Podcasts about alameda research

Lucas Nuzzi is a Brazilian-born blockchain analytics expert and data scientist. In November 2022, his on-chain analytical sleuthing gave the world, for the first time, a complete picture of the fraud that had been occurring between FTX and Alameda Research - entities that were both controlled by Sam Bankman-Fried.Lucas and host Aaron Stanley go behind the scenes of his groundbreaking research that revealed $4 billion in commingled funds between FTX and Alameda, providing the first public evidence of systematic fraud. From receiving hundreds of desperate messages from FTX users to working with prosecutors, Lucas shares the personal toll of being on the front lines during crypto's darkest hour. We explore how traditional due diligence failed, why proof of reserves could prevent future collapses, and the lessons learned from SBF's spectacular fall You can follow Lucas on X/Twitter____________________________________________________________Brazil Crypto Report is presented by AveniaIf you're building a wallet, a crypto consumer app, or a global payment platform, Avenia is your bridge to Latin America. Instantly connect to PIX, SPEI, and CBU using stablecoins — with one API. No banks. No FX desks. No SWIFT. Move money globally, with full compliance and real-time settlement. Learn more at avenia.io------------------------------------------------------------------For editorial and sponsorship inquiries: aaron@activomedia.ai#brazil #web3 #crypto #blockchain #bitcoin #ethereum #fintech #latam #defi #onchain #regulation #cryptonews #stablecoins #tokenization

The race for the ultimate crypto super app is heating up. Who will own the user experience?In this episode, we chat with Mert Mumtaz, CEO of Helius, and Armani Ferrante, CEO of Backpack. Armani takes us through his transition from Apple to Alameda Research, and how that journey led to building one of Solana's fastest-growing platforms.As markets deal with tariff tensions, institutional adoption is quietly gaining momentum. We dive into the "fat wallet thesis," the shifting role of Bitcoin in smart contract platforms, and how the finance-crypto merger creates opportunities.We also talk about Backpack's unique approach to balancing censorship resistance with compliance, which is one of the biggest challenges for crypto to go mainstream.Let's jump in.Join The Rollup Edge: https://members.therollup.coWebsite: https://therollup.co/Spotify: https://open.spotify.com/show/1P6ZeYd..Podcast: https://therollup.co/category/podcastFollow us on X: https://www.x.com/therollupcoFollow Rob on X: https://www.x.com/robbie_rollupFollow Andy on X: https://www.x.com/ayyyeandyJoin our TG group: https://t.me/+8ARkR_YZixE5YjBhThe Rollup Disclosures: https://therollup.co/the-rollup-discl

Back in the 80's you had the surfer bros out in California and of course the Wall St. bros on the east coast. Time evolves and we had to endure the popped-collar Jersey Shore bros, and most recently we may have run into the most annoying version of them, the crypto bros. And this show is about none other than the king of the crypto bros, Sam Bankman-Fried.  SBF (as the bros call him) made a massive splash as he took his company, FTX, to the top of the crypto world in very short order.  There were celebrity endorsements, cutting-edge software and lots and lots of money to be made.  Until it all came crashing down and the ponzi scheme SBF had been running was brought to light and he now gets share a cell block with Diddy and Luigi.  What got Sam into the crypto space to start with?  Did his upbringing lead him down the path he went down?  Is he going to trim those curly locks in prison?  We'll dive into this and a whole lot more in the Sam Bankman-Fried episode of AHC Podcast.       Intro Music Credits: FAYZED - Nat's Tea Trap Beat, Instrumental, Hip-Hop&Rap [No Copyright Sound] [ FREE USE MUSIC ] - FAYZED - Nat's Tea https://www.youtube.com/watch?v=VqjgHvub_ps&list=PLxtj0Fzm7DkhQlXlBXVot_xbqjdcn8N_k&index=166 https://creativecommons.org/licenses/by/3.0/       Citations: BBC. (2023, October 9). FTX's Sam Bankman-Fried believed in ‘effective altruism'—what is it? https://www.bbc.com/worklife/article/20231009-ftxs-sam-bankman-fried-believed-in-effective-altruism-what-is-it CNBC. (2024, March 27). How FTX's Sam Bankman-Fried went from crypto king to convicted conman. https://www.cnbc.com/2024/03/27/how-ftxs-sam-bankman-fried-went-from-crypto-king-to-convicted-conman-.html Investopedia. (n.d.). What went wrong with FTX? https://www.investopedia.com/what-went-wrong-with-ftx-6828447 Kauflin, J. (2022, November 19). How did Sam Bankman-Fried's Alameda Research lose so much money? Forbes. https://www.forbes.com/sites/jeffkauflin/2022/11/19/how-did-sam-bankman-frieds-alameda-research-lose-so-much-money/ Wikipedia contributors. (n.d.). Sam Bankman-Fried. Wikipedia. Retrieved [Month Day, Year], from https://en.wikipedia.org/wiki/Sam_Bankman-Fried

