Sam Bankman-Fried asked FTX's lawyer to explain away stolen funds (feat. Danny Nelson) - Episode 137

Cas Piancey and ‪@bennettftomlin‬ are joined by Danny Nelson of CoinDesk to discuss the ongoing trial of Sam Bankman-Fried and the testimony of Nishad Singh and Can Sun.
This video was recorded on October 19th, 2023.
Read more: cryptocriticscorner.com/2023/...
Additional episodes mentioned in this episode:
KZread playlist of videos about FTX, Alameda Research, and Sam Bankman-Fried
• FTX, Alameda Research,...
Episode 135 - Caroline Ellison Describes Sam Bankman-Fried's Crimes (feat. Nikhilesh De)
• Caroline Ellison Descr...
Episode 133 - Did Sam Bankman-Fried’s Defense Blow It? (feat. David Z. Morris)
• Did Sam Bankman-Fried'...
Episode 122 - Justin Sun Owns TrueUSD
• Justin Sun Owns TrueUS...
Additional resources:
CoinDesk coverage of the trial
www.coindesk.com/sam-bankman-...
Danny Nelson's newsletter about accounting Santa Clause
www.coindesk.com/policy/2023/...
Danny article about Nishad Singh cross
www.coindesk.com/policy/2023/...
Protos coverage of the trial
protos.com/sbftrial/
Sam Bankman-Fried on Good Morning America
• FTX founder Sam Bankma...
Sam Bankman-Fried's defense finally wakes up
www.theverge.com/2023/10/17/2...
Other places to find Crypto Critics' Corner
Website: cryptocriticscorner.com/
Discord: / discord
Bluesky: bsky.app/profile/cryptocritic...
Mastodon: mstdn.social/@CryptoCriticPod
Twitter: / cryptocriticpod
Instagram: / cryptocriticpod
TikTok: vm.tiktok.com/TTPdPN2hK9/
Bennett's KZread: ‪@bennettftomlin‬
Bennett's D&D KZread: ‪@BTDND‬
Bennett's BlueSky: bsky.app/profile/bft.wtf
Cas' BlueSky: bsky.app/profile/caspiancey.b...
Bennett's Mastodon: mstdn.social/@bennetttomlin
Bennett's Twitter: / bennetttomlin
Cas' Twitter: / caspiancey
Bennett's Newsletter: TheFUDLetter.com/
Cas' Blog: / thecaspiancey
Bennett's Blog: bennettftomlin.com/
Timestamps:
#crypto #cryptocurrency #podcasts #listenable #ftx #alamedaresearch #sbf #sambankmanfried

Пікірлер: 99

  • @bfg1836
    @bfg18368 ай бұрын

    If Sam testifies and tries his normal word salad of doublespeak, he’s just going to make the jury mad. People don’t like to be treated like fools.

  • @deingewissen_official

    @deingewissen_official

    8 ай бұрын

    Nailed it

  • @NickKautz

    @NickKautz

    8 ай бұрын

    We're supposed to believe that someone who's highly intelligent, who was raised by Stanford professor parents, has no problem making tons of money legitimately, who was more interested in donating than keeping money for himself, decided to take a totally unnecessary risk and knowingly defraud his customers....... so that he could invest their money generously in AI and blockchain startups? Well I never. The nerve of that boy. It kinda sounds like someone who was just running a business and someone sabotaged the company by leaking financial docs to Coindesk at the worst possible time. The docs were framed in a way by the sender that would do maximum damage to the company, and Coindesk ran with that framing without realizing what was happening. That narrative took hold and now everyone is bought into it because people don't pay enough attention to how their beliefs are formed.

  • @barelylegalbriefs

    @barelylegalbriefs

    8 ай бұрын

    what if the jury has a crypto bro? Crypto bros love doublespeak salad!

  • @bfg1836

    @bfg1836

    8 ай бұрын

    @@barelylegalbriefs they don’t understand it, either. They just pretend they do because they think it makes them look smart.

