- Dec 18, 2012
- 4,560
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#FTX they aren't telling you the half of it.
RUSH TRANSCRIPT
hey internet friends this is going to be
a quick one I'm going to give you a
rundown on the whole FTX crypto exchange
Financial drama as well as cover the
rather Insidious and bigger story about
FTX that mainstream media won't touch
fair warning this is such an annoying
thing to explain because there's a lot
of acronyms but the recent FTX drama
boils down to this a crypto Exchange
took customers money and invested it in
unknown assets and when customers went
to pull their money out of the exchange
there was no money crypto exchange FTX
and its founder Sam bakeman freed or SBF
imploded this week to put it in
perspective FTX and its competitor
binance are the two largest exchanges in
the world just like with binance with
FTX the customer can put in dollars or
tokens and you can trade these tokens
the way these exchanges make money is by
charging a transaction fee when you
exchange tokens the transaction fee
token that FTX uses is called ftt T it's
a utility token that provides access to
the FTX trading platform's features and
services and listen I know it's funny
money but just stick with me here Sam
implemented a back door in the FTX
bookkeeping which let him alter his
company's Financial records without
alerting their external Auditors that
means when he transferred 10 billion
dollars of customer money to a sister
company Alameda which he also founded it
went undetected so early in November
coindesk which is like a crypto-
publication ran a report on FTX which is
headquartered in the Bahamas and showed
that basically the company was Belly Up
FTX had minimal liquidity because its
founder had invested its customers money
in a bunch of unknown assets most of
alameda's assets were tied up in ftt the
funny money so neither of Sam's
companies had any liquidity they only
had fake money turns out the CEO of
binance decided to liquidate roughly 530
million worth of ftt around this time
which signaled ftx's customers to pull
out two and when they all did this at
once FTX saw an estimated 6 billion in
withdrawals over the course of 72 hours
which of course it couldn't fulfill
because I just told you they didn't have
any actual money and hey this is a very
simplified version of events but I
believe I gave you the main highlight so
we can move on to the bigger story back
in 2019 Biden announced his presidential
campaign and just two weeks later MIT
graduate early life Wikipedia tribe
member Silicon Valley Sam bankman freed
who is actually the son of Barbara freed
who's a Stanford Professor who happens
to be the co-founder of mine the Gap a
democratic political fundraising
organization based in Silicon Valley
Sam's brother Gabe is founder of
guarding against pandemics an
organization that advocates for public
Investments to prevent the next pandemic
and gay Abe was a legislative
correspondent for the U.S House of
Representatives and an advisor to large
political donors in the Democratic party
but that's not all Aunt Linda freed is
an epidemiologist and Dean at Columbia
she specializes in aging and her husband
is an expert in HIV AIDS they both have
strong links to the world economic Forum
you can read about them on the wf's
website anyway Sam launched the FTX
exchange two weeks after Biden announced
his run for presidency and somehow in
his late 20s Sam became one of Biden's
biggest donors he reportedly has become
the second largest donor to the
Democrats right after George Soros FTX
was an overnight success and made Sam
very rich at his Peak he was reportedly
worth 26 billion and he even gotten
celebs like Tom Brady and Gisele to
promote his crypto exchange investment
firm Sequoia camp Capital invested 213
million dollars in Sam's company only
for Sam to turn around and invest 500
million dollars in Sequoia Capital not
only that but FTX purchased 30 of
Anthony scaramucci's Sky Bridge Capital
once Biden was in office he appointed
Gary ginsler as the SEC chair the
daughter of Gary ginsler's boss at MIT
Caroline Ellison is now the president of
ftx's sister company that's quite a web
that's being woven when the SEC or the
Securities and Exchange Commission is
supposed to be protecting investors in
theory they're supposed to be fair and
not corrupt and impartial and all that
but I digress ftx's head of Ventures is
Amy Wu who used to work for the Clinton
foundation and I'm undoubtedly going to
butcher some of these names here but it
is what it is ftx's policy and
regulation Head Mark wetchen served as
Obama's commodity future trading
commissioner and there were reports that
FTX wanted to spend over a billion
dollars on the Democrat Party for 2024.