This Day in Legal History: Guiteau Stands Trial for AssassinationOn November 14, 1881, Charles Guiteau stood trial for assassinating President James A. Garfield. Garfield had been shot by Guiteau in July of that year but succumbed to his injuries months later, largely due to medical mismanagement. At the time, sterilization practices were not widely understood or practiced, and Garfield's doctors repeatedly probed his wound with unwashed instruments and hands, leading to a fatal infection. Despite the role of inadequate medical care, Guiteau was held fully responsible for the president's death, setting a notable precedent in criminal law.Guiteau's defense centered on claims of insanity, arguing that he believed he was acting on divine command to remove Garfield. His erratic behavior in court, which included singing, reciting poetry, and accusing his defense attorneys of incompetence, underscored his unstable mental state. However, nineteenth-century legal standards for insanity were narrow and rarely accepted by courts. The prosecution argued that Guiteau understood the wrongfulness of his act, and he was ultimately found guilty and sentenced to death.The case spotlighted serious deficiencies in the legal system's treatment of mental illness and brought attention to the need for clearer guidelines on the insanity defense. It also ignited a broader conversation on the role of medical practices in causation, as some questioned whether Guiteau could be solely responsible for Garfield's death. Guiteau's trial and conviction marked one of the first high-profile uses of the insanity defense in the United States and influenced subsequent legal reforms regarding both mental health assessments and standards of criminal responsibility.President-elect Donald Trump has named Matt Gaetz, a firebrand Republican congressman with a face that might terrify even the devil himself, as his nominee for attorney general. Gaetz, who has previously faced scrutiny from the Justice Department over sex trafficking allegations, will replace current leadership to help Trump “end Weaponized Government” and enact an aggressive conservative agenda. Gaetz, who resigned from Congress immediately, is known for his unconventional political moves, including his role in ousting former House Speaker Kevin McCarthy, and for his call to dismantle federal agencies like the FBI. His appointment has already triggered controversy, with Senate Republicans like Lisa Murkowski expressing skepticism about his qualifications and intentions. Gaetz's background has raised security clearance concerns, given the history of investigations into his conduct.The nomination aligns with Trump's stated intentions to reshape the Justice Department, positioning the attorney general as crucial to plans for mass deportations, pardons of January 6 rioters, and prosecutorial retribution. Gaetz's legal experience consists mainly of work at a Florida law firm before he entered politics, though he has recently championed populist stances on antitrust enforcement, supporting the Federal Trade Commission's fight against noncompete clauses and cheering the Justice Department's antitrust case against Google. Gaetz's nomination fuels concern among former Justice Department officials, who fear that he could further politicize an institution traditionally independent from White House influence.Trump taps firebrand congressman Matt Gaetz for attorney general | ReutersIn the corruption trial of former U.S. Senator Robert Menendez, prosecutors revealed that jurors were mistakenly shown unredacted evidence during deliberations. However, they argued this error does not warrant overturning the conviction, asserting that the evidence against Menendez was overwhelming. Menendez, a former New Jersey senator, was convicted in August of corruption charges that included accepting bribes like gold bars and cash, allegedly in exchange for political favors. He has maintained his innocence and plans to appeal. The Manhattan U.S. Attorney's Office indicated that both the defense and prosecution missed the unredacted material during trial, emphasizing that it likely did not affect the jury's guilty verdict on all 16 counts, including wire fraud, obstruction of justice, and illegal foreign agency activities. Menendez, once a senior figure in the Senate as the chair of the foreign relations committee, now faces sentencing in January with a potential for decades in prison.Bob Menendez jury was mistakenly shown improper evidence, prosecutors say | ReutersGary Wang, former chief technology officer of FTX, is assisting federal prosecutors by developing software to detect fraud in both stock and cryptocurrency markets. Wang, who previously wrote the code allowing ex-FTX CEO Sam Bankman-Fried to siphon billions from FTX customers, has been cooperating with the government since FTX's collapse. Prosecutors are asking for leniency in Wang's upcoming sentencing, highlighting his proactive efforts to prevent similar crimes. His new tool, details of which remain confidential to protect its effectiveness, is valued by prosecutors for its potential in identifying financial crimes. This cooperation follows Bankman-Fried's recent 25-year prison sentence for fraud and misuse of $8 billion in customer funds, while other former FTX associates, like Caroline Ellison and Nishad Singh, received lighter sentences due to their cooperation. Wang, the last of Bankman-Fried's close associates awaiting sentencing, was instrumental in exposing the scheme by testifying that Bankman-Fried directed him to alter FTX's code to grant Alameda Research unauthorized access to customer funds.Bankman-Fried lieutenant builds fraud detection tool for prosecutors | ReutersA federal appeals court has struck down a New York law that heavily restricted antiques dealers from selling or displaying ivory and rhinoceros horn items, ruling it unconstitutional. The 2nd U.S. Circuit Court of Appeals found that the law, which limited ivory content in antiques to less than 20%, overstepped by restricting dealers' First Amendment commercial speech rights. Judges argued that the law prevented dealers from communicating important details about legally marketable items, deeming this an excessive speech restriction. While federal law already restricts ivory sales under the Endangered Species Act, it allows for goods with up to 50% ivory, whereas New York's stricter limit of 20% was intended to curb poaching of endangered species. However, the court ruled that New York's law also blocked the sale of items permitted in interstate and international trade, making it too broad. The decision was a setback for animal rights groups that supported the law to protect vulnerable wildlife, although the Humane Society noted that New York could still enforce the law against local buyers.New York ivory ban for antiques dealers voided by US appeals court | ReutersLaw firm revenue surged nearly 12% in the first three quarters of the year, driven by increased demand for legal services and higher productivity, according to Citi's law firm banking group. The top 50 law firms saw especially notable gains, with revenues up 14%, demand growth at 3.6%, and productivity rising by 2.9%. Gretta Rusanow from Citi's Law Firm Group highlighted 2023 as potentially one of the strongest years for the industry, citing steady demand momentum quarter by quarter. Industry-wide demand rose by 3.2%, with lawyer productivity improving as headcount growth slowed to 1.3%, returning to historical norms. Expense growth was 7.5%, with overhead costs increasing by 8.2% and compensation expenses by 6.7%. Legal services demand spanned diverse practice areas, notably in litigation, regulatory issues, investment management, and bankruptcy. Although transactional demand has been quiet, Rusanow anticipates a rebound in mergers and acquisitions activity. Law firms also invested in technology upgrades, including new practice management tools and generative AI, which contributed to higher expenses. Law Firm Revenue Soars 12% as Lawyers Get Back to Being Busy This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Caroline Ellison, a former top executive in Sam Bankman-Fried's (SBF) fallen FTX cryptocurrency empire, has begun her two-year prison sentence in Danbury, Connecticut. This development marks a significant milestone in the aftermath of the FTX collapse, which led to massive financial losses for investors, creditors, and clients.Ellison, 30, was the CEO of Alameda Research, a cryptocurrency hedge fund controlled by Bankman-Fried. Her role in the FTX operation was pivotal, as the exchange was known for its high-profile advertising and extensive lobbying efforts in Washington before its downfall in 2022.U.S. authorities accused Bankman-Fried and other top executives of misappropriating funds from customer accounts to engage in high-risk investments, making illicit political contributions, bribing Chinese officials, and purchasing luxurious properties in the Caribbean. Ellison's cooperation with authorities was instrumental in the prosecution of Bankman-Fried, who was convicted and sentenced to 25 years in prison.Ellison's sentencing hearing in New York last September saw her express deep remorse and shame for her actions. Despite facing the possibility of a lengthy prison term, her cooperation earned her leniency from both the judge and prosecutors. By pleading guilty and providing substantial testimony against Bankman-Fried, Ellison demonstrated a willingness to take responsibility for her role in the fraud.The FTX scandal has left a lasting impact on the cryptocurrency industry, highlighting the risks of unregulated markets and the importance of transparency. As Ellison begins her sentence, it serves as a reminder of the consequences of corporate malfeasance and the need for accountability in financial dealings.The case of Caroline Ellison and Sam Bankman-Fried serves as a cautionary tale about the dangers of unchecked ambition and the importance of ethical conduct in business. As the industry continues to evolve, it is crucial that lessons are learned from this debacle to prevent similar scandals in the future.

**The Fall of FTX: A Tale of Deception and Betrayal**The collapse of FTX, once a cryptocurrency powerhouse, has left a trail of financial devastation and shattered trust in the industry. At the heart of this saga is Sam Bankman-Fried, the charismatic founder who orchestrated a massive scheme that saw billions of dollars siphoned from investors and customers. His downfall is a story of deception, betrayal, and the consequences of unchecked ambition.Gary Wang, FTX's former Chief Technology Officer, has emerged as a key witness in the trial against Bankman-Fried. Wang, who has pleaded guilty to wire, securities, and commodities fraud, has testified that he and Bankman-Fried allowed Alameda Research, their sister hedge fund, to withdraw unlimited funds from FTX. This arrangement, which included a $65 billion line of credit, was designed to keep Alameda afloat despite its financial woes. However, it came at the expense of FTX customers, whose funds were used without their knowledge or consent.Bankman-Fried's defense team has argued that these actions were necessary to keep FTX operational during a tumultuous period in the cryptocurrency market. However, prosecutors have painted a picture of deliberate deception and theft. Bankman-Fried allegedly used customer funds to finance his lavish lifestyle in the Bahamas and to make significant political contributions aimed at influencing cryptocurrency regulation.The trial has highlighted the close relationship between Bankman-Fried and his inner circle. Wang, who was once a close friend and MIT fraternity brother, has described how he trusted Bankman-Fried's judgment despite the questionable practices. Caroline Ellison, Alameda's former CEO and Bankman-Fried's ex-girlfriend, is also expected to testify against him.In the end, Bankman-Fried's actions caught up with him. He was found guilty on all seven criminal charges, including wire fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. The jury's swift four-hour deliberation and unanimous verdict delivered a stark message: accountability in the financial world is paramount.Gary Wang's cooperation with prosecutors has been crucial in securing his own leniency. He has asked the judge for no prison time, citing his role as a key witness and his relative lack of culpability compared to Bankman-Fried. The outcome of Wang's sentencing remains uncertain, but one thing is