  • @user-lj7xj8kd8e

    @user-lj7xj8kd8e

    6 ай бұрын

    TRAMPS MAGATS LIKE BEING TRATED LIKE FOOLS

  • @frankstipes4114
    @frankstipes41148 ай бұрын

    The unquestinable fact, is that the money used for all, was not theirs but their clients...and that is fraud.

  • @ocoolwow

    @ocoolwow

    8 ай бұрын

    He is going to jail, but probably only a few years, if that.

  • @jamescappio7434
    @jamescappio74348 ай бұрын

    Bennett! I’ve been a RETIRED lawyer for almost 25 years and I still give a “not legal advice” disclaimer where it’s called for 😅😅😅

  • @BlackInventorsShowcase
    @BlackInventorsShowcase8 ай бұрын

    CCC comes in again with a great guest. I’m enjoying watching so far!

  • @MS-ql8ek
    @MS-ql8ek8 ай бұрын

    If a judge ask me where 8b dollars went I would have said I did laundry and forgot to take the money out of my pocket

  • @roc7880
    @roc78808 ай бұрын

    you guys are the only ones that are not boring while reporting, besides maybe Tiffany. great content and style, try to get some guests who are also brief and concise in their commentaries. compared to what I saw in other fraud biotech cases, such as Theranos and Martha Stewart, the defense is quite timid and even lousy. I think they could have hit harder the witnesses for credibility, the scron grilfriend, the envious wingman, the incompetent executive .... Plus, the defense should bring all the other witnesses before SBF, you know whether you have a chance to win over a single juror before risking the accused on stand. But if I have to bet my money in the bank, I would bet on SBF making a scene in the courtroom to fake a medical crisis due to lack of medication or an overdose. That way, he can argue he was insane all along.

  • @DrTune
    @DrTune8 ай бұрын

    lol at "It was definitely bad bookkeeping .. but bad bookkeeping is an essential element of bank fraud"

  • @chodkowski01
    @chodkowski018 ай бұрын

    What was the difference between the FTT token and the pet rock?

  • @chrissheppard5068

    @chrissheppard5068

    8 ай бұрын

    Fck all.

  • @moleisrich1

    @moleisrich1

    8 ай бұрын

    The rock is actually real!

  • @William-Morey-Baker

    @William-Morey-Baker

    8 ай бұрын

    the rock has infinitely more uses

  • @patriciablue2739

    @patriciablue2739

    8 ай бұрын

    The pet rock will always be there

  • @riotintheair
    @riotintheair8 ай бұрын

    "Might as well Hail Mary it," is exactly how Sam got into this situation. He's made so many public statements I think it's a huge mistake.

  • @Jordan-Ramses

    @Jordan-Ramses

    8 ай бұрын

    I don't think it matters in this particular case. I think if he did everything right after FTX went bankrupt he'd still get 100 years in prison.

  • @colinhobbs7265

    @colinhobbs7265

    8 ай бұрын

    ​@@Jordan-Ramsesnah, if he fessed up and pled guilty he could probably get away with 30ish and be out in time to still live part of a life.

  • @Jordan-Ramses

    @Jordan-Ramses

    8 ай бұрын

    @colinhobbs7265 If that was possible he would have done it.

  • @jerm70

    @jerm70

    8 ай бұрын

    ​@colinhobbs7265 If he kept his mouth shut and let the drama past, he would have been given a pardon.

  • @1b0o0

    @1b0o0

    8 ай бұрын

    @@jerm70the thing is, as the sociopath he is, that he needs to prove everybody how smart he is. He NEEDS to talk to show his greatness to us mere mortals.

  • @albundy7623
    @albundy76238 ай бұрын

    I think he’s innocent, he drove a Toyota

  • @CarrieCole09
    @CarrieCole098 ай бұрын

    Ending with the words "violent with a sock full of coal." *chef's kiss*

  • @wrightcafewright9631
    @wrightcafewright96318 ай бұрын

    Here's my last concern what money did he use to obtain his lawyers put up a security deposit for them to represent him how much money did that cost him and where did that money

  • @richardlivings8640
    @richardlivings86408 ай бұрын

    Danny lives in an alternate reality consisting only of doors.

