Becoming Sam Bankman-Fried: The Complete Documentary
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- Опубліковано 7 вер 2024
- The highly anticipated criminal trial and sentencing for Sam Bankman-Fried is kicking off, with Sam facing 7 counts that could net him a life sentence. But how did we get here? And what led this privileged silicon valley geek to become arguably the greatest fraud of all time?
In probably the craziest rise and fall of all time, The 31-year-old built FTX into A company that everyone believed would usher in the future of crypto and change the world, worth $32 billion dollars in just a few short years, but then even more quickly went bankrupt virtually overnight, amidst discoveries of massive fraud and scandal. Sam was crypto’s real life “white knight” - even using his wealth to bail out other crypto companies, all while promising to donate 99% of his money to charity, and becoming the poster boy of responsible crypto investing. New: He graced the covers of time magazine, became one of the most influential lobbyists in Congress, and rubbed shoulders with the likes of Tom Brady and Bill Clinton in the Bahamas where he lived like royalty. Now with billions of consumer’s dollars completely wiped out and many thousands of lives ruined,.Sam has become the very embodiment of crypto abuse and bad behavior that he said he was campaigning against.
Do you agree FTX is the greatest fraud of all time?
Yep.
Yes
He was PT Barnum, Machiavelli & Ponzi rolled into one. With the facade of a benevolent Monk, cloaked in the humble cloth of an altruistic prophet.
@@Woburn-RoxburyMedia that's a pretty apt description!
@@nogatekeepers no! he did dubious things, but lifetime sentence is too much ..
Scam Bankrupt-Fraud
💀
😂😂😂
THIS IS SO UNDERRATED IM WEAK
Even the name was a red flag. 🤭
It fits so well haha 😂😂😂
He's not a geek, he's a poser. He hit all the right marks and exploited his insider position in society. Money laundering. He's dangerous and should be treated accordingly. He was telling you what he was.
Amen. He is a complete fraud. People were too stupid to believe his bs.
He was a plant, a ponzi, he was used and was paid well for it. He will not serve 25 yrs no way. Consider this- all the money he took - is not being returned to the victims! Biden got 10mil and the Dem party got the 80 mil they aren't returning it!!! Biden pardoned himself!
He crafted a character..socially awkward..altruistic..financial genius..everyone wanted to help develop into a real boy..then he wants people to believe he was manipulated..
this is the correct answer...what I can't understand is how he fooled many, many, supposedly smart people with his nonsense personality and fake identity...
@@WolfsHead-bp6vs i get the feeling its an Emperor's Clothes type of thing that happened
He’s a defiantly a Pisces ♓️ male
@@miapia7229 What is the Pisces hi-rise condo.. look for 2024..3squares.. and an interior room...
They thought he’d make them rich. Hey, even a NFL quarterback and a model trusted Sam! Who doesn’t love financial advisors like that?
How the heck is this not more popular... This is the BEST documentary on the background story that I have seen so far as a lay person!!
Thank you so much Sarai! Very kind of you!
Because the sheep of this world don’t really watch things that expand their mind. They are the same people who get scammed by the Logan Paul’s of the world.
@@TheHermitProcess oh come on , it’s not huge because it’s done with a utube creator with a small following
"Bill Clinton attended"
that's the ultimate red flag, leading indicator that something is wrong LOL
Crooked Clintons!!!
Theranos
"stop losses...I think those aren't necessarily a great risk management tool" -Caroline Ellison, ex CEO of Alameda Research. This is actually the most basic tool of risk management, So her statement tells me there was substantially no risk management at SBF. I believe that on some level, Sam & Caroline thought they could "create money" without limit, so no risk management necessary.
Thank you JK Rowling for a whole generation of unicorn thinkers
Agreed, it feels like this aura of invincibility with assets prices only rising, had something to do with this
If u listen to that interview right after that part when they ask her how much has she risked or lost in a trade she doesn’t answer but her expression and her hints says a LOT
@@Qwerty-ix2vs Many of us learn the hard way that must use a stop loss. Wonder if SBF ever traded without a stop loss.
Would you guys mind explaining what a stop loss is? 😅
SBF was too overconfident to fear going to prison which is where he is headed for a long time.
Forever, he’s never getting out.
I'm wondering if anything will happen to him while awaiting sentence. Something is going to happen,I can feel it.
Such a great breakdown of the whole story. Thank you for the work you do!
Thanks so much for the kind note Krystle!
