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Transcript:
Friends, I have very sad news: I’ve run out of popcorn. This month has been SO entertaining in the world of scam-busting that I don’t know what to do with myself anymore. Let’s go over a few of the best examples.
You’re probably already familiar with the downfall of crypto exchange FTX and its former CEO, Sam Bankman-Fried (aka SBF). I talked a little about him last week in regards to how his core philosophies contributed to his fraudulent activities but I didn’t talk a lot about what he actually did: it appears that he was knowingly running a Ponzi scheme that collapsed, leaving millions of people without billions of dollars that they thought was safe in his exchange. It’s been a little frustrating watching him over the past month since the collapse, as he has been wandering around giving these “aw shucks” interviews to various outlets, because it’s like “hey, why hasn’t this guy been arrested yet?”
Well, it turns out that the FTC, SEC, and Justice Department were just patiently building their case but hiding it from the public and from SBF, and they did that so well that in at least one interview he said he didn’t think he was at risk of being arrested and apparently he was relaxed so much it appears that he straight up admitted to fraud in another interview, so he’s probably going to be spending quite a bit of…