The U.S. government is intensifying its efforts to recover $13.25 million in political contributions linked to former FTX executives, including Sam Bankman-Fried and Nishad Singh. This move underscores the ongoing fallout from the collapse of the cryptocurrency exchange FTX, which was once a leading player in the crypto market.Sam Bankman-Fried, the founder of FTX, is already serving a 25-year prison sentence for his role in the company's financial fraud. Bankman-Fried was found guilty of stealing billions of dollars from FTX customers to fund his hedge fund, Alameda Research. His actions led to the collapse of FTX, causing significant financial losses for thousands of investors.Nishad Singh, a former chief engineer at FTX, was granted leniency by a federal judge due to his cooperation with the government. Singh had a significant role in the company's operations and was a key witness in the trial against Bankman-Fried. Despite his involvement in the fraud, Singh's cooperation was seen as crucial, and he was sentenced to three years of supervised release.The recovery of political contributions is part of a broader effort to hold former FTX executives accountable for their actions. The U.S. government is seeking to claw back funds that were used for political donations, highlighting the misuse of funds that contributed to the company's downfall.The saga of FTX serves as a cautionary tale about the risks and consequences of financial mismanagement in the cryptocurrency industry. As the U.S. government continues to pursue those responsible, it underscores the importance of transparency and accountability in financial dealings.

Sam Bankman-Fried, the former CEO of FTX, has been at the center of one of the most significant financial scandals in recent history. His trial, which concluded in November 2023, resulted in a guilty verdict on seven charges of fraud and conspiracy. Bankman-Fried was subsequently sentenced to 25 years in federal prison on March 28, 2024, for his role in stealing $8 billion from FTX customers.The collapse of FTX in November 2022 exposed a complex web of deceit and mismanagement. Bankman-Fried, known for his charismatic persona and innovative approach to cryptocurrency, had built a reputation as a pioneer in the industry. However, behind the scenes, he allegedly orchestrated a scheme to use customer deposits to fund his own lavish lifestyle and risky investments through Alameda Research, a crypto hedge fund.During the trial, Bankman-Fried's defense team argued that he was not aware of the extent of the fraud and that other executives, particularly Caroline Ellison, were responsible for the mismanagement of Alameda. However, the prosecution painted a picture of Bankman-Fried as a greedy con man who knowingly misled investors and customers.The trial also highlighted the role of other executives who cooperated with federal prosecutors. For instance, Caroline Ellison, Alameda's CEO, and Gary Wang, another key executive, testified against Bankman-Fried. Their testimonies provided crucial evidence of the scheme, which included using customer funds for real estate, celebrity endorsements, and political contributions.Bankman-Fried's appeal, filed in September 2024, argues that he was the victim of a rush to judgment and that the trial was marred by procedural errors. His lawyers claim that the judge hurried the jury into reaching a verdict and that the media and public had already presumed his guilt before the trial even began.Despite his conviction and sentencing, the case against Bankman-Fried continues to unfold. The legacy of FTX serves as a cautionary tale about the dangers of unchecked power and greed in the financial sector. As the cryptocurrency industry continues to evolve, it is clear that transparency and accountability will be essential in preventing similar scandals in the future.

**Alameda Dumps 143K WLD on Binance: Worldcoin Crash Imminent?**In a recent move that has sent shockwaves through the cryptocurrency market, Alameda Research, the sister company of bankrupt crypto exchange FTX, has transferred 143.77K Worldcoin (WLD) tokens to Binance, a leading centralized exchange (CEX). This transaction has raised concerns about the potential decline of Worldcoin, given Alameda's significant sales of WLD tokens in recent months.Founded by Sam Bankman-Fried (SBF) and Tara Mac Aulay in 2017, Alameda Research has been at the center of several high-profile controversies. One of the most notable is the secret backdoor access to FTX customer funds, which was revealed during the bankruptcy proceedings of FTX in 2022. This scandal led to severe repercussions, including prison sentences for SBF and some of his associates, including Alameda CEO Caroline Ellison.The latest WLD token transfer is part of Alameda's efforts to liquidate its assets and repay debts. Since August 9, the company has deposited a substantial 2 million WLD tokens to Binance, valued at approximately $3.46 million. Despite these efforts, Alameda still holds a significant 23.01 million WLD tokens, worth over $47.6 million, which it may take over three years to fully liquidate at the current rate.The market reaction to these transactions has been mixed. Worldcoin's trading volume has fallen 17.48% in the past 24 hours to $210.35 million, with its market capitalization standing at $1.22 billion. The cryptocurrency is trading 82.36% below its all-time high of $11.82. However, CoinMarketCap data shows that WLD is currently trading at $2.08, having reached a daily high of $2.14 in the past 24 hours.The implications of these actions are far-reaching and highlight the complexities of the cryptocurrency market. As Alameda continues to navigate its financial challenges, the fate of Worldcoin remains uncertain. Whether this latest dump will indeed lead to a crash or merely be a blip on the radar remains to be seen. One thing is clear: the legacy of Sam Bankman-Fried and the actions of his companies continue to shape the crypto landscape in profound ways.

Alameda Research, the sister company of the defunct FTX crypto exchange, has been making significant deposits of Worldcoin (WLD) to Binance. This move is notable given the company's history and the current market dynamics. The latest transaction involved 143,000 WLD tokens, valued at $317,000, which brings the total amount deposited to Binance over the past two months to 1.56 million WLD, worth approximately $2.51 million.This development is part of a broader context involving Alameda Research and its significant holdings. The company still retains over $50 million worth of WLD tokens, which it may take more than three years to fully offload at the current rate of weekly deposits.Alameda Research's actions are closely watched due to its connection to Sam Bankman-Fried, the former CEO of FTX. Bankman-Fried was an influential figure in the crypto space and an angel investor for various projects. His involvement with Alameda Research and FTX has been a subject of scrutiny, particularly given the recent bankruptcy proceedings and settlements involving these firms.Despite these developments, Worldcoin has seen a significant price surge, largely driven by OpenAI's global expansion plans. The company, led by Sam Altman, is preparing to open new offices in key locations, reflecting its ambitious growth strategy. This expansion has contributed to the increased value of Worldcoin, which has risen by approximately 10% to $1.79 per token.The ongoing transactions and market dynamics surrounding Alameda Research and Worldcoin highlight the complex and evolving landscape of the crypto industry. As investors and market observers continue to monitor these developments, it is clear that the legacy of Sam Bankman-Fried and his companies remains a significant factor in shaping the future of cryptocurrencies.

