FTX: the legend of Sam Bankman-Fried | FT Film

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Financial Times

Financial Times

Күн бұрын

FTX, Sam Bankman-Fried's cryptocurrency exchange, exploded onto the scene in just a few years. Endorsed by celebrities and accepted by the establishment, it attracted big-name investors and was valued at $32bn before it collapsed in a matter of days. Regulators fell for it, venture capitalists fell for it, celebrities fell for it - everyone fell for the legend of Sam
#FTX #crypto #SBF
Produced, directed and edited by Daniel Garrahan. Filmed by Petros Gioumpasis and Gregory Bobillot. Graphics by Russell Birkett
00:00 - The legend of Sam
03:04 - FT explodes into the mainstream
07:04 - Cracks start to form
10:00 - The fall of FTX
13:58 - "I ended up losing $2.1m"
15:22 - Sam's apology tour
17:33 - Police arrest Sam in the Bahamas
18:34 - FTX's inner circle of power
21:09 - A failure of due diligence
23:29 - Where were the auditors? Where were the regulators?
27:49 - What FTX's collapse means for crypto
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Пікірлер: 1 200
@congyi
@congyi Жыл бұрын
'Legend' is not quite the word I would use to describe this chap.
@MeetJarred
@MeetJarred Жыл бұрын
Bingo! Scam Bull$hit Fraudster = SBF
@Dhejdjskd
@Dhejdjskd Жыл бұрын
Should be myth instead of legend.
@j121212100
@j121212100 Жыл бұрын
Sam Bankman Fraud
@MM-financier
@MM-financier Жыл бұрын
Забавно что в современном обществе возвышают мошенников.
@andrewnorris5415
@andrewnorris5415 Жыл бұрын
Fraudster. MSM calling him a legend is a joke.
@md.mohaiminulislam9618
@md.mohaiminulislam9618 Жыл бұрын
why doesnt anyone talk about how all these tokens are basically ponzi schemes, they add no value, the whole goal is to get big enough to hold its value and the benificiaries are the ones who holded most during initial offering at cheap price.
@FoxInTheBasement
@FoxInTheBasement Жыл бұрын
Idk what media you digest because in my experience most traditional finance leaders explicitly call alt coins a scam
@CamJames
@CamJames Жыл бұрын
@@user-yl8mj8gd9j there have been literally hundreds of rug pulls in this industry.
@CamJames
@CamJames Жыл бұрын
@@user-yl8mj8gd9j i made it. your bias is evident
@shanetonkin2850
@shanetonkin2850 Жыл бұрын
@@user-yl8mj8gd9j or: 3 times as many schemes that are still yet to collapse
@canyrich69
@canyrich69 2 ай бұрын
Because its a system how to get everyones money 😂
@Calvin23
@Calvin23 8 ай бұрын
“I did not know there was an improper use of customer funds” 😂😂😂😂 Hilarious. That’s on the same level as Bill Clinton’s “l did not have sex with that woman” 😂😂
@ameliagarcia440
@ameliagarcia440 Жыл бұрын
The current interest rate is 4.75%. (8th rate hike since March last year) With inflation at 7% and mortgage rates above 7.5%, the minimum wage remains unchanged, and my retirement portfolio has suffered greatly in recent years, my question is how do senior citizens retire and live in such an unstable economy. The long game is clearly not for me at this time.
@husseinhodrob
@husseinhodrob Жыл бұрын
To me, the most important lesson of 2022 in the stock market is that no one knows what will happen next, so practise some humility and stick to a long-term strategy.
@jessicalandon8973
@jessicalandon8973 Жыл бұрын
@@husseinhodrob You must develop your own procedures, control risks, and adhere to your strategy no matter what; you must also constantly learn from your errors and strive to become better.
@ethanxavier4507
@ethanxavier4507 Жыл бұрын
@@jessicalandon8973 It took me five years to stop attempting to forecast future market events based on chart analysis because you can never be certain. Without a mentor, it took me five years of agony to learn to follow the market and keep things simple while maintaining discipline.
@ariannamasonwright
@ariannamasonwright Жыл бұрын
@@ethanxavier4507 I agree, my profit has been consistent regardless of market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser recommended by a popular economist on a subreddit, long story short, its been 2 years now and I've gained over $850k following guidance from my investment adviser.
@EricLatios
@EricLatios Жыл бұрын
Fake bot scammer thread
@janetamerasinghe7824
@janetamerasinghe7824 Жыл бұрын
He's a legend in his own mind. No thinking person thinks this gifted is a legend. Not everyone fell for it. I still won't touch crypto.
@janetamerasinghe7824
@janetamerasinghe7824 Жыл бұрын
I didn't type gifted. I typed grifter.
@Smoove_J
@Smoove_J 9 ай бұрын
I agree with Warren Buffet, who refers to crypto as "rat poison." I get putting maybe 5% in crypto just for fun, but people that have their retirements riding on this stuff are seriously misguided.
@fortnitegucci7192
@fortnitegucci7192 8 ай бұрын
alot of his shills think he is a legend like Kevin O'Leary
@lovepeacebliss
@lovepeacebliss 8 ай бұрын
the whole point was to scare average person away from crypto. You fell for it
@Tadaia
@Tadaia 8 ай бұрын
Same. Its like buying a lottery ticket to me.
@user-rb6jg6bj2i
@user-rb6jg6bj2i 11 ай бұрын
At this moment, it is crucial for individuals to prioritize investing in alternative streams of income that are not reliant on the government, particularly with the existing worldwide economic crisis. Investing in stocks, gold, silver, and digital currencies can still be profitable during this period. Therefore, it is advisable to explore these investment options to secure one's financial future.
@user-dx4sc3vg9y
@user-dx4sc3vg9y 11 ай бұрын
You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment.
@LoganRoss-kx2zy
@LoganRoss-kx2zy 11 ай бұрын
In my opinion, the impact of the rise or fall of the U.S. dollar on investments is multi-faceted but learning how to grow your money has never been easier than now that you can explore and experience a truly diverse marketplace passively by using a well-performing portfolio-advisor.
