It's funny that SBF defenders have been spending months proclaiming him to be some sort of genius savant while SBF himself has been desperately trying to make himself look like an innocent moron.
This is typical of this kind of idolisation. Trevor Milton "believers" did and still do the same thing, believing him to be some sort of genius that single handedly created hydrogen trucks, even though there are veritable mountains of evidence of fraud and lies. People defend the indefensible because they themselves "believed" so hard it hurts to be wrong.
@@purplepill2024 Kevin is the worst, he can´t admit that he was fooled This is probably the kind of guy who gambles your money and blame you if he lost it
I will NEVER understand how could someone have sat across from SBF, looked at him or listened to him speak for more than a minute, and thought 'He's the one I want to invest billions of dollars in'.
Lot of investors actually raised red flag after they spoke with him but however FTX growth was hard to ignore. Even these red flags where written off as him being genuine.
I love how each one of his lies were rebutted in some way, even by Google sheets, LOL. Now lets go after the politicians who refuse to return his donations.
If Caroline doesn’t get jail time it will be a huge injustice. She and SBF were certainly playing the same game. It’s hilarious watching her play “dumb girl” after girl bossing her entire time at alameda.
There are high chances that Caroline was f*cked by SBM and his inner circle. Her incompetence can be seen in the fact that she had the perfect opportunity to get pregnant from SBM so that she can claim child support from SBM that he could have paid using the stolen money.
@LuKiSCraft March 28th but they might push it back a little further. If they go through with his other trial, they will probably wait until that one is finished and sentence him for everything at once. Either way, no more League of Legends for a long time.
He ain't going to prison. Prolly get less then a year at county. Do you forget wich party he was donating to? They will give him the smollet treatment. Unless the wrong people think he is going to sing then he will be epsteined.
Considering he swindled billions from people for years upon years with an obvious scam, he clearly was the smartest. Not exactly a high bar there, in all honesty. Same deal as Trevor Milton and Elizabeth Holmes.
all these effective altruism guys pretend that it's effective or altruistic. It's neither. They want low taxes, and the subtext is that they want to decide who deserves to be donated money, and that is always their friends and themselves.
Like I've said elsewhere, it's (1) not remotely altruistic, and (2) the effectiveness is up for debate given he's in jail and staying there for a while.
Well said. I read Michael Lewis' book about SBF and I didn't see any proof that SBF was actually donating money. Under oath at the trial, Nishad Singh admitted that he had planned to donate his money but never did.
called it. second I hear about "charitable contributions" as a news item, then I automatically assume it's a smokescreen to obfuscate reprehensible behavior. only the most noble and truest of givers wouldn't even dare ask for recognition for their giving. You'd never know how much they've given or how involved they are if they were in it for the sake of the optics. SBF? made a point of stating how much he's given, and to whom.
Frankly this is not true. Most people donate if they receive recognition for this, including Carnegie, Rockefeller or Gates. I'm from Germany. People claim that Germans donate anonymously. However, the numbers prove that donations in Germany are a joke. Certainly the US tax code plays a role. But only very decent people donate and don't let anybody know. It's more of a myth
@@markusd.7409my issue here is more about those who donate with the "truest intent" vs those who donate because there is tangible gain for doing so. I suspect most do it for "tax purposes". as charitable contributions are a write off (just as tax harvesting capital gains losses is). [edit] after all, is a penny saved not a penny earned? SBF, propositioned himself as the more altruistic in this scenario, rather than just another run of the mill person with sizable assets playing the capital conservation game. he even went as far as to claim "affective altruism", justifying his gross acquisition of capital as reasonable since "he was more capable of deploying it for the greater good," regardless of how dubious his methods were for acquiring that capital. no man or woman in the history of this planet has ever acquired wealth without it coming at the cost of the potential of other peoples potential gains in a fair world. those who end up rich are always those who can arbitrage their own time and efforts against the time and efforts of others, and always end up gaining the upper hand in that exchange. Whether through the nuance of law or by force of personality. to your point about the optics of donations given by German citizens, I wonder how much that has to do with the laws that any given country has. seems germans have it 'harder" when it comes to buying you way into positive public sentiment. which isn't a bad thing. to a degree where I would condemn american movers and shakers for "buying' their way into the public spotlight through alleged charity.
The 2nd trial next year will deal with the political contributions. There was some talk about not even having it if SBF was found guilty in the 1st trial but because of the political ramifications (the feds do not want to seem to be protecting politicians after the whole Hunter Biden debacle with his plea deal being rejected) it will probably proceed and it will be fireworks politically.
What makes this so sad is that we have countless more crypto scams running currently - and people pretend that making money out of thin air is possible, "because reasons and crypto, duh".
I really must commend your coverage of SBF’s history and trial. Lots of those little details of SBF’s deceitful nature and the specific contradictions in his narrative are missing in a lot of the other videos covering this. I really appreciate it.
a couple of years in prison, followed by an appearance in Dancing with the starts and a one or two bestseller books. No justice and no hope. Watch my words.
Nishad Singh owned 6% to 7% of FTX at a $36 billion valuation would be over a $2B. So Nishad wrote code that would steal money from FTX (the company he owns a +$2B stake) and send it to a company that SBF owns 90%. So Nishad wrote a code that not only stole money from customers but also from himself. These guys are really smart!! Nishad would be a billionaire if he did not write this code. SBF argument is that he do not know why Nishad wrote a code that would steal money from the company that Nishad owns a stake of (FTX) to send it to a company that SBF owns.
I watched all 6 seasons of Silicon VAlley on HBO so many times (one of my favorite shows), I knew something was not right with SBF. Making a world a better place, driving economy cars, etc...tactic SBF took from Silicon Valley.
its the same with crypto, weed, alchohol, theres definately a difference between value takers and value creators not all crypto people are bad but they will be taken for a ride is what value takers do they use others to leverage their monies, take a good look at global players doing right now
I know this is extremely juvenile to say, but you can't tell me that SBF isn't the prime example of a "punchable face". It's made considerably worse when you hear him speak; not only what he says and how he says it with such unearned arrogance but the mere sound of his voice in general.