Forbes has recently unveiled its first-ever "Hall of Shame" list, highlighting 10 individuals from its prestigious "30 Under 30" roster who have taken a dubious path. Among these, one name stands out: Sam Bankman-Fried, the former golden child of the cryptocurrency world.Once hailed as a prodigy in the crypto realm, Sam Bankman-Fried was the face of FTX, a cryptocurrency exchange that promised to revolutionize the industry. However, his meteoric rise was short-lived. In a stunning turn of events, Bankman-Fried was recently convicted on seven counts of fraud and conspiracy linked to FTX. The conviction carries a potential 10-year prison sentence, a stark contrast to his former status as a crypto icon.Bankman-Fried's downfall is a cautionary tale of the dangers of unchecked ambition and the importance of accountability. His actions, which included misusing customer funds and engaging in deceptive practices, have left a trail of financial devastation and reputational damage.The "Hall of Shame" list also includes other notable figures like Caroline Ellison, who pleaded guilty to wire fraud and conspiracy for diverting billions from FTX customers to cover losses at Alameda Research, and Charlie Javice, who was indicted for fraud related to misrepresenting her company's scale.The inclusion of these individuals serves as a reminder that even those who start with great promise can fall victim to their own flaws and poor decision-making. The "Hall of Shame" list is a testament to Forbes' commitment to transparency and accountability, highlighting the darker side of entrepreneurial success.As the crypto world continues to grapple with the aftermath of FTX's collapse, Sam Bankman-Fried's story serves as a stark reminder of the importance of ethics and integrity in business. His journey from prodigy to convicted felon is a cautionary tale that will be remembered for years to come.

The collapse of FTX, once a behemoth in the cryptocurrency market, has left a trail of devastation and legal repercussions. At the heart of this saga are key figures, including Sam Bankman-Fried (SBF), Caroline Ellison, and Nishad Singh. Here's a look at their roles and the recent developments in their cases.Sam Bankman-Fried, the founder of FTX, was once a prominent figure in the crypto world, known for his philanthropic efforts and political influence. However, his downfall was swift and severe. In November 2022, FTX filed for bankruptcy, revealing a massive $8 billion shortfall in customer funds. The subsequent investigation revealed a complex web of deceit and mismanagement, with Bankman-Fried at the center.In March 2024, Bankman-Fried was sentenced to 25 years in prison for his role in the collapse of FTX and its affiliated hedge fund Alameda Research. The conviction on seven fraud and conspiracy counts marked a significant milestone in the U.S. government's crackdown on cryptocurrency-related crimes.Caroline Ellison, Bankman-Fried's ex-girlfriend and former CEO of Alameda Research, played a crucial role in the collapse. She pleaded guilty to fraud soon after FTX's collapse and cooperated with authorities, providing key testimony against Bankman-Fried. Ellison's defense team has argued for leniency, highlighting her substantial cooperation with the government and her emotional testimony about Bankman-Fried's mistreatment and deceit. Despite this, her sentencing remains uncertain, with prosecutors acknowledging her exemplary cooperation but not recommending a specific sentence.Nishad Singh, FTX's former engineering chief, has also sought leniency. His lawyers argue that he deserves mercy due to his limited role in the implosion, his immediate cooperation with investigators, and his commitment to an exemplary life. Singh's plea for leniency underscores the complexities of accountability within the FTX debacle, where multiple individuals were involved in various capacities.The cases of Bankman-Fried, Ellison, and Singh serve as a stark reminder of the consequences of financial mismanagement and deceit in the cryptocurrency space. As the legal proceedings continue, it is clear that the legacy of FTX will be one of caution and accountability in the rapidly evolving world of digital assets.

**The Shadow of Sam Bankman-Fried: How Crypto's Lawlessness Influenced Washington**Sam Bankman-Fried, the former CEO of FTX, has left an indelible mark on the cryptocurrency world and the halls of Congress. His 25-year prison sentence for stealing $8 billion from FTX customers serves as a stark reminder of the crypto industry's vulnerabilities and the need for robust regulation.Bankman-Fried's influence extended far beyond his company's collapse. He spent "hundreds, probably thousands of hours" in Washington, D.C., lobbying regulators and lawmakers. His efforts included contributing tens of thousands of dollars to election campaigns, particularly those of the Senate Agriculture Committee members who were considering the Digital Commodities Consumer Protection Act (DCCPA).The DCCPA, which aims to give the Commodity Futures Trading Commission (CFTC) greater control over crypto markets, has been a focal point in the regulatory debate. However, critics argue that the bill lacks teeth in protecting customers from shady practices and that the CFTC might be the wrong agency to police it. Advocacy groups like Better Markets have raised concerns about the CFTC's ability to regulate the crypto market effectively, given its smaller size and perceived light-touch approach.CFTC Chairman Rostin Behnam has been under scrutiny for his interactions with Bankman-Fried. Senators Elizabeth Warren and Chuck Grassley have requested an accounting of all meetings and correspondence between Behnam and Bankman-Fried, highlighting the need for transparency in regulatory interactions.The collapse of FTX has led to a series of congressional hearings and investigations. The CFTC has launched a significant enforcement action, obtaining a $12.7 billion judgment against FTX and Alameda Research, with $8.7 billion in restitution and $4 billion in disgorgement. These actions underscore the regulatory challenges posed by the crypto industry and the need for comprehensive market regulation.In summary, Sam Bankman-Fried's influence on Washington has been multifaceted and far-reaching. His actions have highlighted the need for stronger regulations in the crypto industry, and ongoing investigations aim to hold him and his associates accountable for their egregious crimes. The legacy of FTX serves as a cautionary tale about the dangers of unregulated markets and the importance of robust oversight.

**FTX Bankruptcy Plan Approved: A Turning Point for Sam Bankman-Fried and Cryptocurrency**In a significant development, the United States Bankruptcy Court for the District of Delaware has approved FTX's bankruptcy plan, paving the way for the defunct cryptocurrency exchange to repay billions of dollars to its creditors. This decision marks a crucial milestone in the aftermath of FTX's collapse, which was triggered by the misuse of customer funds by its founder, Sam Bankman-Fried (SBF).SBF, once hailed as a visionary in the cryptocurrency space, is now facing severe consequences. In March, he was sentenced to 25 years in prison for his role in the collapse of FTX. The court's approval of the bankruptcy plan allows FTX to prioritize customer repayments over regulatory fines and taxes, a move that has been welcomed by many creditors.Under the approved plan, FTX aims to repay 98% of customers who held $50,000 or less on the platform, with payments expected within 60 days of the plan's effective date. The company estimates it will have between $14.7 billion and $16.5 billion available for distribution, which includes assets recovered from various sources worldwide.The collapse of FTX was a stark reminder of the risks and vulnerabilities in the cryptocurrency market. SBF's misuse of customer funds to cover risky bets made by his hedge fund, Alameda Research, led to a chaotic collapse that left many investors financially devastated.Despite the approval of the bankruptcy plan, not all creditors are satisfied. Some argue that the repayment amounts do not fully reflect the recent surge in cryptocurrency prices, particularly Bitcoin, which has more than tripled in value since FTX's bankruptcy.The approval of FTX's bankruptcy plan is a significant step towards resolving the complex Chapter 11 bankruptcy case. It reflects the tireless efforts of the team of professionals supporting the case, who have recovered billions of dollars by rebuilding FTX's books from the ground up and marshaling assets from around the globe.As FTX moves forward with its plan to repay creditors, it also underscores the need for stronger corporate controls and regulatory oversight in the cryptocurrency industry. The saga of FTX serves as a cautionary tale about the risks and consequences of unchecked financial practices in the digital age.