  • @philippebyrnes1213
    @philippebyrnes12138 ай бұрын

    When you guys were discussing the Addrerall dosing, I got a vision of Sam in one of Jesse Pinkman's Crystal Blue Persuasion parties. You know, on the floor next to the guy in the business suit who has been missing 3 days. Then I replaced the "Breaking Bad" scene with an Adderall party at the 5th floor penthouse w that FTX geek squad polycule. Then I quit because my stomach got queasy.

  • @fassin666
    @fassin6668 ай бұрын

    Another banger lads 👍

  • @jmequeenbee4339
    @jmequeenbee43398 ай бұрын

    Bruh imagine trying to argue that you didn't commit a crime because your stolen funds were occasionally making a profit for you too😂😂😂😂

  • @codygunter4379
    @codygunter43798 ай бұрын

    Thanks for the video guys!

  • @keelmaanful
    @keelmaanful8 ай бұрын

    Dig the classic A’s hat 👍🏼🐘

  • @BobbyJardine-vs8yc
    @BobbyJardine-vs8yc8 ай бұрын

    I hope SBF gets 50 years ,which is quite lenient,since Bernie Madhoff got 150 years.

  • @FizzleFX
    @FizzleFX8 ай бұрын

    Saving the world one human at a time! so what if he starts with himself?! The other 8.1bil+ were next in line!

  • @tinly1
    @tinly18 ай бұрын

    It’s hard to remember when someone keeps lying

  • @moleisrich1
    @moleisrich18 ай бұрын

    Make Altruism Great Again!

  • @Kawiboy
    @Kawiboy8 ай бұрын

    Just enjoying the Crap outta ya Fellas 👊💪👏✌️😉

  • @REEEEDACTED
    @REEEEDACTED8 ай бұрын

    my work contract ended yesterday now i am unemployed lol but i am so ecstatic and this made my morning even better thank you

  • @NoelBarry-om9ms
    @NoelBarry-om9ms8 ай бұрын

    Here in Australia, FIFO means fly in fly out regarding shifts at remote locations of mining operations. Don't know it's relevant. FIFO.

  • @TBM1121
    @TBM11218 ай бұрын

    But….but…..Sam really wanted those things!!!!

  • @uhurunuru6609
    @uhurunuru66098 ай бұрын

    Whenever you recall something, that memory is reinforced regardless of accuracy, with most false memories being a mashup of two or more other memories that may even be true. Careful, and prolonged questioning, combined with rigorous documentation, could reveal the actual truth, and dislodge confidently stated memories revealing the hidden truth. Having suppressed my childhood memories due to a PTSD breakdown, an innocuous often confidently repeated claim, but when I looked it up, I found a mash up of half truths instead. Later, I read a fiction story of how a transgender child is treated today, triggered PTSD shock, memories came back, earlier TG memories are back, the 6 weeks of terror has many gaps.

  • @rileybow8030
    @rileybow80308 ай бұрын

    glad i found yall ive been listing to a pro crypto person whos covering SBF. her coverage has been fair and unbiased just funny anoying listing to her crypto sposerships lol.

  • @ordinaryman2299
    @ordinaryman22998 ай бұрын

    out of all the poor investments SBF made only one investment paid off and that was an accident !!!

  • @nunyabizness573
    @nunyabizness5738 ай бұрын

    Unless he has paperwork to prove his personal profits from the inception (the original purported claim with Japan, for example) he can't legally claim he owns anything. Since he comingled customer funds, he can't claim sole ownership of the Bahamas property or anything else. Normally a home would be protected in bankruptcy I think, but not in this case, so he bought homes in the Bahamas where they are out of the reach of the U.S. Department of Justice. He seems to have put himself in a position where he can neither confirm nor deny ownership rather than presenting clear proof.

  • @floxy20
    @floxy208 ай бұрын

    Maybe they are setting up an appeal. To drag things out.

  • @apollothirteen9236
    @apollothirteen92368 ай бұрын

    Free SBF! No justice, no peace!