@user-rb6jg6bj2i
@user-rb6jg6bj2i 11 ай бұрын
Hammer on the nail mate, I barely made anything from the market, always FUD at every little dip until a friend that works at Charles Schwab corporation recommended a F.A that improved my portfolio from $98k to $547k in 5 months.
@user-dx4sc3vg9y
@user-dx4sc3vg9y 11 ай бұрын
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
@user-rb6jg6bj2i
@user-rb6jg6bj2i 11 ай бұрын
Google his name⤵
@TheJalipa
@TheJalipa Жыл бұрын
‘I’m an expert on Crypto…..it took us all by surprise’ ROFLMFAO
@TheFourSatoshis
@TheFourSatoshis Жыл бұрын
😂😂
@thunderb00m
@thunderb00m Жыл бұрын
Dunning Kruger effect . And I asunder she teaches some sort of course overpriced university course SMH.
@benruby5269
@benruby5269 Жыл бұрын
The phrase " expert on crypto" only makes sense to people ruled by emotions. There's no dry numbers and statistics that can prove something with no true value, that only goes up or down based on sentiment alone, have any expertise required at all. All individuals who convince themselves otherwise are a danger to themselves and others exposed to them.
@HalimaSaidu-es3mt
@HalimaSaidu-es3mt 7 ай бұрын
Excellent video as always but here is my problem I have been making losses trying to make profit trading. I thought trading demo account is just like trading the real market... can anyone help me out or at least advise me on what to do
@harunaelijah
@harunaelijah 7 ай бұрын
@@ryanjaxon4177Thanks, I'll most definitely ensure to do that.
@DallahAaron
@DallahAaron 7 ай бұрын
Her management team is quite impressive so far.. with my $4,000 deposit i've made over $28,000 with just 20% charges.
@tifKh
@tifKh 7 ай бұрын
@@huongcarmel1240these people are promoting a scam, do not contact anyone from KZfaq contacts
@14rs2
@14rs2 11 ай бұрын
18:38 “there were no adults in the room” These were not kids doing these crimes they are adults defrauding billions from people. We should not be referring to them as kids. They are highly educated late 20 year olds. They are not kids and should be held accountable for their crimes
@Ealsante
@Ealsante 9 ай бұрын
Yeah, the double standards are ridiculous here. SBF makes a million bucks through arbitrage: "OMG this curly haired dude is a genius!" SBF scams people out of billions and billions: "OMG he's only a child! Who amongst us..."
@coldpotatoes2556
@coldpotatoes2556 9 ай бұрын
Exactly! He gave bribes to the democrats. This was an intentional heist, with paying off the most powerful political figures in the US. I get the impression FT have also been payed for a bleeding heart coverage.
@alainportant6412
@alainportant6412 9 ай бұрын
Jewish kids, I may add. Had it been a bunch of equally aged young blacks or even Eastern-Europeans, that would have been another matter.
@jordanwhite352
@jordanwhite352 9 ай бұрын
It also adds to the disservice like somehow older people can't do horrible scams. For example, John Madoff in the traditional finance markets. Or Trump with all of his fundraising that only goes into his pockets and never to any of the actual stuff he promises. Age is no boundary for hucksters.
@lornarettig3215
@lornarettig3215 8 ай бұрын
They are not kids, but they sure are bafflingly immature. They certainly behave like kids. I think that's what was meant by 'no adults in the room'.
@BASE5NYC
@BASE5NYC 9 ай бұрын
Always shocking to hear retail investors that have $5m+ etc. on these types of exchanges. That would scare the hell out of me.
@teresacastillo3973
@teresacastillo3973 Жыл бұрын
I do not understand why people still believe "there are no Adults in the room". EVERYONE involved in this FRAUD was over the age of 18 and closer to 30 years of age. They all knew what they were doing. They are ADULTS who lacked a moral compass.
@thureintun1687
@thureintun1687 10 ай бұрын
point on
@SiriusTheKid
@SiriusTheKid 9 ай бұрын
The entire show was produced to help sbf case.
@lornarettig3215
@lornarettig3215 8 ай бұрын
I think they mean maturity-wise. These adults sure behaved like stupid babies.
@_Brennus
@_Brennus 8 ай бұрын
Their attorneys are trying to paint them as goofy kids and and society was negligent for letting them have so much power.
@drdyer23
@drdyer23 8 ай бұрын
even if they were in their sixties, if they were carrying on like idiots we say "there were no adults in the room" because that's a saying we have in english. glad i could help.
@birarakisarap
@birarakisarap Жыл бұрын
let me correct title for you: FTX: the scam of Sam Bankman-Fried | FT Film
@rockscousteau
@rockscousteau Жыл бұрын
The next one will be: FTX: Life Behind Bars - Bankman-Fried marries his cell mate Bubba |
@kappapride_5843
@kappapride_5843 8 ай бұрын
​@@rockscousteau☠☠☠
@tonivazquez1081
@tonivazquez1081 Жыл бұрын
"The message is absolutely consistent"...No is not. The KZfaqr and crypto researcher Cofeezilla got SBF to admit in a Twitter Spaces call that there was commingling of funds between Alameda and FTX. And I think that less than a week before, he was arrested. Cofeezilla played a role, In my opinion, because to admit that point was for sure a great help for SBF's prosecution.
@drdyer23
@drdyer23 8 ай бұрын
💯
@nothobbesmufc949
@nothobbesmufc949 4 ай бұрын
he was arrested before the twitter spaces yet the twitter spaces is why he got arrested?
@screenwriterjohn
@screenwriterjohn 11 ай бұрын
"Changing the world thru sheer nerdery" is now my favorite quote ever.
@daydays12
@daydays12 10 ай бұрын
I didn't catch that one! It is excellent. Nerds are so attractive!!
