But even if he was telling the truth, ignorance of the law is not a defense. I can’t believe his parents are letting him run around admitting to every camera he stole and scammed.
Certain crimes do require the defendant to have a certain mental state at the time of the act for it to count as a crime. For example, to be convicted of theft, it's not enough to show that a person took something that didn't belong to them. You also have to show that they knew that what they took wasn't theirs and that they intended to take it anyway. For fraud, it's not enough to show that that the person said something untrue to get people to give them something of value. You also have to show that the person knew it was untrue and said it anyway with the intent to deceive. I'm not saying he won't be found guilty or that he shouldn't be found guilty, but mental state does matter.
I'm just shocked they got so much funding from corporates when they basically didn't have any accounting at all.
Welcome to the 2020s hedge fund investment.
“corporates” knew the deal
small price to pay to keep the central banks in power
Oh are you surprised that people are greedy and when they see $$$ they are quick to shove in their money because they are afraid of missing out? I guess you haven't heard of the housing crisis of 2008 or like every Ponzi scheme ever devised.
Every human being can be coaxed to throw caution to the wind when fear and greed take over, some are just more susceptible to them than others.
He did have accounting. The books however were cooked.
Let's sanitize Sam Bank(man) Fraud's wrongdoings by failing to state that customer losses were 8 BILLION dollars. CZ & the Tether scam need to follow him. Maybe SBF can get the judge to let him play video games during the trial.
The game is fixed
The only thing Sam was successful at was conning people out of their money. The only money he made was the money he stole.
As everyone from his Tribe
Usually white collar criminals don’t gave harsh prison sentences. But he stole from powerful people instead of poor people. So he’s going to pay and suffer.
Yuh
Look
At the Sackler family,
They killed 2 million middle class Americans.
No jail time for them????
Steal money from Rich people!
Uh -oh
Since when is ignorance of the law an excuse? SBF keeps maintaining that he “didn’t mean” to defraud anyone. So stealing from customers’ accounts isn’t a crime if it’s not fraud in your own mind?
He also "didnt know" about things he has private messages intentionally setting it all up very specifically to be unnoticed.
His defence is very weak, he consistently, constantly claimed he knew nothing about Alameda Research, what it was doing. It is a joke indeed? He will be found guilty easily.
Welcome to standard corporate PR. You'll see it everywhere with different words if you pay attention.
He made checks out for himself and claims he didn't know. Hah.brilliant
I do love good comedy 😊
Jail him for life until he rots away
Lock him up, and liquidate his assets to pay back customers
That's what they're trying to do
Getting back the donations is more money
It will take decades
And everyone gets 10% of forgotten crypto
Hah
@@FizzleFXthough in this case the chances are better than for Mt.Gox, simply because it was discovered earlier and because it was a fraud and not a hack, making it easier to trace the assets.
Put everyone will probably still experience a significant haircut with their crypto, unless the current insolvency administrator actually relaunches the exchange.
anyone know what time the trial is so I can watch it
Most of the crypto bros are conmen. He should be locked up for life. This is a warning to most of the crypto bros
So the camera of SBF on his terminal at about .08-.10 seconds. Was that taken right around the time of the account run in 11/2022? He looks a little nervous....
SBF: 6-monitor setup
Musk: 1-monitor
enough said
So the guy from nicola lied to investors of a publicly traded company and nothing is happening, on the other side a international company not on us soil triggers these charges?
( they all need to be held accountable)
..... time to give back donations. ( not going to happen)
Great video in explaining this huge crime and mess on SBF !
Thank you!!
Exactly, lying business. He's still young man but his business's classified large business with high risk, so I've never believe him that he would be able to manage and investment the money customers.
I think I’m one minute into the video. And the reporter claims that the problem is he lied.
Really? That’s all you think he did?
If they Claim More than is really proven they make Them themselves prone to legal liability of defamation and Bad journalism.
how long until his prison cellmate wipes that smirk off his face?
20 years in prison will do it
He's a fried bankman at this point 😅😂
SBF is in deep trouble and this will be a highly important trial. Look forward to Michael Lewis’ book on SBF.
The New York Times says it's still overly flattering of SBF and suggests reading Number Go Up instead
he fried your money in his computers
10 for the big guy
This guy will walk
Still cant get over how two weirdos fell in love with each other. There really is someone for everyone
Where is Coffeezilla who Interview Sam Bankman
So far SBF has received some very helpful media, paid a lot of the right people, which I hope it won’t influence the outcome of case given his actions.
He offered to pay Donald Trump $20 billion according to some called insider rumours, Donald could not sleep for a year?? over the moon
Helpful media? By who? All i see is the media bashing him.
@@hellzshotgun Check out the Andrew Ross Sorkin intereview when it originally happened you will see what I mean. The media has only recently turned on him.
Crazy how this guy fooled everybody, even America's most sacred celebrities and their financial experts.
Only because he threw money at them to gained credibility
@@jonnyfranks5879 still you’d expect their elite financial experts to do some due diligence
Bro is about to get 110 years.
Bank- Man- Freed, great Headline.
and Caroline Ellison needs to go to jail for while as well. She can sell out with testimony but I hope any plea deal lets her reflect for a couple years on her own.