Dudes getting life. Sadly for him, being contrite and admitting guilt and taking responsibility in the federal system could have made it so he saw the outside of a jail in this life. He never will.
What a world we live in. Dude stealing people's money, 115 years in jail. People responsible for actual regime change wars and wasting over a trillion of taxpayers' money, continue to remain in government and get post retirement secret service security detail.
Not even prosecutors, who have access to gathered evidence and information, are accusing his parents of being involved criminally yet. So many are so eager to indict his parents on guilt by association for their political views. Just wait for the prosecutors to file actual charges. They currently only face civil suits by the liquidator of FTX.
The 2nd trial (if it's allowed to go ahead) has the potential to not only expose his parents involvement.... but also drag a HEAP of politicians and regulators into the spotlight.... And for that reason I think the judge will hand down a high sentence on this 1st 1 and then there will be excuses made that the 2nd set of charges don't need to be heard as the 1st sentence is sufficient. Nice, neat cover up once again.
I think he should get at least 30 years. If he were just incompetent at running a business, much less - but clearly he knew what he was doing and he thought he could get away with anything - and he carried that into the last days in the court room. If you look up "hubris" in the dictionary, there should be a photo of SBF.
His ego wouldn't allow it. When he started blaming the people around him they flipped State witness on him faster than you could say 'plausible deniability.'
@@willicat44Trump is like the Teflon Don. Nothing sticks to him, they've been trying to get him on something since 2016, and Dems continue to fail while he seems to get stronger.
This has been a crazy whirlwind journey, for all of us who follow finance. Especially the crypto world. A big round of applause, for our friend, The Wallstreet Millennial. Brother, you’ve done an exceptional job Covering the SBF Saga. I think it deserves its own playlist. I’d watch it all again from the beginning. Keep up the good work, and keep exposing these crooks. I had no idea financial crimes could be so fascinating 🧐. They’re almost as good a investigation Discovery shows. If not BETTER!
The artist drawing in the first part of the video made Sam look like a person that spends time in the gym and watches his diet. Made me laugh a little.
if SBF just made an actual product with no fraud, sure he wouldn't have been as big, but man would he have at least made millions and retire comfortably, but nah, he wanted billions and the fame, etc. human greed sure is a scary thing.
If he had hired someone competent to run Alameda he would've gotten the fame. Instead he and methy the squirrel girl ran it into the ground with bad trades. Yes she did meth in the offices
The entire point of using Caroline was because she was subservient and would do as she was told. Also SBF was an absolute tweaker. He gives every sign of abusing copious amounts of speed in his interviews. Him asking the judge to get him more adderall was hilarious. Had he not been eating Aderall like M&M’s he probably wouldn’t be facing 110 years in federal prison.
I viewed SBF as someone who wants to become famous and rich but instead of going the hard way, he went the crimey way riding crypto bubble. This worked and he got what he wanted... until the bubble burst. He scrambled left and right to save the image he has created but failed due to inability to fix the elephant in the room.
SHORT AND SIMPLE - if he doesn't get LOCKED UP past 50 years of jail time - its the end of the US Dollar. (not even the government, the very blood of the United States itself.)
This looks like a plot of Dumb and Dumber in real life. Instead of two dumb idiots, we had one arrogant dumb guy and thousands of people suffered because of his IOU "borrowings"! 🤦♂️
I mean you can go to a community college to get an HVAC certification, and other trade programs too, but not finish the rest of the courses. Then you're still listed as a community college dropout. This is also one of the best ways to get into trade programs because community colleges charge less than those for profit schools while letting you get the Pell Grant so you don't have to pay back for your training/certs.
The fact that he didn't even know Google sheets records which tabs in a spreadsheet you look at shows he had no business running a billion dollar company
I just hope that those three people who took a deal with the feds don't get out of this without jail time. I understand they cooperated but they should be in jail as well for a period of time. It seems like many of them were supportive of this when it benefited them, and as soon as trouble came they pleaded innocence.
I have a question, and I don't mean it in a sarcastic or a pointed way: are there any crypto tokens *not* created out of thin air? Are there some tied to commodities, metals, etc?
Stable coins mimic commodities. Other are just simple supply and demand. More supply less demand no value high demand low supply to price will grow. Most of the time owner of token purchase he's own token to create some liquidity.
There’s theoretical ones pegged to the USD, but no, it’s all theoretical and fake. It’s important to note that a bitcoin or ether at the end of the day is measured in the value of “x many dollars” By that own measure they have nothing but speculative value.
No, it's the greater fool fallacy. It goes up in value if, and only if, the next idiot in line is prepared to pay more for it than you did. In theory, NON-algorithmic stable coins have real value - you give them real dollars in exchange for tokens, and they keep you tokens ringfenced as security on the value of the tokens. They should always have the same number of dollars in hand as they've issued tokens, so you can cash the tokens back in and get your dollars back. If everyone cashes in all the tokens, no problem there's a real dollar available to refund each one. Unfortunately, there's currently some doubt/suspicion as to whether some of the big stable coins really kept the money on hand against future withdrawals. That hasn't come crashing down - yet - but I wouldn't put my money in it.
No, that's why it's an absolute house of cards. (P.S. All fiat currency hasn't been real since we got off the gold standard 50 years ago, it's ALL a house of cards)
How unloved and neglected by their parents one needs to be, so that they resort to this kind of stuff in order to feel valuable. His sense of self worth must have been so low, while having a vastly unrealistic image of who he needs to be(come).
he might have been able to avoid being convicted for some charges had he kept quiet after the collapse. my guess he was always told he was smart since he was born, and he could not fathom making mistakes.