**FTX's Bankruptcy Plan: A Turning Point After Sam Bankman-Fried's Downfall**In a significant development, FTX, once a leading cryptocurrency exchange, has received court approval for its bankruptcy plan. This milestone comes after the company's spectacular collapse, which was triggered by revelations that founder Sam Bankman-Fried (SBF) had misused customer funds to cover risky bets made by his hedge fund, Alameda Research.SBF, known for his charismatic leadership and philanthropic efforts, was convicted of fraud and sentenced to 25 years in prison. His actions sent shockwaves through the cryptocurrency world, eroding trust in the industry. The misuse of customer funds, estimated to be in the billions, led to FTX's downfall and left many investors with significant financial losses.Despite the chaos, FTX's bankruptcy plan aims to provide some relief to its customers. The plan, which has been approved by U.S. Bankruptcy Judge John Dorsey, will see 98% of FTX's creditors receiving approximately 119% of their allowed claims within 60 days. This is made possible by the recovery of substantial assets, including those from tech ventures like the AI startup Anthropic, which FTX divested for nearly $900 million.The recovery efforts have been extensive, with FTX estimating that it will have between $14.7 billion and $16.5 billion available to repay creditors. This amount includes assets recovered from various international operations and settlements with government agencies.However, not all customers are satisfied with the plan. Some have expressed disappointment over the low value of their recovered assets, citing the significant increase in cryptocurrency prices since the company's bankruptcy filing. For instance, Bitcoin's price has surged from $16,000 to over $63,000, leaving some investors feeling shortchanged.Despite these objections, the court's approval of the bankruptcy plan marks a crucial step in resolving the FTX saga. The company continues to work out logistical details to ensure accurate and fair repayments across over 200 jurisdictions worldwide. While the exact timeline for repayments remains uncertain, this development offers a measure of relief to those affected by FTX's collapse and serves as a reminder of the importance of transparency and accountability in the financial sector.

**NOTICIAS ECONÓMICAS Y FINANCIERAS** ☕️ FTX, la plataforma de intercambio de criptomonedas que colapsó hace casi dos años, ha recibido la aprobación judicial para reembolsar completamente a los clientes cuyos activos digitales quedaron bloqueados en la plataforma. El juez de quiebras de EE.UU., John Dorsey, aprobó el plan como parte de una estrategia desarrollada por los asesores que asumieron el control de la empresa tras su quiebra. Esto ocurre tras una orden judicial que exige a FTX y su socio Alameda Research pagar $12.7 mil millones a los acreedores. FTX estima que distribuirá entre $14.7B y $16.5B, aunque los pagos no se emitirán de inmediato, ya que primero se debe establecer un fideicomiso.La gigante tecnológica taiwanesa Foxconn (OTCPK:$FXCOF) está construyendo la mayor instalación de fabricación del mundo dedicada a producir los superchips Nvidia ($NVDA) GB200 para satisfacer la enorme demanda. Un alto ejecutivo de la empresa comentó que no podía revelar la ubicación de la planta, pero aseguró que es la más grande del planeta. Conocida por ensamblar los iPhones de Apple ($AAPL), Foxconn está aprovechando sus capacidades de manufactura para capitalizar en el creciente mercado de la inteligencia artificial, mejorando sus técnicas de producción, incluyendo tecnologías avanzadas de refrigeración líquida y disipación de calor necesarias para los servidores GB200. Las acciones de Super Micro Computer ($SMCI) aumentaron más del 4% el martes, después de un notable incremento del 16% el día anterior, tras la exitosa implementación de más de 100,000 GPU con su innovador sistema de refrigeración líquida. Esta tecnología, que puede reducir el consumo de energía hasta en un 40%, ofrece importantes ventajas como menores costos y un mejor rendimiento en los centros de datos. La empresa se ha posicionado como una opción preferida para operadores que buscan soluciones eficientes y rentables, gracias a su oferta integral que incluye componentes especializados que facilitan el despliegue y las operaciones en línea. Wynn Resorts Limited ($WYNN) ha captado la atención de analistas tras recibir una licencia de juego para su resort Wynn Al Marjan Island en los Emiratos Árabes Unidos, lo que representa un avance importante para la empresa. La Autoridad General de Regulación del Juego de los EAU aprobó la licencia para el complejo de aproximadamente $4B en Ras Al Khaimah, y se espera que Wynn presente información detallada sobre el proyecto en su jornada de inversión. Según CBRE Equity Research, se estima que la propiedad podría generar $920 Millones en EBITDA, aumentando el valor por acción de Wynn en $18. Además, los analistas predicen que los EAU podrían generar hasta $6.6B en ingresos anuales por juegos legalizados, lo que posiciona a la región como una de las oportunidades más atractivas para el desarrollo de resorts y casinos a nivel mundial, en un ambiente regulatorio favorable. -PepsiCo has announced a reduction in its revenue outlook for the year.-Main Street Capital Invests $74 Million in Victory Energy Operations -Los mercados europeos siguen a la baja luego del repunte de los estímulos de China. -Samsung emite una larga disculpa después de una decepcionante guía de ganancias. Las acciones que tenemos hoy con predicción bullish son **Pre-Market Runners: ** $NVDA (NIDIA Corp.): $GFS (Global Foundries Inc.)$MAMA (Mama's Creations, Inc.)Las acciones que tenemos hoy con predicción bearish son **Pre–Market Losers:** $WYNN (Wynn Resorts, Lmt.)$FANG (Diamonback Energy, Inc) $SAGE (Sage Therapeutics, Inc.)

