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