I am so happy that people are cutting through SBF's crap. The poor me.. I am just a goofy misfit... a dork like me just doesn't understand these things.... routine. The fact that the jury found him guilty restores at least a little of my faith in humanity. He is a participation trophy, spoiled, punk who thought he could ponzi his way to success. Screw this fool and I hope all of his political connections go down with him. I think I speak for many when I say we are beyond tired of this crap....
I still don’t understand the fundamental question “why?” SBF was making millions even billions legally without touching customer funds. Why did he decide to do this? He needed more money? He was that greedy?
One of the reasons FTX was so successful was bc of their celebrity endorsements / brand sponsorships, paid for with customer funds. Had they never touched customer funds in the first place they couldn't have afforded so much marketing. Difficult to say how much money he could have made had he not committed fraud.
@@wallstreetmillennial ah yeah thats what I’m deducing. You gotta pay to play. It was the reason for the epic rise and catastrophic fall. Thanks so much for all your content. Love your videos :)
FTX made billions in revenue, not profit. Alameda never really made very much money. They got a lot of initial capital from effective altruists of about $175 million to trade with. They ended up cashing out after Sam was seen as reckless and a poor record keeper, losing track of millions of dollars. From the time Sam was making decisions it’s very unclear they ever made much money, they took out billions in loans to trade and from day 1 were using customer funds to pay for his real estate and buying of VC investments.
Crazy how he was all about altruism, no yatchs or jets but he lived large on other people’s money. Hopefully he enjoyed the 15 minutes of fame as he will stay behind bars for a long time.
He got lucky early with the Japanese connection for his Korean arbitrage & then after that crypto started doing what it does best, rocket straight up before eventually free falling. so his early success blinded him and he got caught with his pants down in the free fall. Nobody wants to believe in fate but it sure smacks down a lot of us.
There are so many clowns in the story, from SBF, Caroline, his parents and then lenders, Forbes, investors, etc. SBF is so lazy and sloppy too, he sent people plain generic spreadsheets with hardly any info and just numbers with no context as proof of asset value and these people thought "oh yes this is super legit, no questions here"....
If you throw yourself at the Justice Department and give them everything they want to build up a case they will just look away. He negotiated his plea deal in exchange for evidence. That is why the Justice Department was able to flip SBF's cohorts. The Justice Department already had the evidence.
@@evantambolang3052 That is not what it means. What you are describing is called "lobbying" and is not the same thing and has been around for centuries. EA is supposed to be apolitical and finding ways for donations to create solutions to problems, not just their effects. But thanks for demonstrating the damage to EA that SBF caused.
I still have serious questions about Sam Trabucco. No one called that guy or dragged him to the trial? It looks like he either turned over evidence or had influence and/or the right lawyers to remain hidden from public view. This is like the case of not going after Skilling because he resigned early before Enron went down years later.
He was a witness and he was the least culpable of all the other execs. Drop the conspiracy theories around "influence". Pay attention and you might start understanding the world and not ascribing everything you don't know to some cabal
@@republicansarepedos2 You are clueless. He got away because he turned state witness and wasn't as involved with the fraud as others like Caroline and Wang. Look it up before saying dumb things.
@@doresearchstopwhining He could have been, I highly doubt his hands were clean. But it probably was he offered great insider and first hand accounts of what happened. So they worked out a deal. These are super trust fund kids who spent their summers at math camps lol. I'm sure there was nudging in the right direction to make it vanish from everything.
The many bankruptcies in the crypto “eco system” show its a speculative neighborhood made of cards… players have no clue where their money is moved to, to pay “business expenses”, millionaire lifestyles, crazy wages, advertising, and pay interests. Many think this is all funded with speculation and transactions fees 😂
All the crypto crazies all told the rest of the world they did not understand the modern world and were all ancients and irrelevant. Turns out all the crypto crazies were really just busy with fraud and the ancients were right and survived.
Im not surprised if initially lot of higher up tried to help him for something in return, but once they learn that he is truly powerless now they changed their mind. How else did he get ridiculous sentence like that, there have been cases of people stealing billions before and they literally get away without any sort of punishment. Im pretty sure his ex girlfriend will get lighter sentence (not only because she testified against him, but because unlike him, she have lot of things prepared just in case) and so she will get all the help the higher up initially want to offer to SBF.
His lawyers told him not to testify himself or to give all these random interviews after FTX collapsed. He ignored their recommendation because SBF is the type of fool that thinks he's smarter than everybody else.
To think if FTX just bought a traditional spreadsheet program, or used open office, almost all of the evidence would be gone. Same for using a local company chat over Google docs. Never use SaaS if you're going up commit crimes
Fantastic video except for your section on motive. It's very unlikely that the reason he stole billions of customer funds was because he wanted to be with celebrities. Rather it's his risk attitude. Sam has long written that he believes that people should always be willing to bet double or nothing and make whatever choice had the highest expected outcome no matter the chance of ruin. This is part of his set of beliefs about effective altruism. Effective altruism believes in utilitarianism which believes thatthere's nothing wrong with lying or stealing or anything like that, the only thing that matters is what benefits the most people. So he believed that he could grow FTX and Alameda and his wealth faster if he made risky directional trades with a high chance of ruin if there was a bad turn in the markets because he believed that on average those risky directional trades would make the most money. Sam is a typical effective altruist sociopath who believes that any kind of crime can be justified by just appealling to the greater good
Excellent job. Lot of research and valuable information. Of course, he is guilty and should head to jail for a very very long time. Greedy, narcissist and impostor. The only person he really cared about is himself.
Defense lawyers have to point to the bad guy, if their guy is not guilty. Pretty standard. They're going to try to sling someone. Ellison and Singh in this case. Just business.
All billionaires should be required to disclose the sources of their wealth to the public? Only seems logical when you possess the wealth that rivals or exceeds the GDP of some states
Ellison still lost an assload of money. Her actions are probably what started all the problems over there and Sam was jumping through hoops trying to keep both companies afloat.