This Day in Legal History: Great Chicago FireOn October 8, 1871, the Great Chicago Fire ignited, marking one of the most devastating urban disasters in U.S. history. The fire burned for two days, fueled by dry conditions and wooden structures that dominated the cityscape. It destroyed over three square miles of Chicago, killing around 300 people and leaving 100,000 residents homeless. In the aftermath, the catastrophe highlighted the dangers of poor urban planning and inadequate fire-prevention measures.The devastation led to a complete overhaul of building codes and fire safety regulations. Chicago introduced stricter fire-resistant building requirements, mandating the use of materials like brick, stone, and iron instead of wood for new construction. The city also improved its firefighting infrastructure, investing in modernized equipment and more efficient water systems.These reforms had a ripple effect across the country, influencing urban development nationwide. Many U.S. cities adopted similar codes, fundamentally reshaping fire safety standards. Today, much of modern building regulations, including fire codes that require sprinkler systems and fireproof materials, can trace their origins back to the lessons learned from the Great Chicago Fire of October 8, 1871. The event is a lasting reminder of how disasters can drive lasting legal and regulatory changes.The U.S. Supreme Court recently heard arguments over whether a federal court can continue to oversee a consumer class action against Royal Canin and Purina after the plaintiffs amended their lawsuit to remove federal claims. The case involves claims from pet owners who argue that the companies misled them into believing prescription pet food was required and conspired to inflate prices. Initially filed in Missouri state court, the case moved to federal court after Purina's request. The companies' attorney, Katie Wellington, argued that federal jurisdiction should remain despite changes to the lawsuit, citing Congress's codification of supplemental jurisdiction principles. However, justices like Elena Kagan and Chief Justice John Roberts expressed skepticism, questioning whether a prior version of the lawsuit, no longer relevant, should dictate jurisdiction. Both seemed to support the companies argument initially but appeared to reconsider after hearing from the consumers' attorney, Ashley Keller, who maintained that the Eighth Circuit correctly returned the case to state court.The case's procedural history, including its back-and-forth between courts, complicates the jurisdictional question. The justices appeared to struggle with balancing precedents and whether altering the claims should impact the court where the case is heard. The broader question hinges on civil procedure and jurisdiction when a lawsuit is amended post-removal from state to federal court.The concept of supplemental jurisdiction, which allows federal courts to retain jurisdiction over state law claims if a case initially involves federal claims, even if the federal issues are later removed is central to the companies' argument.Supreme Court Wrestles With Venue in Prescription Pet Food FightFTX has received court approval to begin repaying billions of dollars to customers after its bankruptcy plan was approved by U.S. Bankruptcy Judge John Dorsey. The plan allows FTX to use up to $16.5 billion in recovered assets to repay customers affected by the crypto exchange's collapse. Under the plan, 98% of customers with claims of $50,000 or less will be repaid within 60 days of the plan's activation. FTX's bankruptcy was triggered by founder Sam Bankman-Fried's misappropriation of customer funds to cover risky bets made by his hedge fund, Alameda Research. Bankman-Fried was sentenced to 25 years in prison, and FTX has been recovering assets ever since.FTX will prioritize customer repayments over claims from U.S. government agencies like the IRS and Commodity Futures Trading Commission. The company has worked with global liquidators and settled various disputes to move forward with repayments. Some customers, however, are unhappy with the repayment structure, citing the rise in cryptocurrency prices since 2022, which they feel should be reflected in their recovery amounts. Despite these objections, FTX argues that it is not feasible to return the same crypto assets, as they were largely misappropriated.FTX cleared to repay billions to customers after bankruptcy plan approval | ReutersThe EPA has finalized the Lead and Copper Rule Improvements (LCRI), mandating an accelerated replacement of lead service lines in drinking water systems. The new rule requires replacing 10% of lead pipes annually over a decade, up from the previous 3%, with the process beginning in 2027. The EPA estimates that up to 9 million lead pipes remain in use across the U.S., posing significant health risks, especially to children. The rule also lowers the lead action level in drinking water from 0.015 to 0.010 milligrams per liter, triggering faster public notifications and filter distribution when lead is detected.The effort is backed by $15 billion from the 2021 infrastructure law, along with additional funding from the Drinking Water State Revolving Fund. It closes loopholes allowing extended replacement times and pressures homeowners to replace privately owned lead pipes. The rule reflects the Biden administration's emphasis on clean water as a priority, though legal challenges to the LCRI are expected. EPA Administrator Michael Regan reiterated that no level of lead in drinking water is safe due to its severe health impacts.EPA to Finalize Mass Lead Drinking Water Pipe Replacement PlanAnd in my column for Bloomberg this week, I talk a bit about a favorite bugbear of mine: film production tax incentives.California is losing its dominance in the film industry as productions move to other states and countries offering more attractive tax incentives. While expanding California's film tax credits might seem like an immediate solution, this approach could worsen the competition among states, leading to a "race to the bottom" in offering incentives. Instead, the state should focus on long-term solutions such as investing in infrastructure, green initiatives, and workforce development. These investments would create lasting economic benefits, rather than the temporary boosts provided by film tax credits.Tax credits for film productions have proven costly, with minimal sustained economic impact. Jobs created during productions are often short-lived, and sometimes the credits are sold, benefiting entities with no connection to the state. In contrast, California could use tax incentives to build shared production facilities and promote eco-friendly practices, lowering production costs and attracting filmmakers.Additionally, tying tax credits to workforce development through partnerships with educational institutions could create a skilled labor force within California. This would help sustain the industry locally while reducing the state's reliance on temporary incentives to compete with other regions. By investing in long-term infrastructure and labor, California can rebuild its film industry more sustainably. California Should Look Beyond Film Tax Credits to Boost Industry This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

**Sam Bankman-Fried: The Rise and Fall of a Crypto Kingpin**Sam Bankman-Fried, once hailed as the poster boy of the cryptocurrency world, has been sentenced to 25 years in prison for orchestrating one of the largest financial frauds in history. The collapse of his cryptocurrency exchange, FTX, in November 2022, exposed a web of deceit and mismanagement that left thousands of investors reeling.Bankman-Fried, known as SBF, co-founded FTX in 2019 and quickly rose to prominence with his charismatic leadership and innovative approach to cryptocurrency trading. FTX became the second-largest crypto exchange globally, with a valuation of over $30 billion and Bankman-Fried's personal net worth estimated at more than $20 billion. However, beneath the surface, FTX was struggling with a massive cash shortfall.Prosecutors alleged that Bankman-Fried used FTX customer deposits to fund his own lavish lifestyle, including luxury properties in the Caribbean and donations to various causes. He also used these funds to prop up his struggling hedge fund, Alameda Research, which had made billions of dollars in crypto investments that later plummeted in value.The trial, which began in October 2023, revealed a complex scheme where Bankman-Fried misled investors and customers. Caroline Ellison, the former CEO of Alameda Research, testified that Bankman-Fried directed her to commit crimes and conceal the taking of customer funds. Ellison pleaded guilty to seven counts of fraud and conspiracy as part of a cooperation deal with prosecutors.Bankman-Fried's defense argued that he was merely borrowing funds to run Alameda Research, but the prosecution painted him as a greedy con man who stole billions from thousands of people. The jury ultimately convicted him on seven counts of fraud, conspiracy, and money laundering.Judge Lewis Kaplan's 25-year sentence reflected the severity of the crime and the risk that Bankman-Fried posed to future financial crimes. The sentence sends a strong message to others in the financial industry: justice will be swift, and the consequences will be severe.Despite his conviction, Bankman-Fried plans to appeal, claiming that the judge restricted his defense strategy. However, legal experts believe that his appeal is unlikely to succeed, given the overwhelming evidence against him.The downfall of Sam Bankman-Fried serves as a cautionary tale about the dangers of unchecked power and greed in the financial world. His story highlights the importance of transparency and accountability in the rapidly evolving

**Sam Bankman-Fried: The Rise and Fall of FTX's Founder**Sam Bankman-Fried, commonly known as SBF, was once the darling of the cryptocurrency world. As the founder of FTX, he was hailed as a pioneer in the emerging industry, with a Super Bowl advertisement and endorsements from celebrities like Tom Brady and Larry David. However, his meteoric rise was followed by a catastrophic fall, culminating in a 25-year prison sentence for fraud and conspiracy.**The Rise of FTX**FTX, launched in 2019, quickly gained traction as a reliable and innovative cryptocurrency exchange. Bankman-Fried's charismatic leadership and strategic investments made FTX a household name. He was known for his philanthropic efforts and his advocacy for effective altruism, which aimed to maximize the positive impact of charitable donations.**The Downfall**In December 2022, just weeks after his company filed for bankruptcy, Bankman-Fried was arrested in the Bahamas and extradited to the United States. The collapse of FTX was swift and devastating, with investors rushing to withdraw funds. The subsequent investigation revealed that Bankman-Fried had improperly spent customer funds on real estate, investments, celebrity endorsements, political contributions, and lavish lifestyles.**The Trial**Bankman-Fried's trial began on October 3, 2023, in Manhattan, New York. The prosecution portrayed him as a greedy con man who misled investors and stole billions from FTX customers. Caroline Ellison, the former CEO of Alameda Research, a crypto hedge fund affiliated with FTX, testified against Bankman-Fried. She described how he directed her to commit crimes and how Alameda took billions from FTX customers for its own investments.**The Appeal**In September 2024, Bankman-Fried's lawyers filed an appeal, arguing that he was presumed guilty before the trial even started. They claimed that the media, FTX debtor estate, and federal prosecutors all assumed his guilt, which prejudiced the trial. The defense also argued that Judge Lewis Kaplan made significant errors by restricting Bankman-Fried's ability to present evidence about FTX's solvency and its assets worth billions to repay customers.The appeal highlights a narrative shift: nearly two years after FTX's collapse, evidence suggests that FTX was never insolvent and had assets to repay its customers. However, this new information was not presented to the jury during the trial.**Conclusion**Sam Bankman

