CeCe Sam binkman freed has said that it was not a good strategic move on his part to get
in this battle with you he says he regrets it because obviously it helped reveal the
issues with FDX that led to the collapse of all of this do you regret that Feud
we were never in a battle with him he may think he's in a battle with us we we didn't even notice
we don't focus on smaller exchanges clearly that he lied to his users his investors his
VC investors his employees with the news of them becoming insolvent we just said well we
want to sell those tokens welcome back everybody to altcoin daily you subscribe for daily videos
keeping you informed and everything going on in cryptocurrency we'll hear more from CZ binance
in just a second I need to take you through some breaking news some big Revelations coming out of
the FTX SPF Scandal this is stuff that you need to really just I mean I don't know if you're going to
be able to wrap your head around some of this stuff we'll start here Bahama's government says
that they were the ones who ordered Sam bankman freed to hack FTX the Securities Commission of the
Bahamas has confirmed that it was them who ordered Sam bankman freed to transfer the exchange assets
to the government after saying go ahead hack yourself the key takeaways of this story are
as follows Sam Bank freed conducted last week's nine figure FTX hack under the instruction of the
Securities Commission of the Bahamas FTX has filed a motion with the court claiming the commission's
actions were unauthorized so FTX didn't like that too much the Bahamian government is now one of the
world's largest ethereum holders after converting ftx's assets to ethereum so it's interesting they
chose to convert to ethereum and it's interesting now the small government of the Bahamas is one of
the world's largest ethereum holders that's not even the craziest thing now Forbes is releasing
puff pieces on Caroline Ellison the CEO of Alameda another puff piece on this whole FTX debacle if
you've been following the story like we have you know it was the New York Times just a couple days
ago who did this whole puff piece on Sam bankman freed how he wasn't so bad and now Queen Caroline
gets top press Alameda research CEO Caroline Allison is a math whiz who loves Harry Potter and
takes big risks she is also one of the supporting players in Sam begman Freed's FTX catastrophe and
a new darling of the alt-right what the hell it's not that they're 100 wrong it's just the way they
frame this whole thing it doesn't make any sense and now they pinned this tweet they pinned this
tweet everyone can see they're being paid to run fluff pieces on FTX Sam begman freed and Caroline
and they don't care why because nothing's going to happen to them so they run the piece and they
pin it risk loving before we move on to other cryptocurrency news see now you understand why
you can't trust the mainstream media there's an abundance of news articles making Sam banquin
freed and Caroline out to be heroes see we know it's a lie because it's a topic that we know a
lot about if you subscribe to our Channel this is the topic that you know a lot about imagine
all the bull crap they're getting wrong about topics that we don't know about so if the New
York Times piece on Sam bankman freed and then this one from Forbes on Caroline doesn't show
you how the media tries to literally manipulate your thought process beliefs and behavior towards
others then I don't honestly know what to say we are literally in a daily fight for our Lives real
quick guys we will be attending and speaking at decentral Miami at the end of this month get your
tickets for this if you haven't already if you'll be in Miami also next year we will be attending
the Bitcoin conference use our code altcoin daily for 10 off get tickets to this sooner rather than
later they're way cheaper now this is the biggest Bitcoin conference in the world you don't want to
miss this and finally if you have yet to vote for us for the web 3 influencer Awards we have been
nominated for a few different categories make sure you visit the links in the description and
vote for us I'd really appreciate it now back to the news more crazy things coming out as we get
more information FTX employees were claiming expenses through online chat and then random
managers used emojis to approve them this is all coming to light in the bankruptcy filings the new
CEO is putting out this information let's dive into it FTX fraud more bombshell revelations in
new bankruptcy filing a new bankruptcy filing from FTX CEO John J Ray III has shed light on what he
called a complete failure of corporate controls in the beleaguered crypto exchange so things are
going from bad to worse for former FTX CEO SBF and his accomplices a Thursday bankruptcy filing from
new FTX CEO John J Ray III has shed new light on the nefarious activities taking place at the now
bankrupt crypto exchange under its previous CEO SBF Rey is a 40-year veteran of the bankruptcy
restructuring business with a resume that includes supervising enron's dissolution in 2001 in the
30-page document Ray reveals numerous instances of poor record-keeping fraud and malpractice at