This is how videos are supposed to work.
Thank you@@isaaclaf1000 !
It's hilarious that people even believed there's such a thing as "responsible crypto investing". Sam said it best himself: It's a black box and its only value is what a bunch of morons decide to just throw in it. He certainly knew his "customers"
Nice job of summarizing the situation...my favorite so far!
Thank you Alexandra!!
You know a company is badly managed when the guy who had to clean up Enron’s mess comes in, And proclaims it the worst financial fraud in history.
Especially when he said he found that they were using Quickbooks.
Been following this story. So interesting and wild. Thanks for the doc, great job!
You added alot of details that were harder to find. Thank you!
Thanks so much for the kind comment - Glad you enjoyed it!
You did better work on than the wsj and 60 minutes combined. Thanks for providing factual information without the fawning infatuation of the bought-off legacy "media". It's no wonder that entire medium is in its slow, terminal, downward spiral.
Thank you so much for that very kind comment!! I agree the mainstream media did us a disservice in how they covered Sam especially in the early days
Still going on. Have you seen the interviews with Michel Lewis who just released a book on Sam?@@nogatekeepers
well said
Thank you@@neanda !
To be fair to WSJ they did an awesome job on E Holmes
Why so much greed? That's the root of so many problems on this planet.
For those over 30, the term "dating" means a bit more than a kiss on the cheek.
What do Madoff, Sam, Sam's parents, Elizabeth Holmes and many others all have in common?
His parents do not teach compliance! Do your homework. They teach law and his father is a tax specialist and he advised FTX executives how to avoid paying taxes. He will most likely be charged in this fiasco.
I think it was Kevin O'Leary mostly responsible for spreading that misinformation. He was being interviewed everywhere after the collapse and he kept telling everyone FTX seemed safe because the parents taught compliance at Stanford.
His parents and others were definitely involved in a deeper level of
this was better than the bloomberg one hour and thirty min documentary!!!!
Thank you so much!!
Fantastic vid, nicely paced, very informative and engaging, perfectly edited too. That’s quite a skill 👌🏻
Thank you!!
Best and clearest breakdown I have seen so far on the matter… Subscribed! 😊
Awesome, thank you!!
great job on this doc Wayne..best one I've seen on the ftx story , very riveting !!
Thank you, I appreciate it!!
so... your video doesn't explicitly say it, but as far as we know, did sam bankman-fried actually support any charitable causes at all? it sounds like "no", if we're saying the "effective altruism" thing was just a spin. it's a very small part of the story, i know, but still. i'm poor and i give money - this guy is (or was) rich, did all he give were promises that he never intended to keep?
No he did. With other peoples money. It made him look good and made people believe that he is a good guy.
I would use the word " selective" effective altruism
😂😂😂😂😂😃😃😃😃😃
He didn't support any food banks as far as I am aware. But since giving to poor people would not make his business get bigger, those types of donations would probably count as "ineffective altruism" and therefore would not make the cut. He did donate to Standford University which Patrick Boyle suggested might guarantee his parents tenure there so that would be "effective." 😁
Bloomberg: Stanford’s $40.9 Billion Fund Tops Elite Rivals With 4.4% Return (Oct 2023)
I think it ran out of proportions is because of bad parenting. I dont know the guy but I honestly think he does not even comprehend what he did was wrong. He is just mainly playing videogame's and doing interviews and let others build the code etc. He lacks morals, discipline, empathy if you would give him a button to launch an atomic bomb he would do it, not because he is evil but simply because he dont really care to understand what the impact will be on woman and children. His education is very high but his mind is of a 7 year old child! he is just playing a game, maybe he even thinks that if he loses he can just load the game from the saved slot again or reset it. I am sure his parents are aware and warned many times about their child's behaviour and has been brought up privileged and protected by his parents. This can not be a human being that could have operated whole his life in a normal society or schooling system without his parents intervention. He completely lacks everything that makes someone human, with the exception of his sex life, he just dont care really he is busy with playing games and the rest is a minor detail!
I agree with your posting 100%
“You can buy a banana.” Beautiful idea. I’ve always wanted to be able to buy a banana, it’s a shame SBF wasn’t able to get this task accomplished 😢
Hahaha - great comment!
Does anyone in that company have any accounting qualifications?
His mother must be a very special Ethics Professor
Solid work! Please do one on the parents👍
Thank you! Interesting idea, I will take a look...