**NOTICIAS ECONÓMICAS Y FINANCIERAS** ☕️ La conferencia Connect 2024 de $META está marcada por las expectativas en torno a la visión del CEO Mark Zuckerberg sobre la inteligencia artificial (IA) y el metaverso. Entre las novedades, destacan las actualizaciones de las gafas Ray-Ban Meta y el desarrollo de unas nuevas gafas de realidad aumentada llamadas "Orion", que buscan combinar la tecnología AR de alta potencia con un diseño más elegante. Además, Meta presentará acuerdos con celebridades como Judi Dench y John Cena, cuyas voces estarán disponibles para el asistente digital de la compañía. Estas innovaciones se producen en un contexto de inversión masiva, con un gasto de capital que podría alcanzar hasta $40B de dólares en 2024. Las acciones de Meta han subido un 60% en lo que va del año, en gran parte debido a su éxito con la IA y los desarrollos en el metaverso. La empresa ha logrado generar rendimientos tangibles de sus inversiones en tecnología emergente, y su próxima actualización sobre el metaverso y la IA será observada de cerca por la industria tecnológica. Analistas como Perseus Perspectives recomiendan comprar acciones de Meta debido a su prometedor futuro en la realidad virtual y su sólida posición financiera. Con la vista puesta en el crecimiento en India, África y Oriente Medio, así como en una adopción más lenta de vehículos eléctricos y combustibles más ecológicos, la OPEP prevé que la demanda mundial de petróleo aumente hasta 2050 y que tenga una participación de casi el 30% de la combinación energética con otras fuentes. "No hay un pico de demanda de petróleo en el horizonte", comentó la OPEP, y "durante el último año, ha habido un mayor reconocimiento de que el mundo sólo puede introducir nuevas fuentes de energía a gran escala cuando estén realmente listas". El grupo espera que la demanda de petróleo alcance los $120 millones de barriles diarios en 2050, frente a los $102 millones de barriles diarios consumidos el año pasado. Oficiales de cumplimiento, tengan cuidado. El Departamento de Justicia de EE. UU. ha modificado la orientación que los fiscales utilizan al evaluar el programa de cumplimiento de una empresa durante una investigación para incluir los riesgos de inteligencia artificial. Según esto, los fiscales verían si una empresa ha realizado una evaluación de riesgos de la tecnología de IA que está utilizando y si se han tomado medidas para mitigar cualquier peligro involucrado. La guía actualizada también analiza cómo las empresas están alentando a los empleados a hablar y denunciar conductas indebidas, y si emplean prácticas que suprimen la denuncia de irregularidades. La ex directora ejecutiva de Alameda Research, Caroline Ellison, ha sido condenada a dos años entre rejas con tres años de libertad condicional por su papel en el fraude que llevó al colapso del exchange de criptomonedas FTX. Junto con el tiempo en la cárcel, también tendría que renunciar a unos $11B de dólares, según un fallo del juez de distrito Lewis Kaplan. Ellison recibió un castigo más indulgente debido a su cooperación con los investigadores, que incluyó testificar contra el fundador de FTX, Sam Bankman-Fried, que había sido condenado y sentenciado a 25 años de prisión. México expropiará el puerto y la cantera de Vulcan Materials ($VMC). El oro sube a nuevos récords ($GLD) por los comentarios moderados de la Fed y los problemas de Oriente Medio. Coca-Cola ($KO) desconecta otro sabor: Coca-Cola Spiced. La confianza del consumidor estadounidense cae en agosto por debajo del consenso. Las acciones que tenemos hoy con predicción bullish son" $OXY (Occidental Petroleum): +1.60% $DASH (DoorDash, Inc): +1.63% $STHO (Start Holdings): +6.21% Las acciones que tenemos hoy con predicción bearish son: $GE (Aerospace): -3.55% $AVGO (Broadcom Inc.): -0.93% $ATXS (Astria Therapeutics, Inc.): -19.12%

This Day in Legal History: Bill of Rights Sent to US States for RatificationOn September 25, 1789, the United States Congress sent twelve proposed constitutional amendments to the state legislatures for ratification. These amendments were designed to safeguard individual liberties and limit the power of the federal government, addressing concerns raised during the ratification of the Constitution. By 1791, ten of the amendments were ratified, becoming the Bill of Rights. The Bill of Rights includes fundamental protections, such as freedom of speech, religion, and the press, the right to a fair trial, and protection against unreasonable searches and seizures.Notably, two of the twelve proposed amendments were not immediately ratified. One related to Congressional representation and never received the necessary support from the states. The other, concerning Congressional pay, lay dormant for over two centuries before finally being ratified in 1992, becoming the 27th Amendment. This long-delayed ratification demonstrated the lasting nature of the constitutional amendment process. The Bill of Rights has since served as a cornerstone of American democracy, influencing both U.S. law and constitutional frameworks worldwide.A Houston bankruptcy court has approved the sale of assets from Alex Jones' Infowars media platform, marking a significant step in liquidating Jones' estate. U.S. Bankruptcy Judge Christopher M. Lopez authorized Chapter 7 trustee Christopher R. Murray to employ a sales broker and begin auctioning the assets of Free Speech Systems LLC, Infowars' parent company. This liquidation aims to help Jones pay $1.5 billion in defamation judgments from lawsuits related to his false claims about the 2012 Sandy Hook shooting. The auction will primarily focus on Infowars' intellectual property, including domain names, trademarks, and social media accounts, with bidding set to end on Nov. 8 and an auction on Nov. 13. Murray may later include Jones' personal intellectual property in the sale. The bankruptcy court previously converted Jones' personal Chapter 11 case into a Chapter 7 liquidation, enabling the victims' families to pursue their claims. Disputes remain over how funds from the sale will be distributed to creditors.Alex Jones' Infowars IP Heads to Auction After Judge ApprovalA new medical report by neurosurgeon Aaron Filler has concluded that 97-year-old Federal Circuit Judge Pauline Newman is "fully capable" of performing her judicial duties. Released by Newman's lawyers, the report follows her suspension by the court's Judicial Council after she refused a neurological exam with an independent doctor. Filler, a physician and attorney, used advanced brain scans and cited objective data to support his findings, dismissing concerns over subjective interpretation. Filler also compared Newman's current verbal and analytical abilities with his prior interactions with her during legal cases in 2019 and 2022. This report counters previous exams that raised questions about the independence of Newman's physicians, as her colleagues suggested potential conflicts of interest. Newman's legal team has consistently defended her health and capacity, and this latest report is a key piece in their efforts to overturn her suspension. The Judicial Committee has not yet commented on the new findings.Judge Newman Fully Capable to Serve, New Physician Report SaysA lawsuit filed in the U.S. District Court for the Central District of California claims that law firm Dentons assisted vape distributor Next Level Holdings in sabotaging vape manufacturer Avid Holdings. The complaint alleges that Dentons, through its offices in Salt Lake City and Shanghai, helped orchestrate a scheme to take control of Avid's assets, cut out its founder, and drain its resources. As part of this plan, Avid claims that Dentons hacked into the laptop of its founder, citing Google Drive logs linking the firm's IP address to the breach. Next Level allegedly used the stolen information to mislead judges in prior legal disputes with Avid. Dentons has not yet commented on the lawsuit. Avid's attorney, Colin Hagan, declined to provide further remarks. The lawsuit follows Dentons' recent severing of ties with its Chinese affiliate, Dacheng Law Offices.Dentons Assisted Laptop Hack, Vape Manufacturer Lawsuit ClaimsCaroline Ellison, former CEO of Alameda Research and ex-girlfriend of Sam Bankman-Fried, was sentenced to two years in prison for her involvement in the $8 billion fraud linked to FTX's collapse. Despite her cooperation with prosecutors, U.S. District Judge Lewis Kaplan emphasized that remorse and cooperation shouldn't serve as a "get out of jail free card" in such a serious case. Ellison had pleaded guilty to seven counts of fraud and conspiracy, which could have carried a sentence of up to 110 years. Her testimony was pivotal in securing Bankman-Fried's conviction, as she revealed that he directed her to misappropriate customer funds. While the prosecution acknowledged her critical role in convicting Bankman-Fried, who is serving 25 years, the judge still deemed her "gravely culpable" in the fraud. Ellison expressed deep regret for her actions and will begin serving her sentence in November. Other FTX executives who cooperated, Nishad Singh and Gary Wang, are scheduled for sentencing later in 2024.Bankman-Fried's ex-girlfriend Ellison gets two-year sentence over FTX fraud | ReutersA federal judge has ruled that a New York City law requiring food delivery companies to share customer data with restaurants is unconstitutional. U.S. District Judge Analisa Torres sided with DoorDash, Grubhub, and Uber Eats, determining that the law violated the First Amendment by improperly regulating commercial speech. The law, enacted in 2021 to support restaurants recovering from the pandemic, required delivery services to share customer names, addresses, emails, phone numbers, and order details with restaurants. The companies argued that this violated customer privacy and data security and hurt their business by allowing restaurants to use the data for marketing purposes. The judge found the city had less invasive ways to help restaurants, such as letting customers opt to share their data or offering incentives. While DoorDash welcomed the ruling, restaurant industry representatives criticized it, arguing it harms small businesses, and urged the city to appeal.Judge declares NYC law on sharing food delivery customers' data unconstitutional | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