I wonder if there are not a lot of other folks running businesses without value, and working in this way, that we'll continue to celebrate, while this one person, is heralded as us solving a major part of this type of activity.
![How to Lie Your Way to $34 Billion [Nikola Motors Fraud]](http://i.ytimg.com/vi/88fWUZhYb04/mqdefault.jpg)
It's funny that SBF defenders have been spending months proclaiming him to be some sort of genius savant while SBF himself has been desperately trying to make himself look like an innocent moron.
This is typical of this kind of idolisation. Trevor Milton "believers" did and still do the same thing, believing him to be some sort of genius that single handedly created hydrogen trucks, even though there are veritable mountains of evidence of fraud and lies. People defend the indefensible because they themselves "believed" so hard it hurts to be wrong.
ftfy: guilty moron
There’s still defenders?
@@peterdieleman303, Kevin O'Leary and fangirl Michael Lewis.
@@purplepill2024 Kevin is the worst, he can´t admit that he was fooled
This is probably the kind of guy who gambles your money and blame you if he lost it
I will NEVER understand how could someone have sat across from SBF, looked at him or listened to him speak for more than a minute, and thought 'He's the one I want to invest billions of dollars in'.
Same here, just look at the guy! If he is that slovenly in his appearance, then how good can his record keeping be?
Probably because his family background and the glorification of "nerds"
Lot of investors actually raised red flag after they spoke with him but however FTX growth was hard to ignore.
Even these red flags where written off as him being genuine.
His appearance was actually a very calculated move on his part to charm investors. It was all to portray himself as the "under-dressed genius"
It shows VC firms like Sequoia and supposedly smart investors like O' Leary are just clowns with money.
I love how each one of his lies were rebutted in some way, even by Google sheets, LOL. Now lets go after the politicians who refuse to return his donations.
If Caroline doesn’t get jail time it will be a huge injustice. She and SBF were certainly playing the same game. It’s hilarious watching her play “dumb girl” after girl bossing her entire time at alameda.
She and SBF's mom lived their dreams of becoming a "BOSS B," and now they cry, cry, cry. I feel a song coming on.
@@jcjcviews ugliness is its own crime. they are all done. And still hopelessly uggo.
Age old female trick to gain sympathy.
She will get a more lenient sentence because she worked with the feds to get SBF arrested
There are high chances that Caroline was f*cked by SBM and his inner circle.
Her incompetence can be seen in the fact that she had the perfect opportunity to get pregnant from SBM so that she can claim child support from SBM that he could have paid using the stolen money.
"The jury is likely to reach a verdict in the coming days."
They reached a verdict in 4 hours, over a day before this video was released...
When is his sentencing
@@LuKiSCrafttentatively march 28th of next year. A birthday present for me! :P
@LuKiSCraft March 28th but they might push it back a little further. If they go through with his other trial, they will probably wait until that one is finished and sentence him for everything at once. Either way, no more League of Legends for a long time.
@@bobchipman4473i hear prison is pretty soft these days. Pay for gender surgeries. Why not a gaming device?
He ain't going to prison. Prolly get less then a year at county. Do you forget wich party he was donating to? They will give him the smollet treatment. Unless the wrong people think he is going to sing then he will be epsteined.
When you are raised to feel like the smartest person in the room. But you cant back it up.
For a long time, he was.
Considering he swindled billions from people for years upon years with an obvious scam, he clearly was the smartest. Not exactly a high bar there, in all honesty.
Same deal as Trevor Milton and Elizabeth Holmes.
He had the smartest scam in the room
@@obsidianjane4413nah he just had the best scam
He will likely be the smartest person in the room over the next decades in solitary.
SBF before FTX : A 'Nobody'.
SBF after FTX : A 'Nobody'. Detained.
He unironically thought he could talk himself out of this. He actually did the opposite, but in fact he probably saved the time of the jury.
Yep
Narcissistic sociopaths always think they’re smarter than everyone else, even when they’re facing indictment
@@mizravenkustoms: "unironically". I learned a new word today, which is ‘unironically’ 🙂
ill never understand how a seemingly rational human being could take one glance at SBF and trust him with even a dime of their hard earned money.
Kevin O'leary: "But his parents are ethics lawyers at a prestigious school. What could go wrong?" 😂😂😂
Greed
People want to believe, no matter how obvious. Just look at Elon Musk.
all these effective altruism guys pretend that it's effective or altruistic. It's neither. They want low taxes, and the subtext is that they want to decide who deserves to be donated money, and that is always their friends and themselves.
Like I've said elsewhere, it's (1) not remotely altruistic, and (2) the effectiveness is up for debate given he's in jail and staying there for a while.
Bill Gates is a fine example of altruistic and PR PR PR
100%
It’s just a cult of rich liberals
Well said. I read Michael Lewis' book about SBF and I didn't see any proof that SBF was actually donating money. Under oath at the trial, Nishad Singh admitted that he had planned to donate his money but never did.
called it. second I hear about "charitable contributions" as a news item, then I automatically assume it's a smokescreen to obfuscate reprehensible behavior. only the most noble and truest of givers wouldn't even dare ask for recognition for their giving. You'd never know how much they've given or how involved they are if they were in it for the sake of the optics. SBF? made a point of stating how much he's given, and to whom.
Wish common sense like these becomes second nature to most people. You are group dumb people based on this factor only.
That means you predicted 200 of the last 2 major frauds
Frankly this is not true. Most people donate if they receive recognition for this, including Carnegie, Rockefeller or Gates. I'm from Germany. People claim that Germans donate anonymously. However, the numbers prove that donations in Germany are a joke.
Certainly the US tax code plays a role. But only very decent people donate and don't let anybody know. It's more of a myth
@@markusd.7409 he knows. He doesn't care
@@markusd.7409my issue here is more about those who donate with the "truest intent" vs those who donate because there is tangible gain for doing so.