  • @scottscouter1065

    @scottscouter1065

    8 ай бұрын

    WITH the purchase of any SBF of equal or greater value...any takers?+

  • @putnamcountycrimeanalysiswandr
    @putnamcountycrimeanalysiswandr8 ай бұрын

    Sam is looking at 30 years while Caroline is expecting probation. Outrageous. This was a documents case, not a witness case, and while her testimony was helpful, it was not needed. She should have a little time shaved off, that's it. She's just as guilty and didn't come forward until AFTER she was caught and AFTER she was collared. Not before. And what about Sam's parents?? Worthless, uncollectable lawsuits? That's it?

  • @xavdeman

    @xavdeman

    7 ай бұрын

    She turned herself in after the bankruptcy, and pled guilty. Due to Sam's instruction not to document anything, it wasn't a document case. There was a total lack of accounting as well. So it was definitely a witness based case. Sam can't blame anyone except himself for that.

  • @gregvinson1
    @gregvinson18 ай бұрын

    I think in this case I want the defense to fail so bad that a new word is needed to define failure.

  • @REEEEDACTED
    @REEEEDACTED8 ай бұрын

    yay!!!!

  • @I.AM.JUPITER
    @I.AM.JUPITER7 ай бұрын

    He played every person in the United States. He acted like a nerd white boy and y’all loved him.

  • @ocoolwow
    @ocoolwow8 ай бұрын

    Great interview like always!

  • @jeremylawrenceamadehilledw6515
    @jeremylawrenceamadehilledw65158 ай бұрын

    Sam is toast if he testifies because he is an obvious liar. The defense has plausible arguments on the element of intent to defraud. They can create reasonable doubt if Sam keeps his mouth shut.

  • @vivekdabholkar5965
    @vivekdabholkar59658 ай бұрын

    Sam should be in Jail ASAP for life, and if his mom comes to defence, she should accompany him!

  • @ruthscott1028
    @ruthscott10288 ай бұрын

    What about Trabuco? No one talks about him, Why?

  • @adamkershski
    @adamkershski8 ай бұрын

    EA logic regarding Anthropic as a defense wow

  • @beck4218
    @beck42188 ай бұрын

    What does SBF turn into when he completely DTs from the XR? Kimchi arb? Never happened in size. D1 ETF market making is a first year plebe gig at any prop-shop. The guy's back story was pure fiction.

  • @ryanlittle3440
    @ryanlittle34408 ай бұрын

    👍🏻🤙🏻

  • @wrightcafewright9631
    @wrightcafewright96318 ай бұрын

    FTX sorry

  • @ps3301
    @ps33018 ай бұрын

    Bitcoin value is it's decentralised nature and people put their Bitcoin back to centralised exchange. That doesn't defeat the purpose of decentralised assets ??

  • @reddragonflyxx657

    @reddragonflyxx657

    8 ай бұрын

    Bitcoin really doesn't work well for the vast majority of people if used directly. Usually the cases where it is useful are ones where the dominant means of exchange are unusable due to regulations. If I'm wrong about this I'm happy to hear about someone who actually uses Bitcoin in a legal way and doesn't run into weird issues that are rare in the dominant financial products (Lightning channel nonsense, high transaction fees, irreversibility of transactions, bitcoin marked as illegal, long confirmation times, easy loss/theft of assets, et cetera). If you don't want to use Bitcoin because of [gigantic list of cons] but believe it's the future for some reason, a centralized exchange is a reasonable solution. It's not like people don't lose everything by mismanaging a private wallet.

  • @StefanReich

    @StefanReich

    8 ай бұрын

    If you want fast trading or future trading, you can't do that on the blockchain. So currently the only way is a centralized exchange. Things may change though

  • @gjerrildkro
    @gjerrildkro8 ай бұрын

    Omg, Sam invented sliced bread.

  • @izzy7062
    @izzy70628 ай бұрын

    Well, at least he was donating money.......other people's money😂

  • @fiasco2003
    @fiasco20038 ай бұрын

    Those who were prosecuted at the Nuremberg trials following WW2 were often heavily addicted to amphetamine. I wonder if the court permitted them access to an amphetamine allowance to help them present their own defence? And let's remember that this is what Adderall is, it's just a marketing name for pharma grade amphetamine in a pill.

