0:00 oh you didn't move your stuff to ship before the crash oh yeah [Laughter] [Music] so did you guys hear about FTX yes gigantic crypto exchange freaking crazy meltdown City meltdown so what happened what's the deal well it looks like uh the ████ leverage Traders the Geniuses crashed it at FTX well they were just they were taking um customer funds and then playing ████ leverage games with it they lost and then the funds draft they have no liquidity and now um people who are using their exchange like I want my money in there's a there's a run on on that and they're saying we can't sorry we can't settle we
0:50 can't settle and now there's nowhere to go and they're insolvent and they're they filed for chapter 11. Tom Brady and Larry David are being sued because they were part of FTX as far as Like Larry David they had the commercial in the Super Bowl right oh exactly did you see Kevin O'Leary he was um there's a clip of him going around saying like that's probably the most safest thing that you could bet on crypto right now this was during the the pump he verbally backed it up yeah he he said this is the place to be but at the time though with how deep they were connected with officials in politics and all that you would think it's like Ben it's backed by our government all this stuff it's gonna be okay Steph Curry said it's okay all this ████ came out right after the crash it's
1:40 been pretty crazy like I'm just I'm just mind blown how many people are connected to it well it's funny too because they blame krypton's like dude these are ████ d-gen ████ like like the idea that that Bitcoin and like that the the blockchain is at fault for this is wild yeah but non-sentient beings are at fault you know what I mean blamed algorithm yeah Don Cheadle from Space Jam blame the graphics card it's those damn smart contracts you know your permissionless to transact with each other and then right after this too I remember right after it happens I get this uh generic email y'all y'all probably got it too from binance that it's like you know like blah the crypto space of all this is what we're doing with your funds nobody over trades no we're not trading with anybody's customers funds you know and it's just putting it blatantly out there because this isn't the first time a large chain or organization or or whatever has done this you know what I mean like the amount of times that a site or or what
2:31 an exchange will take customer funds and then leverage it out in order to try to make other profits without the customers knowing like that's happened many times by the way that's what banks do yeah that's what banks do but it throws over around the banks it would be a ████ nightmare that's the point of banks right no they'll just get bailed out well they'll of course but exactly but that's what happened during the 2008 crash is all the small uh Banks I mean we don't see Washington Mutual anymore remember that one yeah they turned into chase you know what's cool is the I didn't learn before about the history between CZ and uh Sam backman oh what was the history so cz's the owner of binance and he was right about to buy FTX but what happened like I guess that they they used to like kind of be friends and they were working together and then they had a falling out and ████ and then when they had separate
3:22 things going on uh Sam bankman eventually came to him and asked for the bailout and then he he went and instead of bailing him out he he basically did an analysis and then publicly said I'm not gonna do that because these guys are pulling some ████ well prior to this and it buried them CZ took a bunch of ftt which is ftx's like exchange token and he moved it and basically um similar to the market like we're gonna sell this to cover our positions and then um he made sandbagman freed release of public statement basically saying like Hey we're going to work with binance and he like bent the need of binance and CZ like because CZ played him real hard is what everyone's saying right because right I'm gonna sell all of this AKA tank your ████ token and AKA help tank help to start a trigger to tank
4:12 your exchange and then um SPF releases this public statement like we actually got with CZ we're really happy we're working yeah yeah yeah yeah yeah yeah beautiful we're gonna cover everybody who's like got money on the exchange don't worry you'll get paid out and then CZ gotta look at the books and then he's like oh I see ████ tons of debt I'm out ████ you and then um told the public he's not bailing him out and then it was just ████ blast off as far well in the opposite direction that's why everyone's calling CZ like Dad he's cold he's a gangster dude he's a gangster I mean he he did a smart move yeah you know what I mean um and took out his competition yeah and SBF also like he ████ up you know what I mean oh yeah so it's it's not so much like he's a gangster like he's an ████ cold-hearted ████ but he's like a damn he's a
5:02 cold hard ████ you know what I mean that's cool did you see that how they were laundering um the funds through Ukraine and that's why he was FTX was donating so much to the DNC well he was joining he was joining a lot to the DNC under the offices of I'm going to get favor with regulatory environment right but then now it's revealed that they were FTX was setting up donations to Ukraine and then though that money was getting sent back to the DNC they're actually the number two they're just washing it yeah they're the number two contributor to the DNC so Ukraine isn't getting the money that we donated it's going like you know how they got a ton in Bitcoin they just washed it through FTX and and that went right back to the Democratic campaigns oh my God the Dems didn't tell us that though