I suspect most do it for "tax purposes". as charitable contributions are a write off (just as tax harvesting capital gains losses is). [edit] after all, is a penny saved not a penny earned?
SBF, propositioned himself as the more altruistic in this scenario, rather than just another run of the mill person with sizable assets playing the capital conservation game.
he even went as far as to claim "affective altruism", justifying his gross acquisition of capital as reasonable since "he was more capable of deploying it for the greater good," regardless of how dubious his methods were for acquiring that capital. no man or woman in the history of this planet has ever acquired wealth without it coming at the cost of the potential of other peoples potential gains in a fair world. those who end up rich are always those who can arbitrage their own time and efforts against the time and efforts of others, and always end up gaining the upper hand in that exchange. Whether through the nuance of law or by force of personality.
to your point about the optics of donations given by German citizens, I wonder how much that has to do with the laws that any given country has.
seems germans have it 'harder" when it comes to buying you way into positive public sentiment. which isn't a bad thing. to a degree where I would condemn american movers and shakers for "buying' their way into the public spotlight through alleged charity.
This is simply an outstanding presentation of the relevant timelines just before & after the bankruptcy filing. Thank you for all your research.
I want you to know that acknowledgment is well deserved!
I remember when SBF promised $1 billion (of customer funds) to beat Trump in 2024.
Looking forward to the rest of the charges in March 😊
The 2nd trial next year will deal with the political contributions. There was some talk about not even having it if SBF was found guilty in the 1st trial but because of the political ramifications (the feds do not want to seem to be protecting politicians after the whole Hunter Biden debacle with his plea deal being rejected) it will probably proceed and it will be fireworks politically.
If he had Maxine Waters would've made him Speaker.
It’s easy to be generous with others money… Sadly the parents to Scam Sam will get away with their crimes…
He was also going to prevent the next pandemic. No that he's going to jail for life we're doomed! 😂
Remember when he would dress up like a hobo to meet bill clinton and the like, but now he wears a suit?? 😂😂😂
What makes this so sad is that we have countless more crypto scams running currently - and people pretend that making money out of thin air is possible, "because reasons and crypto, duh".
SAM the man, showing us how these idiots run things. The kid was able to steal billions, imagine non idiots in his position
You basically described Bernie madolf who managed it for years till a financial meltdown hit
Sbf was smart enough to convince many people that a worthless tokens is worth something.
Sam isn't an idiot, he's at least two SDs above the NPCs who comment on these videos, lmao. He did stupid things, but he "isn't".
@lautaroka5847 evil can come off as smart when they are in fact dumb.
@@SK-qs1zd exactly, it's easy to seem smart when all you're doing is lying and stealing
Caroline needs to be locked up - I’m a woman and I can’t stand to see women get away with shit for just crying. It’s sickening.
Exactly my feelings too.
I really must commend your coverage of SBF’s history and trial. Lots of those little details of SBF’s deceitful nature and the specific contradictions in his narrative are missing in a lot of the other videos covering this. I really appreciate it.
a couple of years in prison, followed by an appearance in Dancing with the starts and a one or two bestseller books. No justice and no hope. Watch my words.
This guy won't last a couple years in prison.
12:00 - I like how it was implied that the "allow negative" was written in Typescript
Twas Python
@@robertluong3024nah; it's typescript, look at the file name.
Also python use indents and doesn't have closing braces for functions.
Nishad Singh owned 6% to 7% of FTX at a $36 billion valuation would be over a $2B. So Nishad wrote code that would steal money from FTX (the company he owns a +$2B stake) and send it to a company that SBF owns 90%. So Nishad wrote a code that not only stole money from customers but also from himself. These guys are really smart!!
Nishad would be a billionaire if he did not write this code.
SBF argument is that he do not know why Nishad wrote a code that would steal money from the company that Nishad owns a stake of (FTX) to send it to a company that SBF owns.
I watched all 6 seasons of Silicon VAlley on HBO so many times (one of my favorite shows), I knew something was not right with SBF. Making a world a better place, driving economy cars, etc...tactic SBF took from Silicon Valley.
Yea, Sillicon Valley on HBO showed you all the BS of those tech firms living in the Valley, the hypocrisy and delusion
Something is not right with Silicon Valley. They cashed in on the internet boom and now think they're geniuses.
its the same with crypto, weed, alchohol, theres definately a difference between value takers and value creators not all crypto people are bad but they will be taken for a ride is what value takers do they use others to leverage their monies, take a good look at global players doing right now
@@MrRafarivera crypto has no value.
@Moustachehilaritywhatchu mean? He watched all seasons of silicon Valley multiple times! It's like a phd in crime
I know this is extremely juvenile to say, but you can't tell me that SBF isn't the prime example of a "punchable face". It's made considerably worse when you hear him speak; not only what he says and how he says it with such unearned arrogance but the mere sound of his voice in general.
Not juvenile, just a fact.
I’ve thought the same thing: definitely a punchable face.
Caroline even moreso.
This is antisemitic.
Dudes getting life. Sadly for him, being contrite and admitting guilt and taking responsibility in the federal system could have made it so he saw the outside of a jail in this life. He never will.
If he's lucky, he can get away with 20 years
Depends what happens with the second trial, if it ever happens. I'm still betting on Ellison getting a token sentence and then disappearing.
@@jonathanj8303disappearing? as in, plastic surgery for new identity? couldn't hurt 😆
@@braack4859minimum 30. Check sentencing guidelines, $550M and above start from 30 years lol.
The min of one of his crimes is 50 years. So with probation that's a min of 25-30 years, if they're all concurrent
SBF deserves 40 years in prison, minimum. No parole. He should be a gray haired old man before he ever breathes free air again.
Imagine having a sentence in three digits and still more charges coming
What a world we live in. Dude stealing people's money, 115 years in jail. People responsible for actual regime change wars and wasting over a trillion of taxpayers' money, continue to remain in government and get post retirement secret service security detail.
