The REAL Story of FTX…

The REAL Story of FTX...

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This video is brought to you by FTX FTX Us has among the cheapest fees it’s 2022 And FTX is everywhere FTX that’s the Crypto app right the biggest Financial YouTubers are all promoting it if you Sign up with our link signing up using My link the company even had Nars from Nars daily fly all the way from Dubai to The Bahamas to make Sam bankman freed Fdx’s founder look like a saint the guy You see next to me is the most generous Billionaire in the world so generous he Became one of the top political donors In Washington DC second only to George Soros and even gave 40 million dollars To one or more Chinese government Officials recent court documents show of Course the payment was allegedly a bribe And it happened when SBF and his company FDX were already in hot water trying to Save themselves from the reality that They’d blown billions of dollars in Customer funds on fraudulent schemes and Then there was the apparent outlandish Lifestyle of drugs and sex so how did it Get to this how did a promising MIT Graduate with crazy hair and an interest In philanthropy become tied up in a web Of international wire fraud oops drugs Polyamorous relationship and bribes to Chinese Communist officials and was this All bankman Freed’s master plan or were There other actors controlling things Behind the scenes he was suspiciously

Well connected to Elite circles let’s go Down the rabbit hole Sam bankman freed or SPF graduated from MIT in 2014 and immediately went to work At Jane Street Capital One of the World’s largest market makers The Firm Traded 17 trillion dollars in Securities In 2020 spf’s supposed girlfriend Caroline Ellison also worked at Jane Street after SPF left Jane Street he set Up Alameda research in late 2017 and the Following year he met up with Caroline Ellison for a coffee and pitched her on Working for him trading cryptocurrencies At Alameda she agreed and would quickly Rise to become the CEO which is alarming In itself since although she had a math Degree she had no experience in the Field and seemed to not understand basic Risk management being comfortable with Risk is very important We tend not to have things like stop Losses I think those aren’t necessarily Great risk management tools stop loss Orders are one of the most common risk Management tools used by Traders of both Crypto and stocks every day it is a sell Order that triggers if the asset Falls Below a certain price to minimize the Amount of money lost on an unsuccessful Trade but hey she was comfortable not Using them I think those aren’t Necessarily great risk management tool SBF said himself he named the company

Alameda research to give it the Legitimacy of a research institute Rather than a sketchy Bitcoin Trading Company with an appetite for risk which Is basically what it was their early Success came from taking advantage of an Arbitrage trade relying on the fact that Bitcoin was more expensive in Japan than The US in 2019 Alameda moved its Headquarters to Hong Kong FTX was then Founded by SBF and Gary Wong originally As a division of Alameda research but Then spun off into its own company and Its headquarters then moved from Hong Kong to the Bahamas this is where FDX Had a 40 million dollar Penthouse in Which 10 Executives of the company Including SPF and Alison lived it was Supposedly the venue of their Polyamorous relationship with each other These rumors come from what Ellison Described in a tumblr post as her foray Into poly or the practice of having Multiple partners at one time She wrote I thought of it as a radical Break from my Trad past but I’ve come to Decide the only acceptable style of Polly is best characterized as something Like an imperial Chinese Harem people Should know where they fall on the Ranking and there should be vicious Power struggles for the higher ranks it Seems drugs were also a key component of The lifestyle at the FTX Penthouse with

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SBF tweeting he used stimulants when he Woke up and sleeping pills to go to Sleep and Ellison promoting quote Regular amphetamine use on Twitter An anonymous FTX employee would later Tell coindesk that quote the whole Operation was run by a gang of kids in The Bahamas but at least in the early Days they held it together enough for Chenping Zhao or CZ the CEO of binance To invest 100 million dollars for a 20 Stake in the company a stake SBF later Bought back for two billion after the Relationship turned sour SPF appeared as Clean as they come in a 2021 Hearing in The U.S Senate Banking Committee we’re Also hoping that we can help uh provide Financial Services to people who have Not had easy access to those before Giving inclusive and Equitable access to Financial markets that have been missing To a number of people but the recent Indictment shows the accusation that SBF Tapped FTX customer funds to provide Interest-free loans to Alameda research Which exposed customers to massive risk All while claiming publicly FTX and Alameda operate independently of each Other it even goes as far to allege the SPF had loopholes written into the Computer code of fdx’s platform that Allowed Alameda research to incur quote A multi-billion dollar negative balance On FDX that SPF knew Alameda could not