@nicolajane6264
@nicolajane6264 10 ай бұрын
😂😂😂😂
@Tembo_Leonardo
@Tembo_Leonardo 9 ай бұрын
I caught that as well 😂😂😂
@ago7212
@ago7212 8 ай бұрын
It should be defrauding the world thru sheet nerdery...😊
@manikkalore1630
@manikkalore1630 Жыл бұрын
This case also shows how easy it is to manipulate media even the reputed one. If you say what media houses want to hear which is pretty much a standard script, they will make you a hero in no time. If you deviate from the script a bit, nothing can stop them from canceling you.
@ashtennt1321
@ashtennt1321 Жыл бұрын
Michele Obama comes into mind
@vinylhorror
@vinylhorror 11 ай бұрын
Ole Sam here was also donating money to media outlets. I can’t seem to find which ones but he says it in his 72 minute segment with Andrew Sorkin at whatever conference that was after he was outed
@spudspuddy
@spudspuddy 4 ай бұрын
sounds like you're using hate speech to be anti-white
@briank.1165
@briank.1165 Жыл бұрын
Sam Bankman-Fried’s said during an interview well prior to FTX collapse, his best advice when buying into the krypton market is don’t put in more money than you are ok with losing. Turns out, that was best financial advice that ever came out of his mouth. I wonder if that was his conscience speaking?
@noelghallager4672
@noelghallager4672 Жыл бұрын
Krypton market?
@vinylhorror
@vinylhorror 11 ай бұрын
That’s literally every advisors advice or if you ask anyone that deals in markets, crypto or the regular stock market.
@CMI2017
@CMI2017 Жыл бұрын
'' sheer nerdery'' - the quote of an excellent report.
@danjager6200
@danjager6200 Жыл бұрын
If only a few thousand more people had told me not to invest. When I hear that the CEO plays video games while on calls to investors, I think how could this be a scam? When I hear that one of the chief developers was high all of the time, I think that this is the sure thing. I know that they moved to another country to get more lax regulations, but only chumps need a financial system to follow the rules. Now I only invest in artisanal lotory tickets.
@v-blockforlife1955
@v-blockforlife1955 Жыл бұрын
😂😂😂
@jonathanchester5916
@jonathanchester5916 Жыл бұрын
You should stop listening to what people tell you to do and do your own homework. Greed makes us LAZY!
@danjager6200
@danjager6200 Жыл бұрын
@@jonathanchester5916 You may have missed the joke.
@iturnedintoamartian-cm6nd
@iturnedintoamartian-cm6nd 2 ай бұрын
Lost a few bucks there bud ?
@Ljcoleslaw
@Ljcoleslaw Жыл бұрын
26:05 this hits hard. These big crypto firms are mixing together multiple financial industries into single firms that we *know from centuries of experience* have to be separated for the health of the whole system. The regulation will come down hard on them, but it will take a long time.
@J_Kbz
@J_Kbz Жыл бұрын
Yet another example just now... Silicon Valley and Silvergate.
@sionbarzad5371
@sionbarzad5371 Жыл бұрын
let them lose money, greed meets greed so what?
@lornarettig3215
@lornarettig3215 8 ай бұрын
The whole point of crypto is that they don't want regulatory oversight. Oh, apart from when they lose money, then they want lots of regulation after all. Privatise gains, socialise losses - it's the American Way, isn't it?
@timdehoog5584
@timdehoog5584 Жыл бұрын
I am from The Netherlands and we had the Tulip Mania back in the 17th century. FTX and Crypto is just Tulip Mania with the word Crypto spraypainted over it.
@tpmash
@tpmash 8 ай бұрын
Oh absolutely, I watched a video on the Tulip Mania🌷
@northwestcoast
@northwestcoast 5 күн бұрын
Mostly yes
@guydreamr
@guydreamr Жыл бұрын
In the end, Sam Bankman *Fried* lived up to his name.
@peterbradshaw8018
@peterbradshaw8018 Жыл бұрын
Bernie Madoff. Bernie Cornfeld
@texan-american200
@texan-american200 Жыл бұрын
Proof that MIT doesn't always graduate geniuses.
@sam.p12345
@sam.p12345 Жыл бұрын
I think it’s fairly well accepted that it wasn’t so much that Sam was considered a legend, just that there happened at the time to be a ridiculous amount of free QE money sloshing around looking for any, any, asset to buy.
@Bersus
@Bersus Жыл бұрын
so very true
@steve.k4735
@steve.k4735 Жыл бұрын
QUOTE I think it’s fairly well accepted that it wasn’t so much that Sam was considered a legend UNQUOTE in hindsight you are correct but at the time he was the worlds richest man under 30 and was on the front cover of Forbes and on and on if that's not considered a `legend` what is?
@DGA-808
@DGA-808 Жыл бұрын
@@steve.k4735 yup!
@krazythedomm
@krazythedomm Жыл бұрын
@@steve.k4735 he was a scammer... lol are u people nuts? He scammed people out of billions of dollars
@steve.k4735
@steve.k4735 Жыл бұрын
@@krazythedomm of course he was a scammer and do you 🤔 think he did that by either 1. Convincing people he was a legendary crypto genius or 2. That he was a scammer.. Eh?.. At the time without hindsite bias people thought him LEGENDARY that was the bloody scam, people claiming 'everybody' knew he was not are bloody idiots
@penduloustesticularis1202
@penduloustesticularis1202 Жыл бұрын
I hope he gets the full 115 year sentence he's facing.
@mikafiltenborg7572
@mikafiltenborg7572 Жыл бұрын
Agree. Scam Bankman Fraud need to go to prison Loooong time😂
@phantomKE
@phantomKE Жыл бұрын
Changing the world through sheer nerdery
@its_rick_james_bich2575
@its_rick_james_bich2575 Жыл бұрын
11:40 “my name is Carol Alexander and I’m a Crypro expert. I teach students what’s happening on exchanges. I then placed my money in FTX after it was recommended to me”
@Falconpeep85
@Falconpeep85 Жыл бұрын
Who drew that picture of Caroline 💀
@holylandfan3275
@holylandfan3275 7 ай бұрын
Thank you for the very detailed documentary. I had never heard of him until 45 minutes ago. His name should have been a warning. Sam BANK-MAN FRIED (not pronounced freed). He banked it all and fried all of the investors.