I'm not sure if there is enough info out there yet to do one on SBFs parents. But if there is, I would love to see a video on them also.
Got it! Yeah I'm sure more will come out soon in this trial on them...@@caboose2741
SBF's "Effective altruism"?... Umm, more like "Affected altruism"
Sad to misappropriate a term so badly
Sam just seems like a proxy for other more nefarious entities.
thanks. i've viewed other videos on the subject but still did not get how his business and personal platform rose, now I see it.
You're welcome - Glad it was helpful!
Great work! You earned a sub and I learned things I didn’t know from other documentaries
Awesome, thank you so much! Very glad you enjoyed it!
never thought id see a 21 minute “complete documentary” but i suppose this is
This is embarrassing for bitcoin scene
I used to be into Crypto, following all the up and coming new coins and tokens and being excited, and one day my cousin’s dad a wealthy real estate investor by the way, told us Crypto is bullshit, you’ll end up losing all your money investing in that, he was right! Because of people like Binance CEO, and this guy SBF!
If you’re dumb as rocks yes. I made money because one I don’t trade, I’m a long term holder and second I keep my coins on my own wallets. It’s the impatient and gullible that lose out.
He’s going for life in prison 🤦♂️🤦♂️🤦♂️🤦♂️
Very possible. I think a Madoff type sentence is most likely, personally
great breakdown, especially of the media being complicit in this - only real conclusion is find alternative media and other voices
Thank you Jimmy!
Auditor with an office in the metaverse 😂
“Sam found that coinbase had to many regulations” - i think that’s all i need to know
Playing a video game in a pitch meeting? Imagine if i was reading my spicy romance books in a pitch meeting? 😂
SBF has consistently been clueless about running an MSME but capitalized on the one thing most humans are attracted to; greed for money
18:45 it's a simple question
Gotta think of a good lie lol
love your work Wayne, sharing it on our channel for sure ❤
Oh thank you so much!!
Excellent summary. Surprised that I learned new info about SBF FTX.
Thank you Art, and glad to hear!
SBF was overconfident
Documentary is NOT complete. When he's behind bars, you can call it complete, and even then, who knows how long he will actually stay in there.
Fair - might have to do another video with all these stories coming out in the trial!
Upper class family to prestigious university to wall street to ceo before 30.
Did SBF ever have a real job once in his pampered life? Lol
good recap had to sub
Thanks Alex!!
The only funny thing about this is Sam playing League of Legends and fooling people who have more money than brains.
No billionaires, real or fraud, want to give their wealth away.
Hey guy sitting in the tent on the corner! Here's a bag with a lot of money. Have a nice day LOLOLOL🤣
It is surprising that people still fall for these kind of guys, the FOMO effect is too strong. I personally feel betrayed when people I know try to sell me well being products in pyramidal schemes. There's no easy money.
This whole recurring story about SBF doing successful arbitrage between exchanges for Bitcoin sounds like enormous BS to me. There's no way they noticed it and nobody else did.
Totally agree. This is a good documentary but only tells a small part of the story, I believe.
Great documentary.
Thank you!!
FTX could have remained the greatest exchanger of all time. But because people got greedy along the way good things will just collapse
How? From the jump they were stealing money from their customers to make horrible financial
Investments. They took crypto to buy more crypto, recipe for disaster the minute the market shift down.
@@ChiefKene because a lot of people were trading on their platform. And for every transaction the FTX platform collected a fee which was legit. Only bad part was they decided to use customer funds to gamble into their own trade which was the greedy part of them. A lot of crypto exchanges are making money just from fees alone and have continued to do so till this day and many are still up and running. Until the platform decides to do otherwise
I do think the core product filled a real need@@Shafiksz as evidenced by massive competitors in binance and coinbase. Alameda was their undoing, but given the lack of ethics they displayed, maybe some massive oversight was inevitable at some point...
Great report….very thorough. Thanks!
Thank you!
Wow. Seen a couple of videos on Sam but this one stands out.
Thank you!!
When Tony Blair and Bill Clinton arrived on the scene, you knew it was sketchy 😂😅😂😅
Great video, nice work. 👍
Thanks so much Keith!!
Really enjoyed this. Thanks
Glad to hear it! Thanks for the kind note!
Wonderful Video uncovering the truth. Thank you!
Thank you Vivek!!
I would be interested in more videos on SBF, the con man of this century.@@nogatekeepers
Great to know, I will think about future potential topics on SBF. Thanks!@@vivekdabholkar5965
Wonder didn't his parents advice him against all the wrong doings???Why?
