On today's episode of "On the Margin", Ben Hunt Author of Epsilon Theory & Doomberg, everyones favorite green chicken join the show to discuss "The Story Arc of SBF, FTX & Alameda".
One month ago saw the collapse of SBF's crypto empire as FTX filed for bankruptcy. Ben & Doomberg discuss the ties between SBFs exchange FTX and trading firm Alameda Research. We then look into the use of the FTT token and how SBF was able to raise venture capital money at unrealistic valuations. Was SBF negligent in this situation, or did he intentionally commit fraud? To hear all this and more, you'll have to tune in!
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Referenced In The Show:
The MacGuffin, Part 2: The Story Arc of SBF and FTX: https://www.epsilontheory.com/the-macguffin-part-2-the-story-arc-of-sbf-and-ftx/
The MacGuffin, Part 1: The Corrupt Crypto ‘Revolution’: https://www.epsilontheory.com/the-macguffin-part-1/
How Sam Bankman-Fried’s Crypto Empire Collapsed: https://www.nytimes.com/2022/11/14/technology/ftx-sam-bankman-fried-crypto-bankruptcy.html
(01:36) The MacGuffin: The Story Arc of SBF & FTX
(14:07) The FTX Bankruptcy & The Role of FTT
(18:09) The Mechanics of Rehypothecation
(27:25) Negligence or Criminality?
(35:35) Circle Ad
(36:55) How Much Political & Media Power Did SBF Buy?
(42:50) The New York Times Puff Piece
(49:59) The Role of Investors, Media & Regulators In The FTX Fallout
(56:00) The Golden Age of Fraud
(1:02:02) Final Thoughts
Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.