That was one of those moments when the bad kid regrets not listening to his parents, especially since in this case both were teaching law at Stanford.
I said were because it seems they were fired, I don't buy the retirement story:
https://decrypt.co/116770/sam-bankman-fried-barbara-parents-stanford-law-teaching-break
As for SBF, we know he was committing fraud or at least misappropriation of funds, he knows he was doing it, the only problem is that we need t see him in court first, and as we look at Kwon and Mashinsky is going to take a lot of time to get SBF into one.
But as a side note, damn all those "I think" were annoying, seriously, you think? you're planning to change the world, you go to senate hearings, you have billions of clients' money in your pockets, and you think, you don't know! And this guy was praised as a genius!
Topic: Coffeezilla Accidentally Got SBF To Admit to Fraud - page 2. (Read 433 times)
As the title stated the third interview[1] of Coffeezilla to SBF has come to fruition when he made SBF to accidentally admit fraud by saying that all funds are stored in a single "bucket". The client who do not agree with any marginal trading or hedge funds and that was promised to have 1:1 reserve cannot withdraw and the fund is nowhere to be found.
Altcoin Daily had made video[2] compilation and explanation how SBF admit fraud during the third interview of Coffeezilla to SBF.
Here is the Altcoin Daily's video timestamp[2]
Timestamps:
0:00 - SBF has been denying FRAUD for weeks!
1:56 - SBF know about FTX co-mingled funds?
3:54 - SBF Finally Admits to FRAUD?
4:09 - Caroline has been talking
4:43 - SBF Finally Admits to FRAUD (pt1)
6:16 - SBF Finally Admits to FRAUD (pt2)
8:57 - SBF Finally Admits to FRAUD (pt3)
10:28 - SBF Finally Admits to FRAUD (pt4)
12:00 - Was FTX always committing fraud?
12:18 - SBF admits FTX user asset UI was fake.
Coffeezila's Full Video 3rd Interview on SBF[1]
Here is the timestamp copy the third interview of Coffeezilla to SBF[1]
0:00 Intro
0:18 Background to the Call
1:05 The Plan
2:12 Failure 1 - New York Times
4:30 Failure 2 - George Stephanopoulos
7:06 Failure 3 - Coffeezilla
8:38 Lessons Learned = The NEW Strategy
9:33 3rd Sam Bankman Fried Call Begins
10:04 Were you treating client assets differently?
10:31 Focus on Client Assets Only
10:51 Sam Tries to Deflect to Alameda
11:26 Can You Explain What That Means?
11:40 Separate Legal Agreement
12:05 Let's Focus Only on the Assets that Terms of Service Applied to
12:29 Sam Cites Billions of Withdrawals
13:32 Is there 1:1 Assets for Customers Who Didn't Agree to Margin?
14:19 Sam Finally Explains "Fungibility" of Funds During Bankruptcy
15:41 There Are No Buckets
16:38 During Collapse We May Have Allowed Withdrawals
17:27 You Can't Treat Everyone Equally
17:51 You Monopolized The Discussion Coffeezilla, Stop Grandstanding
18:40 My Reaction to Sam's Blowup
19:15 I Got What I Was Looking For
20:13 Analogy to Traditional Finance
21:08 Everyone was Subject to the Same Risk
22:31 Did I Monopolize Sam's Time?
It is really a great job done by Coffeezilla in strategically making SBF indirectly admit that FTX is committing fraud to its client when he made SBF stated the fungibility of Funds during the bankruptcy and that funds of different risk level are stored in the same wallet, that action does not comply with the Terms and agreement of FTX to their client thus showing FTX has been committing fraud since the beginning.
The two video is a good watch and it is great to see how Coffeezilla exposed SBF of the fraud he is denying for weeks.
[1] https://www.youtube.com/watch?v=4o_jPzBZSIo
[2] https://www.youtube.com/watch?v=SCW89n9ooRY
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