@googleslocik
@googleslocik 6 ай бұрын
Detailed? Notice how it dosnt cover his democrat party ties, his ties to the Biden campaign or his media ties, or how he spend billions of $ on media and buying politicians. Thats the real scandal. This "documentary" is another political cover up, he was second biggest Biden donor, he also spend 1,5$ billion on buying positive coverage in media, yet not once this joke of a video name those media sites by name, why?
@rushja
@rushja Жыл бұрын
Loved the piece. You won't find many in crypto that trust ANY exchange atm. Ever heard "Not your keys, not your coins?"
@FYPNLP
@FYPNLP Жыл бұрын
Exactly. Put your crypto in a cold wallet.
@peterbardsley2636
@peterbardsley2636 Жыл бұрын
Bought my first hardware wallet the day ftx collapsed, didn't have any money on it but well better safe than sorry
@Zanzibar92
@Zanzibar92 Жыл бұрын
Love this kind of video! We want more
@jonetyson
@jonetyson Жыл бұрын
The captions refer to people who had money in SBF's exchange as "investors". Nothing could be further from the truth. Holding currency, or (worse) sham-currency, is not investing. Furthermore, all crypto"currency" is sham currency. The concept of money has been useful in avoiding bartering, but it is the 0th law of economics that currency doesn't work if anyone is free to make his own, and indeed SBF made three of his own new cryptocurrency types and manage to sell a lot of one of them to willing patsies. The most embarrassing part of this whole affair is that despite being able to mint his own crypto"currency" and sell it to people, he still had to resort to old-fashioned embezzlement.
@johnsmith-mv8hq
@johnsmith-mv8hq Жыл бұрын
He's still got his Maserati. I'm sure he's doing well enough. I don't anticipate a food bank being in his future. :/
@seandelarosa1107
@seandelarosa1107 Жыл бұрын
Snap! Crying in his Maserati 😁
@davidjma7226
@davidjma7226 Жыл бұрын
But his wife is still very supportive.....
@pandora8478
@pandora8478 Жыл бұрын
@@davidjma7226 😂
@williamgardner545
@williamgardner545 Жыл бұрын
It explains his financial decisions.
@SASKATOONBLADES13
@SASKATOONBLADES13 Жыл бұрын
Might not be a food bank in his future but i see potato mash gruel on his breakfast tray for several years. If bubba lets him eat it.
@Blueskyminer2020
@Blueskyminer2020 Жыл бұрын
This kid's sentencing will be comedic gold.
@philippekogler
@philippekogler Жыл бұрын
these megalomaniac kidz will have their big surprise.............
@jorgebenavente9872
@jorgebenavente9872 Жыл бұрын
Sam and the rest of the ftx/ar crew are in their late 20s, they are not kids, but using language that paints them as kids only helps seem more naive than they actually are
@Blueskyminer2020
@Blueskyminer2020 Жыл бұрын
@@jorgebenavente9872 yeah, nobody literally thinks he's a kid, but, do go on.
@theartofwanderlust
@theartofwanderlust Жыл бұрын
Hopefully he is locked up so long he farts dust
@jorgebenavente9872
@jorgebenavente9872 Жыл бұрын
But that's the thing, they do. If you hear them talk about Sam, he is often described in terms of youth; not only that, white collar crimes are scams the only wealthier people, which in reality the poorest among Sam's victims are going to get the least. These two things combined, ignore the most hurt and soften the punishment
@biboydoce8924
@biboydoce8924 Жыл бұрын
There will be another Sam that will rise from the ashes as long as people will not learn their lesson.
@RueBroadway
@RueBroadway 8 ай бұрын
Right!
@drdyer23
@drdyer23 8 ай бұрын
and another and another...
@DonnaShaw-vf4hb
@DonnaShaw-vf4hb 7 ай бұрын
You are so right.
@rogerbartlet5720
@rogerbartlet5720 Жыл бұрын
This kid grew up watching his parents get people off the hook for similar things - it must have appeared easy, so he tried it.
@p.1019
@p.1019 Жыл бұрын
🤣🤣🤣 so true....🤣ha ha hahahahahahah
@johnnychaos1561
@johnnychaos1561 Жыл бұрын
SBF's story just shows how blinding greed is.
@icu8976
@icu8976 Жыл бұрын
🤣😂 20:35 direct quote : "If you're a nerd & you're working with a bunch of other nerds, & you're changing The World through sheer nerdery.. you feel pretty powerful.." Well said !!👏👏
@Kellyhyunn
@Kellyhyunn 7 ай бұрын
I think the stock and crypto market will go sideways or down just slightly over the next 6 months. I'm hopeful there won't be anymore interest rate increases. The restart of student loan payments should be more than enough to get inflation in check. Personally, I think student loan payments should have resumed a year and a half ago. We probably could have avoided a lot of the inflation that has occurred over that time. It may have even been "transient" inflation as many were calling it back then. Early/mid 2024, interest rates should start dropping and the stock market will head to the moon. when news gets bearish start buying. "Keep it simple" that bear/ correction was the best thing that happened me.
@Demetrius655
@Demetrius655 7 ай бұрын
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@Hakeemblue
@Hakeemblue 7 ай бұрын
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@jammiewebster
@jammiewebster 7 ай бұрын
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@GodfreyWilberg
@GodfreyWilberg 7 ай бұрын
Much inspired by this , can you share helpful info on your advisor?
@Kellyhyunn
@Kellyhyunn 7 ай бұрын
kuciajacob VlA Te le gr amm…
@imchrisme5514
@imchrisme5514 Жыл бұрын
Your a legend If you steal peoples savings via a corporate structure but a criminal if do it face to face!
@u.s.4129
@u.s.4129 Жыл бұрын
Nice summary, thanks from Germany, Land of Wirecard
@terryleong7
@terryleong7 Жыл бұрын
The only reason FTX wanted to save Celcius, 3 AC and others because Alemeda borrowed heavily from these firms
@dennissalisbury496
@dennissalisbury496 Жыл бұрын
FTX was a Tulip Bulb Investing Busines Model; the performing artist previously known as Pump and Dump was promoted by the Tribe.