Fantastic recap. I listened to coverage of the trial everyday. This nails all the main stuff!!
I love how all the artist renditions of the SBF trial makes him look more intimidating than he actually is.
I'm not totally convinced some of those pictures were drawn by someone in the same room as the trial. I just saw one that looked like Jason Momoa.
@@jonathanj8303hahahahaha yup
they likely use AI for the renditions nowadays to keep costs down... the court artist could work from home... no need to even be on the courtroom 😂
I predict he will get 30 years in prison.
All of them are AI generated lol
Good job, as always. Now that the world knows the verdict of SBF, can you make a video about how much his parents involved in his scheme? Thanks!
Not without getting sued.
Not even prosecutors, who have access to gathered evidence and information, are accusing his parents of being involved criminally yet. So many are so eager to indict his parents on guilt by association for their political views. Just wait for the prosecutors to file actual charges. They currently only face civil suits by the liquidator of FTX.
They are currently being sued. @@ryaneylee
The 2nd trial (if it's allowed to go ahead) has the potential to not only expose his parents involvement.... but also drag a HEAP of politicians and regulators into the spotlight....
And for that reason I think the judge will hand down a high sentence on this 1st 1 and then there will be excuses made that the 2nd set of charges don't need to be heard as the 1st sentence is sufficient.
Nice, neat cover up once again.
I hope he goes away for a long time. Stealing, then lying about it, is dirty..
He is, after all, the perfect Democrat, so no suprize here.
I think he should get at least 30 years. If he were just incompetent at running a business, much less - but clearly he knew what he was doing and he thought he could get away with anything - and he carried that into the last days in the court room. If you look up "hubris" in the dictionary, there should be a photo of SBF.
This is pretty insane. It looks like if he just had shut up and kept quiet from the start he possible could have gotten away without going prison.
like Trump...
His ego wouldn't allow it. When he started blaming the people around him they flipped State witness on him faster than you could say 'plausible deniability.'
Na, fraud is fraud.
No. FTX couldn’t repay depositors. Even if SBF had shut up, he still would have been convicted.
@@willicat44Trump is like the Teflon Don. Nothing sticks to him, they've been trying to get him on something since 2016, and Dems continue to fail while he seems to get stronger.
This has been a crazy whirlwind journey, for all of us who follow finance. Especially the crypto world. A big round of applause, for our friend, The Wallstreet Millennial. Brother, you’ve done an exceptional job Covering the SBF Saga. I think it deserves its own playlist. I’d watch it all again from the beginning. Keep up the good work, and keep exposing these crooks. I had no idea financial crimes could be so fascinating 🧐. They’re almost as good a investigation Discovery shows. If not BETTER!
The jury should have a verdict in the coming days.....3 HOURS!! They took 3 hours to find him guilty on all charges!
The artist drawing in the first part of the video made Sam look like a person that spends time in the gym and watches his diet. Made me laugh a little.
They made him look like the guy from Twilight. Clearly he must have paid that sketch artist some money....
I have to see Caroine's court sketch 😂 she already looks like one
That's so cute, observing those still shots of Beaver Girl reading a Harry Potter novel with a pencil in her mouth. Studious.
if SBF just made an actual product with no fraud, sure he wouldn't have been as big, but man would he have at least made millions and retire comfortably, but nah, he wanted billions and the fame, etc. human greed sure is a scary thing.
If he had hired someone competent to run Alameda he would've gotten the fame. Instead he and methy the squirrel girl ran it into the ground with bad trades.
Yes she did meth in the offices
The entire point of using Caroline was because she was subservient and would do as she was told. Also SBF was an absolute tweaker. He gives every sign of abusing copious amounts of speed in his interviews. Him asking the judge to get him more adderall was hilarious. Had he not been eating Aderall like M&M’s he probably wouldn’t be facing 110 years in federal prison.
@@Colette92017 Didn't they have meth orgies?
I viewed SBF as someone who wants to become famous and rich but instead of going the hard way, he went the crimey way riding crypto bubble. This worked and he got what he wanted... until the bubble burst. He scrambled left and right to save the image he has created but failed due to inability to fix the elephant in the room.
He's facing up to 100 years in prison, AND that's his first case. He has another case 2 weeks before his sentencing, next year.
He's gonna get the Bernie Madoff treatment. Madoff got 150 years.
SHORT AND SIMPLE - if he doesn't get LOCKED UP past 50 years of jail time - its the end of the US Dollar. (not even the government, the very blood of the United States itself.)
This looks like a plot of Dumb and Dumber in real life. Instead of two dumb idiots, we had one arrogant dumb guy and thousands of people suffered because of his IOU "borrowings"! 🤦♂️
Makes a Community college drop out look like a Harvard grad.
I mean you can go to a community college to get an HVAC certification, and other trade programs too, but not finish the rest of the courses. Then you're still listed as a community college dropout.
This is also one of the best ways to get into trade programs because community colleges charge less than those for profit schools while letting you get the Pell Grant so you don't have to pay back for your training/certs.
The fact that he didn't even know Google sheets records which tabs in a spreadsheet you look at shows he had no business running a billion dollar company
I just hope that those three people who took a deal with the feds don't get out of this without jail time. I understand they cooperated but they should be in jail as well for a period of time. It seems like many of them were supportive of this when it benefited them, and as soon as trouble came they pleaded innocence.
I have a question, and I don't mean it in a sarcastic or a pointed way: are there any crypto tokens *not* created out of thin air? Are there some tied to commodities, metals, etc?
Stable coins mimic commodities. Other are just simple supply and demand. More supply less demand no value high demand low supply to price will grow. Most of the time owner of token purchase he's own token to create some liquidity.
There’s theoretical ones pegged to the USD, but no, it’s all theoretical and fake.