according to another report by coindesk
the Ukrainian government launched a
crypto donations partnership with FTX in
March of 2022. FTX was converting
donations into Fiat for a deposit at the
National Bank of Ukraine aid for Ukraine
was the official initiative that raised
funds from the crypto Community for the
benefit of Ukraine's military and
humanitarian needs quote the aid for
Ukraine effort utilized FTX services to
convert crypto funds received into Fiat
and send the donations to the National
Bank of Ukraine ultimately becoming the
fifth largest charitable Foundation
assisting in the country's war effort
and quote let's just get all our ducks
in a row here the foreign aid that the
US government sent Ukraine was then put
into FTX and I just told you that the
way exchanges make money is by
transactions so FTI made a ton of money
from the US government sending our tax
dollars to Ukraine in Ukraine partnering
with FTX which Sam bankman freed then
turned around and donated to the
Democratic party for the midterms alone
Sam gave Democrats 40 million dollars
from his now bankrupt crypto exchange
and it's pretty suspicious that the
downfall of FTX happened right after
midterms to summarize and make sure we
have this right you the taxpayer give
your hard-earned money to the American
government the American government turns
around and gives it to Ukraine and
Ukraine runs your donations through FTX
and then the FTX founder takes your
money and gives it to the Democrats so
do you think Democrats will give back
this tainted money after this whole
Scandal totally a rhetorical question
but I think it should be demanded of
them it's only fair you know but in all
seriousness I think the Sam bankman
freed character was set up to fall his
whole rise was too manufactured too
quick and now his bankrupt company sets
up the perfect example for people to
demand Federal control of cryptocurrency
in trading for them to demand government
regulation they fried the bankmen you
get it what do you think internet
friends you know I always look forward
to your comments thank you so much for
watching and so I'm subscribing and
supporting my channel on patreon bye
RUSH TRANSCRIPT
hey internet friends this is going to be
a quick one I'm going to give you a
rundown on the whole FTX crypto exchange
Financial drama as well as cover the
rather Insidious and bigger story about
FTX that mainstream media won't touch
fair warning this is such an annoying
thing to explain because there's a lot
of acronyms but the recent FTX drama
boils down to this a crypto Exchange
took customers money and invested it in
unknown assets and when customers went
to pull their money out of the exchange
there was no money crypto exchange FTX
and its founder Sam bakeman freed or SBF
imploded this week to put it in
perspective FTX and its competitor
binance are the two largest exchanges in
the world just like with binance with
FTX the customer can put in dollars or
tokens and you can trade these tokens
the way these exchanges make money is by
charging a transaction fee when you
exchange tokens the transaction fee
token that FTX uses is called ftt T it's
a utility token that provides access to
the FTX trading platform's features and
services and listen I know it's funny
money but just stick with me here Sam
implemented a back door in the FTX
bookkeeping which let him alter his
company's Financial records without
alerting their external Auditors that
means when he transferred 10 billion
dollars of customer money to a sister
company Alameda which he also founded it
went undetected so early in November
coindesk which is like a crypto-
publication ran a report on FTX which is
headquartered in the Bahamas and showed
that basically the company was Belly Up
FTX had minimal liquidity because its
founder had invested its customers money
in a bunch of unknown assets most of
alameda's assets were tied up in ftt the
funny money so neither of Sam's
companies had any liquidity they only
had fake money turns out the CEO of
binance decided to liquidate roughly 530
million worth of ftt around this time
which signaled ftx's customers to pull
out two and when they all did this at
once FTX saw an estimated 6 billion in
withdrawals over the course of 72 hours
which of course it couldn't fulfill
because I just told you they didn't have
any actual money and hey this is a very
simplified version of events but I
believe I gave you the main highlight so
we can move on to the bigger story back