@MLouah-gp9ef
@MLouah-gp9ef Жыл бұрын
Crypto generally
@FoxInTheBasement
@FoxInTheBasement Жыл бұрын
Cause nothing says “effective altruism” quite like paying over a 100 million dollars to put your name on a stadium
@Patrick-bu5vy
@Patrick-bu5vy Жыл бұрын
I didn't fall for SBF for one second. Elon is just the same. FT will be doing a piece just like this one on Musk in 2 years......mark my words. Bubbles go POP.
@Idunnoyouguessit
@Idunnoyouguessit Жыл бұрын
Inshallah
@LokiBeckonswow
@LokiBeckonswow Жыл бұрын
sounds like you've been listening to whitney webb friend? nice to hear someone else aware that there's a lottttt of evidence on the public record against these people, if only we had a branch of investigation to look at this evidence and present it to the public......... still waiting for you journalism, the public record is looking pretty ready to be investigated.... yep, any decade now....
@JamesMullarneyIsAFraud
@JamesMullarneyIsAFraud Жыл бұрын
I agree 100%. Hes the biggest conman this planet has ever seen. The semi trucks may as well have a matter tranfer beam, time machine and a tardis all built in. The physics are the same. Dont get me started on his tunnels under the cities for cars to go round on little trains. Who falls for this stuff?
@guye94
@guye94 Жыл бұрын
Elon is not a con… he has tangible results and products that can’t be faked. Tesla is the Apple of EVs. Sam was an outright fraud.
@TheSlinq
@TheSlinq Жыл бұрын
This was not a failure of due diligence, this was an epic fraud.
@Zazzri
@Zazzri Жыл бұрын
Due diligence is literally to avoid investing in frauds, so yes it was a failure of due diligence 100%. Their accounting system was Excel…. Basic DD would have revealed all of this.
@stachowi
@stachowi Жыл бұрын
Same thing is occurring right now with tether stable coin
@Matt-cr4vv
@Matt-cr4vv 11 ай бұрын
It was absolutely a failure of DD. Yes it was a fraud but the most minimal of DD of their operations would have revealed the issues. FTX was using quick books for their accounting. Quick books is a system for a small business not for a fund valued at $32B and managing $1B+ of funds. His pitch documents to raise funds presented the financials to investors were disorganized excel spreadsheets that were poorly labeled. They had no in house accounting department, no formal record keeping, we’re exchanging invoices on a work chat app, we’re transferring funds through signal, and the list goes on. Any sophisticated investor who did any kind of digging to see these things would immediately know it was a bad investment at minimum. The lack of audited financials when you’re raising money at billion dollar valuations would tip off any sophisticated investor who gave a damn about DD. Or even the fact they had no corporate governance process etc. Sure it was fraud but there was genuinely no possibility a sophisticated investor would have seen the way they ran their shop and not had concerns about things. At least frauds like Enron actually had bookkeeping that you could understand someone not seeing the fraud in - especially with a big four accounting firm signing off on their books. With FTX it genuinely wouldn’t be possible to have not been concerned if you saw their process if you were truly conducting DD.
@drdyer23
@drdyer23 8 ай бұрын
those words dont mean what you think they mean but go off i guess
@TheSlinq
@TheSlinq 8 ай бұрын
@@ZazzriWhose due diligence? mine as a FTX customer? there was no way to know any of this. FTX investors? again, without a fly on the wall at FTX headquarters, there would be no way to know how bad their private accounts were. I mean... investors probably should've taken one look at SBF and thought "this dude is not suitable to run a multi-billion dollar company", but the financial accounting stuff was all obscured from investors and the public, that's why it's a fraud and nothing to do with due dilligence.
@theyshouldhavenevergivenme5439
@theyshouldhavenevergivenme5439 Жыл бұрын
The most random, cliche laden 'documentary' yet. Literally in every aspect of this thing, a template for the most general way to create a totally random looking docu like the one you've seen a million times. You can literally predict the next audio cue.
@2msvalkyrie529
@2msvalkyrie529 2 ай бұрын
Not to.mention the parade of financial " experts " who suddenly realised that FTX was a scam. Funny they never mentioned it before ??
@dunggg
@dunggg 10 ай бұрын
This video gave me a big smile since I was told “good luck staying poor” for not putting my cash into FTX and Voyager digital to get a risk free 10% APY through the power of cryptocurrency LMAO
@lornarettig3215
@lornarettig3215 8 ай бұрын
Hahahaha! Good for you! Hmm - it turned out FTX and getting free money *was* too good to be true. Who knew?
@Patrick-bu5vy
@Patrick-bu5vy Жыл бұрын
This one time.....at maths camp......
@Confucius_Says...
@Confucius_Says... Жыл бұрын
😂😂😂😂😂
@blueskyloo
@blueskyloo Жыл бұрын
Financial Times: Thank You The investors in ftx in this docu, seem like heart broken lovers of SBF.
@SnowShredder81
@SnowShredder81 9 ай бұрын
Great documentary. Learned a lot about the FTX downfall as I was previously only aware of some of the story.
@user-ni1iz3ep5u
@user-ni1iz3ep5u 6 ай бұрын
Good coverage. However, I wonder what FT wrote about SBF when he still was everybody's darling...
@maxwellhouse750
@maxwellhouse750 Жыл бұрын
He probably was only an average trader before Alameda and FTX and discovered a hack like any gamer does, but eventually the game is patched and your hack no longer works. Since he was average at best, people like him and Elizabeth Holmes feel they are too smart to follow conventional rules. If either of them had really been smart, they would have just let the company go under and admit failure without allegedly committing crimes. Alas, this doesn’t happen with people who have egos much bigger than the door frames they try to walk through.