Great storytelling 👏👍🌟🌟🌟💐💐💐
thank you!!
what’s the difference between a coin and a token?
No SYMPATHY for GREEDY investors. Serves you right!
Crypto is fool's gold.
anyone know which is bigger? Sam's nose or his belly?
@Wayne Hu lets start our own media company. You’re very good at this mate!!
Ha - thanks Ken!
It’s crazy how many people love you when you have money but as soon as you are broke. Dog eat dog world.
Great video and explanations!
Thank you!!
12:20 proves what a narcissistic liar Sam is. "We don't invest client assets (even in treasuries)". Compounds the lie by dropping in the comment regarding treasuries.
Any update please on the Atomic Wallet hack that took place back in June? Hundreds of victims, millions of dollars in Crypto stolen and lives destroyed! The CEO is Konstantin Gladych, this is getting no exposure and very little online. Nothing from the company, victims left in the dark, please help escalate this.
What a joke. While he was declaring his philanthropic goals in effective altruism, he was probably also busy using FTX user deposits to gamble in crypto, to purchase naming rights of FTX Arena and to spend lavishly in marketing and sponsorship deals. He failed his most basic fiduciary duty to protect user funds. Yet, he wants to be the savior and the effectively altruistic billionaire. He knew he was misusing user deposits. Yet, he went to DC to help write crypto regulations??!! How could someone do this in real life? It’s beyond disgusting.
Great documentary it should reach more peaple all around the world !
In fact Netflix series also should be made .
😂😂 Talking about Mr Beast at the end aged well
20:46 yikes bro, your comment on Mr Beast aged like a cup of warm milk 🤮 I’m gonna look at your newer videos.
Enjoyed this video. Thank you.😊❤
any massively rich or "important" person who virtue-signals is a liar.
True ! 💯
And we seemed to never Learn…. It’s always the same story.
Amazing video 👏🏻👏🏻 Crazy shit ever!! Thank God Ive always knew that was something off with FTX and Binance! Honestly, just look at those guys faces and body languages and tell me if you would trust loads money in their companies 🤷🏼♀️
13:40 -You do have an auditor don't you ? - Yes he is legit, he have an office in the Metaverse 🤣🤣🤣
It's straight out of a Will Ferrel movie..
If you have a trillion you can be generous with a billion.
Great video!
Thanks!
I’m an idiot. Watched the whole thing and I still don’t understand 😂
Bernie Madoff would have hired SBF so fast
Anyone else able to see through all the bs and just know in your bones he played a character and was always a scammer.
Good work brah
Thanks man!
SBF: I have no empathy for all the people whose lives I have destroyed.
Leftists: He is so honest, he is like a Gandhi!
😂
Accepting investment from other competing exchanges sounds like a shitty business move. Also, CZ declaring that binance was about to sell a ridiculous amount of FTT tokens thereby tanking the price sounds like blatant market manipulation. The fact that people still regularly dump their life savings into crypto thinking that it's a safe investment boggles my mind. Until crypto is at a point where the value of a coin is better protected, investing in crypto will forever be glorified gambling.
Agreed - unfortunately not everyone invested responsibly, investing only what you can afford to lose
This tells you the level of comprehension amongst politicians and celebrities. It's all about image.
Set up by Binance mmmhmm
Red flag number for me would been to trust a guy with a hair like that.
The least our president can do is pardon him before he leaves office.
It’s incredibly ironic that he scammed people so he can go on media and talk about how generous he is
YOU FORGOT TO MENTION, THE MOST IMPORTANT PART......The Hobbit goes from MIT to WALL STREET to HONG KONG with BINANCE. Do you think he created the world wide accounts and marketing by himself?
Of all this debacle I can't stop thinking of how the most arrogant, rude and most probable culprit that the guy ended being such a jerk is his mother, who, by the way, profited massively from the fraud and hasnt yet received consequences
The Mr Beast praise is messed up.
Binance Holdings Ltd., the largest cryptocurrency exchange, is being investigated by the Commodity Futures Trading Commission 😂
Great work
Thank you Antonio!
Never underestimate the greed of men
Excellent channel….can you do the twins that worked for Facebook. I hear they are in big trouble too.
Thanks I appreciate it! You mean the winklevoss twins?
@@nogatekeepers Yes!
He got 25 years to think about it.
The IRS is 1000x worse then this