It’s important to note that a bitcoin or ether at the end of the day is measured in the value of “x many dollars”
By that own measure they have nothing but speculative value.
No, it's the greater fool fallacy. It goes up in value if, and only if, the next idiot in line is prepared to pay more for it than you did.
In theory, NON-algorithmic stable coins have real value - you give them real dollars in exchange for tokens, and they keep you tokens ringfenced as security on the value of the tokens. They should always have the same number of dollars in hand as they've issued tokens, so you can cash the tokens back in and get your dollars back. If everyone cashes in all the tokens, no problem there's a real dollar available to refund each one. Unfortunately, there's currently some doubt/suspicion as to whether some of the big stable coins really kept the money on hand against future withdrawals. That hasn't come crashing down - yet - but I wouldn't put my money in it.
@@jonathanj8303it's like a ponzi scheme.
No, that's why it's an absolute house of cards.
(P.S. All fiat currency hasn't been real since we got off the gold standard 50 years ago, it's ALL a house of cards)
How unloved and neglected by their parents one needs to be, so that they resort to this kind of stuff in order to feel valuable. His sense of self worth must have been so low, while having a vastly unrealistic image of who he needs to be(come).
Guilty on all 7 counts and facing more charges that might drag other people in like hus crook parents and some politicians.
keep dreamin
he might have been able to avoid being convicted for some charges had he kept quiet after the collapse. my guess he was always told he was smart since he was born, and he could not fathom making mistakes.
Whoever did those courtroom drawings of Caroline, is a fucking hero lol
18:50 that’s him; the guy millions of people trusted with tens of billions of dollars… wonder what they saw that inspired trust?
This picture made him look better than real life somehow.
Agreed. He *really* doesn't derseve that...
I am so happy that people are cutting through SBF's crap. The poor me.. I am just a goofy misfit... a dork like me just doesn't understand these things.... routine. The fact that the jury found him guilty restores at least a little of my faith in humanity. He is a participation trophy, spoiled, punk who thought he could ponzi his way to success. Screw this fool and I hope all of his political connections go down with him. I think I speak for many when I say we are beyond tired of this crap....
“I am not a crook.” >/=/< “I did not have sexual relations with that woman.” ?
Simply the best docu channel on RUclips
I still don’t understand the fundamental question “why?” SBF was making millions even billions legally without touching customer funds. Why did he decide to do this? He needed more money? He was that greedy?
Yes.
One of the reasons FTX was so successful was bc of their celebrity endorsements / brand sponsorships, paid for with customer funds. Had they never touched customer funds in the first place they couldn't have afforded so much marketing. Difficult to say how much money he could have made had he not committed fraud.
Alameda research which he owns is losing billions......how do you forget about that?
@@wallstreetmillennial ah yeah thats what I’m deducing. You gotta pay to play. It was the reason for the epic rise and catastrophic fall. Thanks so much for all your content. Love your videos :)
FTX made billions in revenue, not profit. Alameda never really made very much money. They got a lot of initial capital from effective altruists of about $175 million to trade with. They ended up cashing out after Sam was seen as reckless and a poor record keeper, losing track of millions of dollars. From the time Sam was making decisions it’s very unclear they ever made much money, they took out billions in loans to trade and from day 1 were using customer funds to pay for his real estate and buying of VC investments.
Crazy how he was all about altruism, no yatchs or jets but he lived large on other people’s money. Hopefully he enjoyed the 15 minutes of fame as he will stay behind bars for a long time.
It's incredible to see that these experts and the specialized media were easily deceived once again.
"Omg but he drives a Corolla" 🤣🤣🤣
He got lucky early with the Japanese connection for his Korean arbitrage & then after that crypto started doing what it does best, rocket straight up before eventually free falling. so his early success blinded him and he got caught with his pants down in the free fall. Nobody wants to believe in fate but it sure smacks down a lot of us.
nt, caroline ellison jewbani
rookie mistake, arbitrage opps are short lived
Trabuco was the only one who knew the jig was up and bounced. Literally sailed into the sunset 😅
There are so many clowns in the story, from SBF, Caroline, his parents and then lenders, Forbes, investors, etc. SBF is so lazy and sloppy too, he sent people plain generic spreadsheets with hardly any info and just numbers with no context as proof of asset value and these people thought "oh yes this is super legit, no questions here"....
How has Trabucco escaped with all his millions and no accoutability? I can’t believe he didn’t know.
If you throw yourself at the Justice Department and give them everything they want to build up a case they will just look away. He negotiated his plea deal in exchange for evidence. That is why the Justice Department was able to flip SBF's cohorts. The Justice Department already had the evidence.
He quit first and probably provided information to investigators
I think SBF might be the best thing that ever happened to effective altruism (from a societal perspective)
You mean destroyed it? So I guess no one should work to help Ukraine.
E.a. is safe haven for tax cheats
EA is just a fancy term of rich people who donate their wealth for political cause that can benefit them
That is the dumbest thing I ever read.
@@evantambolang3052 That is not what it means. What you are describing is called "lobbying" and is not the same thing and has been around for centuries.
EA is supposed to be apolitical and finding ways for donations to create solutions to problems, not just their effects.
But thanks for demonstrating the damage to EA that SBF caused.
I still have serious questions about Sam Trabucco. No one called that guy or dragged him to the trial? It looks like he either turned over evidence or had influence and/or the right lawyers to remain hidden from public view. This is like the case of not going after Skilling because he resigned early before Enron went down years later.
He was a witness and he was the least culpable of all the other execs. Drop the conspiracy theories around "influence". Pay attention and you might start understanding the world and not ascribing everything you don't know to some cabal
Good question. The prosecution probably didn’t need him. Doesn’t mean someone cannot go after him now.
He got away because he was a white guy.
@@republicansarepedos2 You are clueless. He got away because he turned state witness and wasn't as involved with the fraud as others like Caroline and Wang. Look it up before saying dumb things.