@Matt-cr4vv
@Matt-cr4vv 11 ай бұрын
He really never had a track record of strong trading. His profitable trades weren’t too trade picks he was just using the kinks in the system to profit and once that strategy died off his hedge fund started bleeding. All his acquisitions were pumped by the inflated values of his coin. He may have been smart but all his success was either taking advantage of system inefficiency or smoke and mirrors.
@SabzeeS
@SabzeeS Жыл бұрын
Loved this piece. Fascinating
@paulsande
@paulsande 8 ай бұрын
Love FT. Been subscribing for four years. What a great job on this video.
@Obetv01
@Obetv01 Жыл бұрын
Feel sorry for the retail investor. The whole experience has zapped his brain. Win some. Lose some. But then he says he only started getting suspicious when FTX stopped withdrawals?? Maybe his brain was zapped way before the collapse.
@kappapride_5843
@kappapride_5843 8 ай бұрын
Bruh hes got enough, you didnt need to roast him ☠
@gilgamecha
@gilgamecha Жыл бұрын
This video is disappointing in not even sketching the nature of the fraud. Is it just a question of false solvency based on backing FTX with illiquid FTT closely held by Alameda? Or is it custody fraud where client funds went out the door? Or is it both?
@SqwarkParrotSpittingFeathers
@SqwarkParrotSpittingFeathers Жыл бұрын
“Something about,” Elizabeth Holmes “just took them in”. “Something about Sam just took them in”. “Something about” Bernie Madoff “just took them in” “Something about” Enron “just took them in.” Stop listening to “them”? Trading in funny money. Don’t.
@SpitefulRennie
@SpitefulRennie Жыл бұрын
The real hero of this story is Nicola White, and her straight forward explanation of organizational governance
@milesgreen9705
@milesgreen9705 Жыл бұрын
Great film, really good production quality too. Thanks
@SabareeshPonnu
@SabareeshPonnu Жыл бұрын
Cant help the image of Elizabeth Holmes crossing my mind when FT said 'maintaining a narrative'
@j121212100
@j121212100 Жыл бұрын
20:54 i'd say you forgot the importance of having your keys in possesion. Would you give SBF the keys to your home or car, deed to your house or the title to your car?
@northwestcoast
@northwestcoast 5 күн бұрын
They’re not interested in putting that concept forward. This documentary is pro trad-fi. Many within that world are happy that FTX collapsed as it provides a handy weapon with which to beat “crypto” This story is primarily about a corrupt individual. The fact he was involved in a “crypto” exchange is secondary, but the conflation of the two is very convenient for those banging the anti crypto drum
@kevinwatkinson2176
@kevinwatkinson2176 Жыл бұрын
One of the other pillars for FTX and Sam was crypto-philanthropy. The Most Moral Man and most influential living philosopher Peter Singer was a big proponent, as he could potentially use billions of dollars to direct to his favourite charities and the ones run by the ingroup utilitarian clique of Effective Altruists. Singer has his own NFTs, helped onboard charities with crypto donations, and appeared alongside SBF and Caroline Ellison to promote their joint ventures. SBF, Gary Wang, Nishad Singh and Caroline Ellison were all Effective Altruists, perhaps all of them prior to the founding of Alameda. The FTX Foundation was run by prominent EAs, and overseen by FTX EAs. Not only putting their own funds into EA expansion, but also manipulating funds from elsewhere with effectiveness claims and celebrity.
@itheuserfirst3186
@itheuserfirst3186 Жыл бұрын
Peter Singer is in no way shape or or orm the most influential living philosopher. He's a wacko.
@AA-ke5cu
@AA-ke5cu 11 ай бұрын
All prosecutable.
@nikibrowne
@nikibrowne 8 ай бұрын
This is the best explanation of this story I've found so Thanks iReally loved this & I'm sad it's at the end b/c there's so much more that can be said so I'm hoping y'all will add to it -now that the trial is going on.
@neanda
@neanda Жыл бұрын
FT are creating some very cool videos. I remember them as a broadsheet that bwankers would read on the tube. It's good to see new energy and talent creating these, keeping relevant in these fast changing times
@abdu1wahid105
@abdu1wahid105 Жыл бұрын
True... The German porn bank that 'disappeared' 20 billion euros right before lockdown video was top notch investigative journalism too.
@sararichardson737
@sararichardson737 Жыл бұрын
The FT has been cool for a longtime now it’s just cooler.
@michael-4k4000
@michael-4k4000 11 ай бұрын
So Sam is a bad man?
@miamitten1123
@miamitten1123 8 ай бұрын
They want that KZfaq money.
@nikibrowne
@nikibrowne 8 ай бұрын
@@michael-4k4000 I'm gonna go with yes. Repeat after me: I don't like being lied to. Now erase that. B/c Truth is,nobody actually enjoys being lied to. & this sam guy lied about all knowledge of his involvement & is still lying b/c he actually believes he's getting away with it b/c he'll always have his parents blessing. & isn't that nice. I'm just embracing these libra ♎️ new moon eclipse vibes & what I've learned from blind lady justice holding the scales ⚖️ is that number one people on these comments don't understand the full meaning of legend, yes this case is going down in history thus making him alegend..& two.. people who study psychology & the calculated actions of "bad men" can see there's only a textbook criminal here. There's nothing "new", nothing "different" about him but you can't tell him that! &He thinks by talking to the press & apologizing he's gaining folks sympathy. But really he's probably making money (his Achilles heel) from those innerviews& he's just recycling the same jargon on each one & never being honest. Just likea kil er that never admits the horrible things either.. I mean it's completely left 2 u, to not ask other ppL the beliefs you conclude to believe (Halloween month= everyone loves a bad guy) but I'm just here to say it's pretty obvious he's never taken a lesson from that altruism class that he didn't try to manipulate though iDont consider him a terrible person in the long scheme of things, as iView him more of an example to refer to in the future. This is a timely "legend" people in finance can & ultimately WILL learn from & build better foundations on if they so choose to invest their sympathy for the victims & compassion for justice in this. But my bet would be a light slap on the wrist although it feels slightly plutonian //groundbreaking)seeing as there's no quote gov 't involvement yet here it could surprise us & that's why I'll keep my 👀 on this .!