5:52 that's not even something that's like Joe's it's like alleged and like it's not confirmed yes this is like ████ that they were doing like they were actually sending this money to Ukraine and then Ukraine and then the the money was being used being fully rebated and by the way I'm non-partisan I'm just anti-corruption and the Republicans done done this ████ too so it's not it's right and left yeah this is a game that's played yes of course either either one who plays it it when there's a proxy war they say let's save this country let's donate money gets sent over there how much of that goes to the actual citizens to help support that or the troops or whatever it goes to the U.S military industrial complex we're spending um 100 bucks on Lobster nights which the soldiers should should have yeah they should get some
6:44 yeah good for them right surf and turf Saturdays yeah but then um when Raytheon charges a couple hundred dollars for a screw that the American public has to pay oh that's a good screw or a crab claw opener yeah do you know a lot about um the stuff between SPF and Alameda research so Alameda research was helping to fund offshoots of FTX right so they're have a whole gigantic huge ecosystem that was that was being they're allocating funds for all kinds of different stuff including Solana because something happened where he transferred 10 billion to Alameda research and then 2 billion went like missing there's a there's a lot being uncomfortable right now I'm not familiar exactly well missing everything I can't I can't I just remember putting together a bunch of stuff from Jake trans video and I was like oh well that sounds ████ crazy so they helped to fund
7:34 Solana if you remember like Solana Solana went from a hugely underheard of project to like one of the biggest pumped things like during the bull market and the The Entity behind that was FTX and Alameda like they were pumping that entire ecosystem fumbling cash through it and that's not nefarious that's like oh that means it's evil or whatever they were building out Solana and now Solana has a huge like Dev crew for it like tons of developers are building apps for it in depth for it right but that that doesn't um bode well for what just happened like it it's basically a sieve got taken to this whole thing oh so we'll see what happens it's like a bunch of questions really like it's kind of like what happened with Luna right like it's like we we what's a little different because SPF like got caught with his hand in the cookie jar like we can see what happened
8:25 right whereas with dokwan and Luna there's a lot of conjecturing about wallets that you know people I don't think who actually read about this stuff like in a non-normy way can can really justify like like saying that oh this cuecoin account was definitely do quons like they don't ████ know that that's the weird things there's such little definitive stuff and every day they're saying don't Quan's being arrested now here like all these different stories and nothing ever happens nothing happens but then here like Sam bagman feeds straight up tweeted I ████ up yeah that's for such a difference yeah just tell us what's gonna happen to our shib uh it's over all right sorry did you see the was it the New York Post or the Washington Post article there was nothing about all of the you know insider trading the corruption there was nothing about that yeah I'm
9:15 not surprised that's why I'm like was it because of the the the he had with the DNC well we'll find out because and the SEC if he doesn't get charged they're all friends right it'll be same as it ever was right right because I think when you're too embedded with the government they have to cover their own Tracks Of course and they don't want to look stupid so I think oh yeah that kind of protects you if you're invested so much into ████ with the government and then if you're like investigated they're like oh no no no this is true but if you're this public facing and you're taking pictures of Tom Brady and Larry David they're all in the commercials and like I think this could be a little bit different like where it's like don't they have to face accountability for how visible they've been FTX Arena the Miami Heat stadium like had the ████ FTX logo on the top but it still has it still has it they're removing it Bang Bros sent a bid to take
10:06 it over I think I think the question is who's going to hold them accountable because like we can the public can be like upset but what about like the whole Epstein thing what about like you know you can't have the people that's supposed to keep them accountable like also in bed with them I know what you mean yeah I mean if a three-letter agency like FBI whatever comes after them then I feel like oh ████ this is really serious there's some internal going fighting going on in Washington right yeah they'll find some way to pinpoint a Fall Guy I think like in these departments It's gotta be SPF though yeah it'll just be a fall guy or his girlfriend did you guys see that video that's so ████ hilarious I love that she's talking about like oh like I don't really like I trade but I don't really use stop losses
10:56 I think that's kind of like ████ whack like we don't really think that that's necessary they really need a math degree it is so hey that's cool I mean but the funny thing is no matter what they're caught saying at this point it's just gonna be stupid because of the result right yeah so it's like there's no good interview I love it when people are like this high and they ████ know everything and it ████ slam dunks on them yeah we all we all take our dunks every now and then we got dunked on this year we sure did it was a hell of a ride I love a ride oh you didn't move your stuff to ship before the crash oh yeah oh yeah and then I was like the FTX Arena they are taking the STX name away from it and bang Bros did
11:46 submit like a 10 million dollar bid or something to be uh Bang Bros Arena and everyone thought they were joking but they were like no that's our real name he might do it dude dude what I wouldn't give for like ████ from Bang Bros Arena yeah dude trying to think of a Jimmy Butler pun best thing about this loud well you have to find silver linings right Woo's biggest ████ competitor is FTA yeah let's go [Applause]
12:42 laughs
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