@@doresearchstopwhining He could have been, I highly doubt his hands were clean. But it probably was he offered great insider and first hand accounts of what happened. So they worked out a deal. These are super trust fund kids who spent their summers at math camps lol. I'm sure there was nudging in the right direction to make it vanish from everything.
SBF should be in jail just for that hair.
“He wasn’t particularly good looking…” 😂
I don't know what people know about Legal Tender? A currency can only be legal if it has the Legal Tender status.
Remember when people used to say you can trust SBF because he drives a HONDA. LMAO
Anything under 25 years MINIMUM will be a slap on the face to everyone who got screwed.
The many bankruptcies in the crypto “eco system” show its a speculative neighborhood made of cards… players have no clue where their money is moved to, to pay “business expenses”, millionaire lifestyles, crazy wages, advertising, and pay interests. Many think this is all funded with speculation and transactions fees 😂
All the crypto crazies all told the rest of the world they did not understand the modern world and were all ancients and irrelevant. Turns out all the crypto crazies were really just busy with fraud and the ancients were right and survived.
The court 'artist' who drew SBF liie a muscular superhero must have been paid by SBF. Grotesque to the bones.
One aspect I find fascinating is how it appeared he could get away with it initially - until it seemed like a switch flipped
not surprising
Not really. The whole operation was eventually going to implode because they eschewed real risk management.
He didn't want to pay the TRUE mafia. The 333 mostly including the IRS.
Im not surprised if initially lot of higher up tried to help him for something in return, but once they learn that he is truly powerless now they changed their mind.
How else did he get ridiculous sentence like that, there have been cases of people stealing billions before and they literally get away without any sort of punishment.
Im pretty sure his ex girlfriend will get lighter sentence (not only because she testified against him, but because unlike him, she have lot of things prepared just in case) and so she will get all the help the higher up initially want to offer to SBF.
Yeah it imploded the moment binance said they were cashing out. everyone ran scared. Like madolf with the GFC.
Imagine being this guy’s lawyer? 😅
Guilty verdict doesn't change the fees 😅
His lawyers told him not to testify himself or to give all these random interviews after FTX collapsed. He ignored their recommendation because SBF is the type of fool that thinks he's smarter than everybody else.
@@Boltzmann-eh7ufthe scam was hiding in plain sight!
This level of fraud deserves life in prison without any possibility of parole. I mean this guy destroyed 10s of thousands of people's financial lives.
He has blood on his hands. _I think that more than one person deleted themselves when they realized that all their savings were gone._
Bad news son…….they don’t serve sushi in the barbed wire hotel.
Billions of assets and they used Google sheets to track them! 🤣
The drawings have me dying😂
He’s not a crook he’s a magician that makes money disappear 😂😂😂😂😂
Nothing up my sleeve - Presto!
"A math nerd who never drink or party" nor ever will.
But where is the money, no doubt sitting in Caymens where he can access or his parents
those court artist renditions are very flattering
Apparently, this guy was a heavy contributor to the Democratic Party…..birds of a feather…
He was also a heavy contributor to the Republican Party. Mostly pro-crypto politicians on all sides.
The people on the Forbes 400 should be investigated every year by the FBI and the IRS.
To think if FTX just bought a traditional spreadsheet program, or used open office, almost all of the evidence would be gone. Same for using a local company chat over Google docs.
Never use SaaS if you're going up commit crimes
That really shows how ignorant he is. I mean, come on!
That’s Giselle Bundchen on the right. 18:31 I wonder if her divorce from Tom Brady had anything to do with FTX.
Fantastic video except for your section on motive. It's very unlikely that the reason he stole billions of customer funds was because he wanted to be with celebrities. Rather it's his risk attitude. Sam has long written that he believes that people should always be willing to bet double or nothing and make whatever choice had the highest expected outcome no matter the chance of ruin. This is part of his set of beliefs about effective altruism. Effective altruism believes in utilitarianism which believes thatthere's nothing wrong with lying or stealing or anything like that, the only thing that matters is what benefits the most people. So he believed that he could grow FTX and Alameda and his wealth faster if he made risky directional trades with a high chance of ruin if there was a bad turn in the markets because he believed that on average those risky directional trades would make the most money.
Sam is a typical effective altruist sociopath who believes that any kind of crime can be justified by just appealling to the greater good
Excellent job. Lot of research and valuable information. Of course, he is guilty and should head to jail for a very very long time. Greedy, narcissist and impostor. The only person he really cared about is himself.
Defense lawyers have to point to the bad guy, if their guy is not guilty. Pretty standard. They're going to try to sling someone. Ellison and Singh in this case. Just business.
It worked for the Nazi Generals. They blamed everything on Hitler.
All billionaires should be required to disclose the sources of their wealth to the public? Only seems logical when you possess the wealth that rivals or exceeds the GDP of some states
i remember cryptobros treat him like their messiah.
He's not the messiah, he's a very naughty boy!
10 second in and we already know the verdict was so fast this video didn't have the time to be uploaded fast enough. xD
Bro looks like he smells sour 💀
..you think about how he smells??...what kind of person does that?
I love a good rare insult. 😂
28:22 does anyone know what happened there? its like Tom sad something and he just got pissed off with him?
Ellison still lost an assload of money. Her actions are probably what started all the problems over there and Sam was jumping through hoops trying to keep both companies afloat.
They spent more on donations for political Campaigns, Government bribes and Apartments.
A judge and jury would disagree with that...
When are they going to prosecute his parents?? They gave him advice what to do.
so many were shilling for him too, lol. NEVER believe the hype.
Did nobody who invested see that these were a bunch of nerdy students living in the Bahamas
Repeat after me: all… tokens… are… fake… by definition.
I wonder if there are not a lot of other folks running businesses without value, and working in this way, that we'll continue to celebrate, while this one person, is heralded as us solving a major part of this type of activity.
That artist depiction of him is funny 🤣 28:37