Why is Tara Mac Aulay not a co-dependent?
"Successful"? Have they redefined the meaning?
Another ponzie scheme...
Are they going to shave those hair when he goes to jail?😂
3:01 "Make sure when you draw them that they look as nerdy as possible," says the producer who also lost 1000s to this scammer
Ofcourse they’re gonna to give him good coverage, I mean, look at his last name.
Sounds like a synthetic narration. Good, yet noticable (every sentence has same em-pha-sis). ¯\_(ツ)_/¯
I'm stealing that emoji...is there like a website with a bunch of those? Is there a different term for them? TIA.
Half truths, wouldn’t expect anything else from a corporate media outlet. SBF has donated over 100mil to politicians.(businessinsider)
lying and deceiving people specially those rich is a no no!
they will hunt you down.
Scammers are like cockroaches. They're everywhere. If you see a new investment opportunity pops up in the financial market, and you think to yourself, "This is a scam," you're right."
any truth to the story that a pair of Sams's cargo shorts sold for $200,000 on Ebay?
This guy better give me back my dogecoin 😡
I send you a dollar
Get all the doge
So does the “no snitch rule” apply to these situations too? 😂
Is Bankman Fried no good for Silicon Valley yet he's prefect for the Bahamas?
America started a war to avoid this media coverage lol
Artist was smoking something when drawing FTX employees.
Lol, SBF is either really dumb or he's lying. And I don't think he's dumb...
He is a drug addict. It has consequences long term.
He pushes for effective altruism. If with that belief system he then pleads not guilty, then we should definitely believe him!
Whos the no neck guy at court with him
Just found guilty on all counts. Will spend the rest of his life in prison. What a fool!
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.
Funny his name is bankman fried
Bank man fraud
Unfortunately,Tether is next
4:05 there should be a law against public lying
One with more than jail time but actual punishment
Like flogging?
This guy is so cringe. I don't how anyone can trust him after listening to him talking.
❤❤ Where's the CAM IN THIS COURTTV room for DNC DONATIONS @UN @WHO DNAs?
The real estate people should be prosecuted too who scam sam
Real estate agents are a blight on humanity
SBF- yes put him away because he committed the crime BUT! The US government has better idea what to do with Ellison,Wang,Singh ,not to prosecute them but work for U.S. AI/crypto security sector. Its the opposite and for the good because they are intelligent.
Wearing a suit now 🤡
send this fraud to jail.
Anyone want to tell me otherwise now how Jews go with money in the same way Italians go with pasta or Indians go with poppadoms?
Jail for the creep he was convicted
Stop the cap .
As a newbie about to invest, you must have a long term mindset. Be careful on money usage, if you're not spending to earn back, then stop spending. Never claim to know - Ask questions and it's best you work with a financial advisor. I want to thank you Nikon Johnson For being my source of crypto education, As I am comfortably making 15.7 BTC.
I’m new to cryptocurrency and I don’t understand how it really works.Can someone guide me on the right approach to investing and making profit from cryptocurrency investment?
I've seen different people talking about this Johnson Nikon he must be very amazing for people to talk this good about him.
Oh please, how can someone get to speak with Johnson Nikon ?
Telegram and He's verified
@Johnsonnikontrader THAT IS HIS USER NAME
The rise and fall of gambler 😂 nothing new
Greed squared.
Coffezilla did a better job of explaining this.
Trading is gambling. And these people have no respect for money. Be wary of those who throw money around.
WSJ 😃
I don't feel sorry for the corrupt people who invested in crypto and lost 💰💰🤑
How about ordinary, everyday people just like you 😢
Well, prison food taste like 🐕 💩
You all say "founded 2 successful companies".... I think we can now see how successfull really were, I am also successfull if I'm stealing money and posing like it's mine and I earned it with actual actions, when I'm in debt for failing investments... What kind of journalism is that...
How's that make-believe money doing. That has no value at all. You must be feeling like suckers right about now. 🤣🤣😂👍
A crook that WSJ never spotted
Off with his head!
How come still cripto ezist
He offered Trump 3 billion not to run😂🤣😂👍
Put him and Alex Mashinsky away and let's get the next bull market started.
it's the hair. If he had a ponytail and had super greasy Italian hair people would be like forgetaboutit look at this shifty dude trying to take my crypto.
With that hair he is definitely guilty.
LOCK HIM UP! FOREVER.
Worsted few years in jail come out super rice
Mr bankman will be rls from prison n will start another company again as he is unemployable… bet i wont see him homeless in skid row
He should be in prison for the rest of his life find as much money go back to these democratic donations. They were fraudulent get them back, go after his parents they took a ton of money. This is just ridiculous but because he’s a Democrat he’ll probably walk.
Im afraid when sending crypto earnings to my bank. Meanwhile this bro scammed the whole world while chilling
A Chinese company created the run?
Jeez, get over the fact it’s another uselss and corrupt us enterprise.
US is the most corrupt country on this planet.
Don’t blame China for the us being corrupt.
Should’ve escaped to Romania like tate
🐖
The guy is just a criminal….his parents too.
Go crapto….lol.
Kangaroos
The usual masterminds behind these financial crimes. I'm shocked! SHOCKED!!! >_>
Hes a narcissist.
Jew
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