  • @hillofmaple
    @hillofmaple8 ай бұрын

    North of twenty, maybe thirty?

  • @chrislim7615
    @chrislim76158 ай бұрын

    lsn't it easier when ppl can assume easily when it's not their money that was cheated(life savings)etc.Yeah.....

  • @zm35r2bn
    @zm35r2bn8 ай бұрын

    What were all the Chinese people doing down there with Sam and his little Island

  • @picahudsoniaunflocked5426
    @picahudsoniaunflocked54268 ай бұрын

    I'm losing count of how many of the SBF court observer-journalists CCC brought on so I'm using that as an excuse to leave a comment for the "algorithm method" (hmm my initial typo was "malgorithm" & um yeah, that actually sounds like what we should call "hostile algorithms"...). I'm also using it as an excuse for a giant gaudy finance-gamble-stream-stylr number counter photoshopped in the corner with the "court-attending guests" count going up + up...to the uh...moon?

  • @CryptoCriticPod

    @CryptoCriticPod

    8 ай бұрын

    This will help keep you caught up kzread.info/head/PL4_8M4221Zu131k_KCzQ5qjzqo7us1hcO&si=j9rvKHY7PCe4qEP4

  • @picahudsoniaunflocked5426

    @picahudsoniaunflocked5426

    8 ай бұрын

    @@CryptoCriticPod Yay thanks!

  • @AdrianCHOY
    @AdrianCHOY8 ай бұрын

    Theranos only got 11! He got 115!

  • @nunyabizness573
    @nunyabizness5738 ай бұрын

    I let the ads run on channels I want to support so you can get some Ad Sense. But most of us hate ads. I worked in the advertising business for many years when I was younger and I can assure you, the advertising business is full of lies, lies, lies. People who sell advertising always want you to believe that if you buy their form of advertising you eill reach TONS of people and generate TONS of business. This is the lie Sam Machinsky and Sam Bankman Fried bought snd sold. They believed all 7 billion people on the planet would leave the fiat bank system in favor of high yield crypto. The truth is, first of all most of us hate ads and don't watch them, and second, the majority of people don't understand crypto and how it generally supports on line markets, not brick and mortars. So, when SBF paid celebrities to advertise his product, and when he bought the naming rights to the stadium in Florida, he, too believef he could reach all 7 billion people on the planet.

  • @balibill888
    @balibill8888 ай бұрын

    Is Sam Trabucco being called to stand

  • @CryptoCriticPod

    @CryptoCriticPod

    8 ай бұрын

    He’s on the list of potential witnesses, but we don’t know for certain if he will be called

  • @balibill888

    @balibill888

    8 ай бұрын

    @@CryptoCriticPod yeh that makes sense..........he is probably one of the main intigaters of the downfall..........

  • @deepettans
    @deepettans4 ай бұрын

    Arrest that Indian guy too!

  • @KKrypto
    @KKrypto8 ай бұрын

    My dog ate it

  • @herbert1661
    @herbert16618 ай бұрын

    I think he's innocent. He slept on a beanbag chair.

  • @Silversoon78910
    @Silversoon789108 ай бұрын

    I’m so angry these snowflakes used other people’s money as their own so entitled. To say the keast

  • @SKF358
    @SKF3588 ай бұрын

    Sounds bad

  • @lesabri
    @lesabri8 ай бұрын

    SBF casts his spell on middle aged men by going on walks.

  • @I.AM.JUPITER

    @I.AM.JUPITER

    7 ай бұрын

    Correction, white men

  • @idicula1979
    @idicula19798 ай бұрын

    Honestly, the best thing SBF can do is go full MAGA, and having the backing of that cult, I mean it seems to be working for Russell Brand. Who by looks know a thing or two about cults…… also SBF, who is the mini me of Elon Musk.

  • @I.AM.JUPITER

    @I.AM.JUPITER

    7 ай бұрын

    😂😂😂😂😂😂

  • @watcherofthewest8597
    @watcherofthewest85978 ай бұрын

    The woman forensic accountant screwed up the FiFO and Lifo. Who could've guessed?

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