FTX in his opening statement he commented on the company's overall state in uncompromising terms
stating never in my career have I seen such a complete failure of corporate controls in
such a complete absence of trustworthy financial information as occurred here Ray took over from
Sam bankman freed after FTX and its Affiliated companies filed for chapter 11 bankruptcy on
November 11th despite his experience including experience at Enron Ray made it clear that he
had never seen a company in such poor shape as FTX quote 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 amazing that FTX had some of the worst bookkeeping in modern fraud
history despite having the power of blockchain on their side one of the most damning Revelations
from the document concerns loans made out to Sam bankman freed and Senior FTX execs nishad sign and
Ryan salami according to Rey the FTX Affiliated trading firm Alameda research paid out a total
of 3.3 billion to Sam bankman freed and his shell company paper birds Inc along with 540 million to
sign and 55 million to salami other bombshell Revelations include ftx's negligent approach
to bookkeeping the document asserts that FTX failed to keep appropriate account records and
security procedures for digital asset Holdings which ultimately led to the user deposits on
the exchange being hacked for 372 million shortly after it declared bankrupt see there's so much we
could talk about as far as what was revealed in this bankruptcy report just a couple more
things it was thought that FTX had a balance sheet crypto assets worth around 5.5 billion
Rey after digging in now pegs the fair value of the company's crypto Holdings at just around 700
000. Ray also divulged that FTX didn't hold a complete list of all the employees working
at FTX and its Affiliates what the heck and now there's this apparently have you heard about this
FTX insiders claim to be releasing uncensored sex tape allegedly between disgraced SBF and
Alameda CEO Caroline Ellison soon supposed to be released today cannot confirm whether
it was or wasn't make sure you're following us on Twitter for more information if you're interested
in this can't share this on YouTube so where do we go from here well FTX Sam bankman freed
will face Congressional hearings in December so look forward to that what you need to know
the U.S House Financial Services committee will hold a hearing on the collapse of FTX in December
it will seek testimony from former FTX CEO Sam bankman freed Alameda research binance
and FTX itself with over 1 million victims and Counting the FTX Scandal is the largest crypto
related fraud in history speaking about CZ and binance testifying before Congress against FTX
and sandbankment freed let me give you a taste of what you will hear in December because Andrew from
CNBC asked CZ directly take us through were you really intending to buy out FTX and how did you
decide you weren't going to do it take us through the process it was clear FTX misappropriated user
funds and lied to investors listened to CZ take us back if you could to when you first got the
call from Sam and you first had a chance to look at the books because I think a lot of
people are still trying to understand exactly what happened here here how much of this was
about commingling how much of this was about terrible marking of the books what did you see
I think um I got a call from Sam 24 48 hours after I made a tweet he wanted to talk so at the
beginning I thought he would just wanted to you know do OTC deal to buy out the FTD tokens we had
and then he wanted actually a buyout of the entire firm of that entire FTX platform it was pretty
clear pretty soon that this you know um this misappropriation of user funds the user funds are
gone um and at that point um it's clearly that he lied to his users his investors his VC investors
his employees at that point I thought I couldn't like whatever data that's in the data room we
couldn't trust anymore so it's quite hard for us to do that due diligence so we didn't go very far
you know we've all seen his tweets now overnight do you think he understood what he was doing
I think he thought he understood um I think he probably still think he understands what
he's doing now which I don't think he should be tweeting that's for sure um but but in terms of
intent I mean one of the things that's going to be looked at I'm sure by Regulators uh potentially
by prosecutors is what he intended to do he seems to suggest in a lot of these these these
tweets that he didn't understand or he didn't he mismarked things and when I say Miss marketing
mislabeled things is what he's I think is the phrase that he's used and yet when you looked
under the books clearly it it appears that he was demonstrably co-mingling funds using uh the
funds to leverage himself up and the like yeah I think look I didn't do the due diligence myself
but I think you'll be very very clear that the SM knows that he was using the user funds to do
trading for Alameda and he has been probably doing this for quite a while that nobody else
knew until very recently well a small number of people in FTX probably knew but most of the
other uh normal employees probably did not know I think that's probably the most likely situation