This is a simple case in my mind of Where did the money go where did you Spend it Finance is a massive Unregulated Global Monopoly they put FTX Out of business day two of the FTX Hearings were just as insane as day one With SPF proponent Kevin O'Leary taking Center Stage to give Congress his Thoughts on the FTX fraud you asked me Why it went bankrupt go to the last week For a recap of the complete disaster That was day one of the FTX hearings Please check out yesterday's video of Course with so many familiar faces in Attendance today one face that was Missing was former FTX CEO himself Sam Bankman freed I believe that withdrawals Could be opened up today and everyone Could be made whole if you subscribe to Our Channel you already know SPF after Weeks of not being arrested was finally Arrested the day before or he was Scheduled to be a part of these Congressional hearings we're seeing some Activity Uh police officers we can see Sam Bangman freed in a blue suit and a white Shirt being walked to the vehicle He is in handcuffs he's been placed into The back seat of this blue Ford vehicle He was surrounded by police officers as He was walked out I think that a lot of questions need to Be answered whether it be for the
National security minister from the Court system from anyone who presided Over what happened here today why was This man Seemingly given preferential treatment Makes you wonder if SPF was in cahoots With the Bohemian authorities and got Arrested the day before strategically Looks like his Dorian Gray mask is off Now we informed you yesterday of his Charges wire fraud wire fraud conspiracy Security fraud Security fraud conspiracy Money laundering update for you with the Latest information Sam bankman freed was Denied a two hundred fifty thousand Dollar bail he was declared high risk to Flee SPF will go to Bahamas only prison Fox Hill as he awaits extradition Fox Hill is known for its brutal conditions U.S state department has described Fox Hill as being infested with rats maggots And insects and where inmates remove Human waste by bucket and often develop Bed sores from lying on the bare ground Inmates ending themselves is not Uncommon so with Sam bankman freed Safely secure at least for now Shark Tank star and celeb investor Mr Wonderful himself Kevin O'Leary takes The world's stage at the FTX Congressional hearings to update America To update Congress on what really went Down at least in his opinion apparently According to Sam bankman free according
To sandback and free Sam welcome back 24 Months well actually by Kevin's own Words it seems he was regurgitating Sam Bankman Freed's opinion it's interesting Because Kevin O'Leary doesn't seem to Put any blame on Sam banquin freed Although he seems to throw binance under The bus entirely why do you believe FDX Failed I have an opinion I don't have The records here it is these two Behemoths that own the unregulated Market together and grow these Incredible businesses in terms of growth Or at war with each other and one puts The other out of business intentionally Now maybe there's nothing wrong with That maybe there's nothing wrong with Love and War But Finance is a massive unregulated Global Monopoly now They put FTX out of business wow now Listen to Kevin O'Leary tell the full Story of the FTX binance Feud and what Happened to the money pay very close Attention to the end this is a simple Case in my mind of where did the money Go and I said Sam walk you back 24 Months tell me the use of proceeds of The assets of your company where did you Spend it And then he told me about a transaction That occurred over the last 24 months The repurchase of his shares From binance his competitor I didn't
Know this at the time but at some point CZ or binance who runs binance purchased 20 ownership in sandbank and Freed's Firm for seed stock And then over time and I asked him what Would compel you to spend 2 billion was The number he was giving me at that time Later in a subtle conversation about 24 Hours later he told me he could have as Much as three billion dollars To buy back the shares from CZ I asked Him what would compel you to do that Why wouldn't you keep your assets on Your balance sheet and why would you Offer this to just one shareholder He said because every time we went to Get licensed in different jurisdictions Because you must understand the prize of Crypto is to get regulated apparently According to Sam bankman freed CZ would not comply with the regularized Requests in these different geographies Different jurisdictions to provide the Data that would clear them for a license He withheld it according to sandback and Freed the only option the management and Sandbank and freed had was to buy him Out At an extraordinary valuation of close To 32 billion unless apparently a 15 Discount That stripped the balance sheet of Assets you asked me why it went bankrupt Go to the last week