Repay he hid this fact from investors in Both platforms In 2021 Chinese authorities froze crypto Trading accounts owned by Alameda Research on two of China’s biggest Crypto exchanges these accounts had a Combined one billion dollars in them the Indictment alleges that SPF after trying For months to get the accounts unfrozen Sent instructions to FTX employees to Illegally transfer funds from alameda’s Main trading account to a private crypto Wallet this wallet was allegedly Connected with one or more Chinese Government officials according to the Indictment the bribe totaled 40 million Dollars and around the same time that This transaction occurred the two Accounts were unfrozen and then SBF Allegedly transferred several tens of Millions more dollars to that same Crypto wallet to complete the Transaction Alameda then went on to use The unfrozen funds for more trading Activity and things seemed to go back to Normal for a while Then in 2022 the crypto Market took a Sharp downturn alameda’s lenders started Asking for payment on their loans to the So-called Research Institute basically Alameda got margin called and they Didn’t have the funds to pay up since The price of all the crypto assets they Had owned had gone down significantly

Bitcoin had dropped about 50 percent From its all-time high and the ftt token Fdx’s own coin which Alameda had a lot Of also had halved in price thus SPF Allegedly allowed Alameda to use its Secret channel to draw more and more Funds from FDX to repay loans so much so That it greatly exceeded ftx’s Revenue While at the same time SPF nonchalantly Posted this on Twitter and all your Favorite Financial YouTubers were Telling you that FTX was the best thing Since sliced bread you do want to buy During this crypto winter make sure you Do it with FTX us But as summer turned to fall cracks Started to appear and it was ironically This tweet from binance CEO CZ the man Who’d invested a hundred million dollars In FTX at the start that put the final Nail in ftx’s coffin explaining that They were liquidating any remaining ftt Tokens they had and here’s what that did To ftt tokens price FTX was finished As the company started bankruptcy Proceedings SPF was replaced by John Ray III the man who oversaw the recovery of Assets after the Enron bankruptcy Ray Said this about FDX never in my career Have I seen such a complete failure of Corporate controls and such a complete Absence of trustworthy financial Information has occurred here from Compromised systems integrity and faulty

Regulatory oversight abroad to the Concentration of control in the hands of A very small group of inexperienced Unsophisticated and potentially Compromised individuals this situation Is unprecedented SPF was arrested and Extradited from the Bahamas to the U.S And is currently under house arrest on a 250 million dollar bail bond one of the Biggest in U.S history awaiting trial he Faces 13 criminal charges including Money laundering wire fraud unlawful Electrical contributions and violations Of anti-bribery Provisions for the Alleged bribe of a Chinese official if Convicted he will spend up to 115 years In jail But how did a 30 year old vegan with Crazy hair and a gang of kids in the Bahamas make it that far how did they Not screw up sooner being comfortable With risk is very important Is it possible that there were others Involved after all SPF was suspiciously Well connected here he is on stage with Both former U.S President Bill Clinton And former British Prime Minister Tony Blair at an FTX crypto event in the Bahamas in 2022 Caroline Ellison wrote In an online post that one of her ideal Traits in a boyfriend was quote Controlling most major world governments The company also had a perfect ESG score And was featured on the world economic

Forum’s website those things alone Should tell us that this isn’t some Lucky startup that sprang up by accident But a major operation that was well Connected with global Elites while the Exact connections May remain secret There are a lot of clues in Relationships that are public For example spf’s Aunt Linda P fried was A member of the world economic forum’s Global agenda Council on Aging and Various other wef projects bankman Freed’s Father Joseph bankman is a Professor at Stanford and drafted tax Legislation for Elizabeth Warren his Mother Barbara freed graduated from Harvard and then worked at Paul Weiss Rifkin Wharton and Garrison a New York Law firm that held fundraising events For Hillary Clinton in the lead-up to The 2016 election Barbara freed then Went on to teach at Stanford and Co-founded mind the gap a democratic Super PAC Caroline Ellison’s father Glenn Ellison is the head of the Economics department at MIT while Gary Gensler the current chairman of the SEC Was also a professor of Economics at the MIT Sloan School of Management some People are saying that this makes Ellison’s dad gensler’s boss at that Time I don’t think that’s technically True because they were in different Departments but Ellison certainly was a

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More senior professor in the same field As Gensler while both of them were at Nit thus showing you a possible Relationship between the two From these connections you can see that This isn’t just some random gang of kids Who got lucky Freed and Ellison’s family backgrounds Look like a who’s who of U.S politics Now we are not saying anything specific Here but it does make you think was Bankman freed able to get as far as he Did only because of his connections or Was Bachman freed not even the real Mastermind of FDX perhaps he’s just the Four guy for an operation that Implicates some much larger players Leave your thoughts in the comments Below guys please subscribe if you’re New see you next time bye-bye Foreign

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