@gimmick206
@gimmick206 Жыл бұрын
"safe as house, it cannot come down" yeah right exactly what happen in 2008
@ciaranp8986
@ciaranp8986 Жыл бұрын
the cartoonist really didn't hold back when drawing these guys
@damiankr1106
@damiankr1106 Жыл бұрын
I WANT MY MONEY BACK - 😂 that should be a title of this movie 😊 Great video. Thanks for sharing.
@varunsharma1889
@varunsharma1889 Жыл бұрын
Lol yes 🤣🤣
@Thomas1701E
@Thomas1701E 7 ай бұрын
How could anyone be mesmerized by someone who dressed like someone who just got out of bed with a CEO polyamorous girlfriend who looked like an extra from Men in Black, and had headquarters in the Bahamas? He fooled some of the most brilliant and successful people in the world.
@2msvalkyrie529
@2msvalkyrie529 2 ай бұрын
His HQ should have been hidden under a volcano in the Caribbean And defended by hundreds of guards in boiler suits. ". Good Evening Mr Bond . So...we meet at last "
@gilbertfranklin1537
@gilbertfranklin1537 Жыл бұрын
Finally! A truly intelligent synopsis of the whole FTX/Alameda story from beginning to end. This could be the start of an eventual Hollywood blockbuster movie - but two things will need to be integrated for general public understanding... 1) The difference between a token coin like FTT and the original BitCoin. In other words, how does the blockchain give credible value to a digital currency to make it appear like a traditional fiat currency backed by governments? Most people still do not understand that concept. 2) The difference between trading on an exchange vs acquiring crypto directly into a digital wallet, which somehow is at the heart of avoiding fraudulent activity where the initial investment is handled. Or is government regulation the only answer?
@annoyingbstard9407
@annoyingbstard9407 6 ай бұрын
An important difference indeed. One is totally valueless except to people who give it an imaginary value whereas the other is totally valueless except to people who give it an imaginary value.
@2msvalkyrie529
@2msvalkyrie529 2 ай бұрын
👍👍 !
@nosuchthing8
@nosuchthing8 9 ай бұрын
7:45 in, shes right. FTX just creates those tokens out of thin air. But remember, bitcoin is ALSO created out of thin air. It keeps its worth because of various aspects of it.
@2msvalkyrie529
@2msvalkyrie529 2 ай бұрын
So how come she didn't reveal all this BEFORE ???
@scoria1755
@scoria1755 Жыл бұрын
Thanks for using the correct audio level, as shown in "Stats for nerds".
@benwarnock
@benwarnock Жыл бұрын
Was a good little recap of the madness last year
@Mrrossj01
@Mrrossj01 Жыл бұрын
FT doesn't mention embezzlement.. Penthouse apartments. Self dealing loans.
@stevenronald8344
@stevenronald8344 Жыл бұрын
The best decision I ever made in my life was investing in the crypto market. Trust me guys, it really pays a lot!
@giorgosairs
@giorgosairs Жыл бұрын
Yes, especially when you know how to trade or have an expert trader that is assisting you.
@EleniDimitra
@EleniDimitra Жыл бұрын
You can acquire good suggestions for professional trading services from a variety of platforms. I tried a few of them out, but Mrs Stacy Griffin Dollary trading services is far more beneficial to me.
@givensiyamu3780
@givensiyamu3780 Жыл бұрын
Most people remain poor only because friends and relatives discouraged and advised them against investing and trading forex while the wise kept investing and going higher financially
@pamelaangela4798
@pamelaangela4798 Жыл бұрын
How do I get in touch with a trustworthy and professional trader who can invest on my behalf?
@maimunatuabdussamad2845
@maimunatuabdussamad2845 Жыл бұрын
she is Mrs stacy Griffin Dollary one of the best and trustworthy broker
@MM-financier
@MM-financier Жыл бұрын
Избранник гений или слепое и наивное общество. В этом мире все умные только после краха, но мало кто может иследовать комапанию до краха. Это аналогично техническому анализу, когда трейдер на истории графика все грамотно рассказывает, но сложно предсказать движение дальше. Сейчас дураков разводят в якобы фонде S-Group. Распостранено в СНГ.
@spacecoyote6646
@spacecoyote6646 Жыл бұрын
He could still have a billion dollars stashed away in crypto. That is 1,000,000,000 dollars
@arnepietruszewski9255
@arnepietruszewski9255 Жыл бұрын
Something about Sam really drew in intelligent People and then continues to name politicians... . Politicians are not and never have been the most intelligent people. And what drew them all in was his money that he threw around.
@raymondcaylor6292
@raymondcaylor6292 10 ай бұрын
14:19 this is a Financial Times program and this is a Financial Times Editor and she is saying the exact opposite of what happened at not only the 7 previous major failed Crypto Exchanges but what happens in every failed financial services business whether by fraud or mismanagement. When people want their money back and the business doesn't have it it's over. Her statement is mind-boggling.
@biengrubaiii411
@biengrubaiii411 Жыл бұрын
'How Sheer Nerdery led to Sheer Stupidity' could be an alternative video title = )
@puddles5501
@puddles5501 Жыл бұрын
Sam Bankrun-Fraud
@MayorSom
@MayorSom Жыл бұрын
Good one 😂😂
@Idunnoyouguessit
@Idunnoyouguessit Жыл бұрын
Scam*
@bobbrown8661
@bobbrown8661 Жыл бұрын
Always listen to Larry.
@Kent__the_Baker
@Kent__the_Baker Жыл бұрын
Legend? Noticed the FTX ad during the Superbowl but never heard the name Sam until it blew up.
@mrwilliamwonder
@mrwilliamwonder Жыл бұрын
That company photo of Gary Wang with his back to the camera was just freaking hilarious
@ceopresident496
@ceopresident496 7 ай бұрын
A long time ago I saw a story about a dude who wanted to give huge donations everywhere to help end poverty. He drove an old car and lived in a big house with other people. And he gave away so much money it made me say how long can this last and is this even real? How does he really get his money to do this? Is this guy real? That was this dude right here.