in 2019 Biden announced his presidential
campaign and just two weeks later MIT
graduate early life Wikipedia tribe
member Silicon Valley Sam bankman freed
who is actually the son of Barbara freed
who's a Stanford Professor who happens
to be the co-founder of mine the Gap a
democratic political fundraising
organization based in Silicon Valley
Sam's brother Gabe is founder of
guarding against pandemics an
organization that advocates for public
Investments to prevent the next pandemic
and gay Abe was a legislative
correspondent for the U.S House of
Representatives and an advisor to large
political donors in the Democratic party
but that's not all Aunt Linda freed is
an epidemiologist and Dean at Columbia
she specializes in aging and her husband
is an expert in HIV AIDS they both have
strong links to the world economic Forum
you can read about them on the wf's
website anyway Sam launched the FTX
exchange two weeks after Biden announced
his run for presidency and somehow in
his late 20s Sam became one of Biden's
biggest donors he reportedly has become
the second largest donor to the
Democrats right after George Soros FTX
was an overnight success and made Sam
very rich at his Peak he was reportedly
worth 26 billion and he even gotten
celebs like Tom Brady and Gisele to
promote his crypto exchange investment
firm Sequoia camp Capital invested 213
million dollars in Sam's company only
for Sam to turn around and invest 500
million dollars in Sequoia Capital not
only that but FTX purchased 30 of
Anthony scaramucci's Sky Bridge Capital
once Biden was in office he appointed
Gary ginsler as the SEC chair the
daughter of Gary ginsler's boss at MIT
Caroline Ellison is now the president of
ftx's sister company that's quite a web
that's being woven when the SEC or the
Securities and Exchange Commission is
supposed to be protecting investors in
theory they're supposed to be fair and
not corrupt and impartial and all that
but I digress ftx's head of Ventures is
Amy Wu who used to work for the Clinton
foundation and I'm undoubtedly going to
butcher some of these names here but it
is what it is ftx's policy and
regulation Head Mark wetchen served as
Obama's commodity future trading
commissioner and there were reports that
FTX wanted to spend over a billion
dollars on the Democrat Party for 2024.
according to another report by coindesk
the Ukrainian government launched a
crypto donations partnership with FTX in
March of 2022. FTX was converting
donations into Fiat for a deposit at the
National Bank of Ukraine aid for Ukraine
was the official initiative that raised
funds from the crypto Community for the
benefit of Ukraine's military and
humanitarian needs quote the aid for
Ukraine effort utilized FTX services to
convert crypto funds received into Fiat
and send the donations to the National
Bank of Ukraine ultimately becoming the
fifth largest charitable Foundation
assisting in the country's war effort
and quote let's just get all our ducks
in a row here the foreign aid that the
US government sent Ukraine was then put
into FTX and I just told you that the
way exchanges make money is by
transactions so FTI made a ton of money
from the US government sending our tax
dollars to Ukraine in Ukraine partnering
with FTX which Sam bankman freed then
turned around and donated to the
Democratic party for the midterms alone
Sam gave Democrats 40 million dollars
from his now bankrupt crypto exchange
and it's pretty suspicious that the
downfall of FTX happened right after
midterms to summarize and make sure we
have this right you the taxpayer give
your hard-earned money to the American
government the American government turns
around and gives it to Ukraine and
Ukraine runs your donations through FTX
and then the FTX founder takes your
money and gives it to the Democrats so
do you think Democrats will give back
this tainted money after this whole
Scandal totally a rhetorical question
but I think it should be demanded of
them it's only fair you know but in all
seriousness I think the Sam bankman
freed character was set up to fall his
whole rise was too manufactured too
quick and now his bankrupt company sets
up the perfect example for people to
demand Federal control of cryptocurrency
in trading for them to demand government
regulation they fried the bankmen you
get it what do you think internet
friends you know I always look forward
to your comments thank you so much for
watching and so I'm subscribing and
supporting my channel on patreon bye