All of a sudden in social media CZ is Asking for another 500 million dollars But Finance is a massive unregulated Global Monopoly now They put FTX out of business finance put FTX out of business bull spit FTX stole User money and got caught simple Mr Wonderful certainly isn't doing crypto Any favors and it seems with all of the FTX fraud in general again crypto is Getting conflated with General fraud the FTX fraud the crypto Market is the Target of heavy heavy regulation again Breaking news U.S Senator Elizabeth Warren introduces Bill to kyc self Custody Bitcoin and crypto wallets Surveil users and Crackdown on privacy Tools a direct attack on freedom and Privacy Now it's nice to see some senators and Some people with the voice speaking up For crypto speaking up for the simple Truth like Senator Loomis we're Conflating topics today Digital assets are not on trial Fraud And organizations Are on trial so let's separate Digital assets From corrupt organizations FTX as I've been saying for the last few Weeks is good old-fashioned fraud And what they did is separate from Digital assets now we've all heard that
FTX lent its Executives hundreds of Millions of dollars in co-mingled Customer funds for personal use and Customers who tried to wire money to FTX Were instead given alameda's routing Number That is fraud that's fraud whether it's Conducted in U.S dollars or Euros or Digital assets that is fraud or like Senator Toomey after the hearing this Really looks like Garden variety fraud That has happened in the past with Usually with dollars or Securities of a Conventional sort and here it happened To happen with crypto it is not an Indictment against crypto it's an Indictment against the guys who misused It and we should make that distinction And Congress should finally pass the Legislation that I've been urging us to Pass which would provide the regulatory Clarity so that we don't have this Ambiguity as to who's got the authority Here who doesn't and how does it get Regulated we need to eliminate that Regularity then we would have business Flowing to prudent sensible Well-regulated American exchanges even Mr Wonderful was on the right side side Of History to a degree in these 30 Seconds when he urged Congress Segregating Banks and crypto making it So Banks cannot integrate with crypto Would be a bad move isolating crypto
From the banking system would be Insanity the concept of passing Legislation that would ban Banks from Integrating cryptocurrencies and crypto Technology if that were to happen as an Investor I would short every American Bank stock because it would make it the Most uncompetitive Financial Services Sector in the world the Innovation that Is coming forward once regulated is Going to be profound in terms of how it Changes the cost the efficiency the Auditability the productivity of the Banking sector just look at things as Simple as ACH transfers how archaic they Are look at the FED wire so let me just Stop you there I only have so much time So you do not agree with isolating it From the banking system that's Insanity Kevin O'Leary and Congress continued the Conversation of regulating the crypto Industry here's Mr Wonderful saying to Congress crypto is like the stock market 150 years ago I find the analogy of Crypto to be that of gambling and Speculation interesting that was exactly What we described the New York Stock Exchange 150 years ago and what happened Was because of the nature of the risk we Regulated it we did it for bonds we Called them Securities now back then if They were speculations no different than This industry the reason this is Happening over and over again and we'll
Be back here again soon when the next One blows up is the lack of Regulation That's why we regulate stocks and bonds They are speculations too you speculate The profits of the companies underlying Those Securities we need to regulate This I mean this this premise that it's Some kind of different issue it's not It's just unregulated wild west and it Will go on and on and on it's the Definition of Madness is expecting Different outcome I mean that's just Needs a regulation that's it if you're Planning to attend Bitcoin conference 2023 let's hang out it's going to be Epic use code altcoin daily 10 off this Is the biggest Bitcoin conference in the World use code altcoin daily 10 off web 3 is a joke comedy show and panel if You're in the LA area or Southern California area actually the Santa Monica area Friday December 16th get Your tickets for this I'll leave a link In the description hope to see you there Very possible you have friends or family Confused by what's going on with the FTX Hearings feel free to share today's Video or yesterday's video or any of our Videos to help them understand crypto a Little bit better subscribe to the Channel join our team see tomorrow