@mandybradley3079
@mandybradley3079 7 ай бұрын
Other people’s money. That’s socialism.
@kahlanelaine9265
@kahlanelaine9265 Жыл бұрын
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
@andremacgregor1396
@andremacgregor1396 Жыл бұрын
Long term investment is the best now. I invested $6,500 in march last year with Mr Bruce Walter and i top up my trade with $1500 every week. Now, I'm having over $247,000 on my dashboard. Toping up your trade is really important
@darrenerik7605
@darrenerik7605 Жыл бұрын
I have heard a lot about trading and investment with Mr Bruce Walter how good he is and how he has helped people through investment
@sserpentchic1342
@sserpentchic1342 Жыл бұрын
I don't feel one bit bad for rich investors who didn't do due diligence...in fact, sue and charge those people who acted as spokespeople without sue diligence. I only feel bad for their customers
@MayorSom
@MayorSom Жыл бұрын
It’s easy to be SBF when you tick all the right box. Nothing will deter the SBF 2.0 of tomorrow 🙄
@pepq7192
@pepq7192 Жыл бұрын
Armanino needs to be prosecuted like Arthur andersen was. No real CPA firm would have ever signed off on that audit. Numbers aside, we test internal contols and risks and would have never signed off on quickbooks statements with just five people.
@richresilient
@richresilient Жыл бұрын
Of course hindsight is 20/20, but the principles of risk management stipulate that going all-in on one platform is not smart to say the least. I do feel sorry for the People who lost their life savings with FTX and I hope they recoup their losses over time. The main lesson is to do proper due diligence for yourself and never jump on the bandwagon. #dontbealemming
@jeanenry
@jeanenry Жыл бұрын
The problem is that ignorance of law is no defense against illegal activity relating to it, that has always been the case. After a while I don't see that crypto will continue to suffer, if indeed it has very much. There are so many good actors in it. Bitcoin's value decline was very slow and cannot be regarded a bubble burst, but only a natural move as buyers decided to take profit. Players keen to play have seen its value rise over $24K recently. Another exciting move forward will see more profitability for action players, perhaps to $70K again.
@CamJames
@CamJames Жыл бұрын
there are very few good actors in it. It's mostly speculative scams.
@user-rj5vt6zx7q
@user-rj5vt6zx7q 7 ай бұрын
I just read Michael Lewis’s book. My favorite part of the book is the ending when the tungsten cube was found in a shack in Bahamas. What fraud…
@jaredmartinez7323
@jaredmartinez7323 Жыл бұрын
Legend? I think you mean Comedy
@Luciaoakley
@Luciaoakley Жыл бұрын
The stock market is one of the toughest mental games in the world, What’s is the earliest way to make money from the stock market?
@maryreagan912
@maryreagan912 Жыл бұрын
@Giovanni Nolan Please, How can i get in touch with a financial coach for guidance?
@Clementinelily852
@Clementinelily852 Жыл бұрын
Gerald reputation already speaks for him last month I invested over $100,000 with him and I've already made over $250,000 profit.
@Open001
@Open001 Жыл бұрын
​@Giovanni Nolan Thanks for sharing, I found his details on his web page online
@liampatrick4465
@liampatrick4465 6 ай бұрын
the "legend"? It's really weird how writers , even at well known publications, don't have a grasp on the English language anymore. Thanks teachers!!
@danielgarrahan9050
@danielgarrahan9050 6 ай бұрын
LEGEND meaning: 1 : a story from the past that is believed by many people but cannot be proved to be true
@AlexandreLabarre
@AlexandreLabarre Жыл бұрын
That poor dude with the pink shirt that lost his money. He's definitely losing his mind lol
@Simon-ok5yv
@Simon-ok5yv Жыл бұрын
perfect sketch of Caroline Ellison 18:58🤣
@sacco_vanzetti
@sacco_vanzetti Жыл бұрын
true 😁 honest artwork^^
@larrygerry985
@larrygerry985 Жыл бұрын
I have 0 sympathy for the people who lost money, essentially they are gamblers who gambled too much.
@Simon-ok5yv
@Simon-ok5yv Жыл бұрын
I'm afraid that's not right. Not only traders lost Money. Also, ordinary people who were buying crypto for long-term hold lost money.
@IdowuChristian-ge1tf
@IdowuChristian-ge1tf 11 ай бұрын
*Being scams is none of my portion since I met this man I invest $7,000 and make $25,850 dollars every 11 days my life changed since I met this man😃😃*
@caanosadax9561
@caanosadax9561 Жыл бұрын
that women talking about being risk averse while being involved in bitcoin scam industry. imagine being that lost from reality
@TwentytwentythreeThisyear
@TwentytwentythreeThisyear Жыл бұрын
😂😂😂😂
@PhilSommer2
@PhilSommer2 6 ай бұрын
For salary earners having a passive source of income is the best thing you could have , because aside the the fact that it isn’t always enough you could lose your job any day at any time , have something to fall back to is crucial , for me it is trading the Forex and crypto market and no I didn’t have that much knowledge to begin to earn that’s why I said passive income, I leave the profit making to the pro like my Advisor *Jude Ryan McDonough* who has been doing a wonderful job
@JanetMorgan3
@JanetMorgan3 6 ай бұрын
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
@AvaAdams-ly7vu
@AvaAdams-ly7vu 6 ай бұрын
I subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your adviser
@JanetMorgan3
@JanetMorgan3 6 ай бұрын
The adviser I'm in touch with is 'Jude Ryan Mcdonough' He works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me his strategy works hence my result. He provides entry and exit point for the securities I focus on.
@AvaAdams-ly7vu
@AvaAdams-ly7vu 6 ай бұрын
He appears to be well-educated and well-read. I ran a Google search on his name and came across his website; thank you for sharing.
@LeonWilk2
@LeonWilk2 6 ай бұрын
Thanks, I just googled him I'm really impressed with his credentials. I reached out to him since I need all the assistance I can get.
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