25th Sep: Blockchain DXB Podcast https://shorturl.at/lTDqm

This Day in Legal History: Judiciary Act of 1789On September 24, 1789, Congress passed the Judiciary Act of 1789, laying the foundation for the federal judiciary as we know it today. This landmark legislation established a three-tiered court system, consisting of district courts, circuit courts, and the U.S. Supreme Court at its pinnacle. The Act also created the position of Attorney General to represent the federal government in legal matters. One of its most critical provisions was the authorization of six justices for the Supreme Court, marking the Court's formal establishment.The Judiciary Act granted the Supreme Court the authority to hear appeals from state courts, ensuring the supremacy of federal law. Additionally, it gave lower federal courts jurisdiction over specific types of cases, including those involving the Constitution, federal laws, and treaties. Perhaps most famously, the Act's Section 25 allowed the Supreme Court to review decisions of state courts when federal issues were at stake, further centralizing federal judicial power.This Act played a pivotal role in shaping the balance of powers between the federal government and the states. It ensured that federal laws would have a uniform interpretation across the country. While it has been amended many times, the Judiciary Act of 1789 remains a cornerstone of U.S. legal history, establishing the basic framework for the judicial branch.In 2021, Eric Adams promised to reform New York City's flawed property tax system, which many blame for exacerbating housing inequality. The current system results in tax disparities, with upscale Manhattan properties often taxed at lower rates than homes in the outer boroughs. Despite Adams' campaign pledges, his administration has yet to introduce significant reforms. Instead, it has fought a 2017 lawsuit filed by Tax Equity Now New York, which argues the system unfairly burdens minority communities and renters. The lawsuit was revived in 2023, and the court ruled that the city has the authority to address these tax inequalities. Adams, however, faces a political dilemma. Any changes would likely increase taxes for many homeowners, threatening key voting blocs. Property taxes are a critical revenue source, generating $32.7 billion in the last fiscal year. City officials prefer state-led reforms, but without a strong push from Adams, the state is unlikely to act. The ongoing lawsuit may force the city to respond more directly. The next court hearing is set for October 2024, where the city will be required to submit documents explaining its tax assessments.Eric Adams Fights Legal Challenge to NYC's ‘Unfair' Property TaxAnd on the subject of NYC and the need to focus on state-based reforms, in my column this week, I discuss New York City's retreat from a proposed partnership tax, emphasizing how it reveals the limitations local governments face in tax policy. Municipalities like New York operate under state control, making meaningful tax reform at the city level nearly impossible. Even when a city attempts to innovate, its tax policies must align with state rules, or risk legal and administrative challenges. In this case, New York City's plan to depart from the state's method of taxing partnership income posed significant compliance difficulties and potential capital flight. Ultimately, the city reverted to the state's tax model, acknowledging the practical benefits of consistency. This outcome reflects broader issues cities face: compliance costs, capital mobility, and state-imposed restrictions all limit local tax initiatives. In states like Wisconsin and Colorado, further limitations on local taxation exist through caps or voter approval requirements. The core message is clear: real tax reform must happen at the state level, as municipalities lack the autonomy to make meaningful changes on their own.NYC Partnership Tax Retreat Shows Change Must Come at State LevelThe U.S. Court of Appeals for the Tenth Circuit heard arguments in Garfield County v. Biden, a case challenging President Joe Biden's authority to restore the boundaries of the Grand Staircase-Escalante and Bears Ears national monuments. The plaintiffs, including Utah and Garfield County, argue that the monuments, covering over 3 million acres, violate the Antiquities Act by exceeding the “smallest area compatible” for preserving historical sites. The monuments, initially designated by Presidents Clinton and Obama, were reduced in size by President Trump before Biden reinstated them in 2021.The central question before the court is whether presidential actions under the Antiquities Act can be reviewed by courts. A lower court had dismissed the case, ruling that Biden's actions were not subject to judicial review. The Tenth Circuit must now decide if courts can assess the legality of these presidential designations.The case could set a precedent on whether future presidents can use the Antiquities Act to protect vast expanses of land, affecting federal land management and resource development. The lawsuit may ultimately reach the U.S. Supreme Court, where Chief Justice John Roberts has previously expressed interest in revisiting the scope of the Antiquities Act.Biden's National Monuments Power Set for Tenth Circuit ScrutinyCaroline Ellison, former CEO of Alameda Research and ex-girlfriend of FTX founder Sam Bankman-Fried, is set to be sentenced for her role in the $8 billion fraud linked to FTX's collapse. Ellison, who has pleaded guilty to seven counts of fraud and conspiracy, cooperated with prosecutors in Bankman-Fried's trial, where he was convicted and sentenced to 25 years in prison. Ellison's sentencing is expected to be more lenient, as her cooperation was deemed "extraordinary" by prosecutors, who highlighted her remorse.Ellison's cooperation involved meeting with prosecutors around 20 times to assist in building the case against Bankman-Fried, whom she testified had directed her to misuse FTX customer funds to cover losses at Alameda Research. Her testimony revealed she felt relief after the fraud was exposed, lifting a burden of lies. While Ellison could face up to 110 years in prison, her lawyers have argued for no jail time due to her extensive assistance. Two other FTX executives, Nishad Singh and Gary Wang, are also awaiting sentencing later this year.Bankman-Fried's ex-girlfriend Ellison to be sentenced over crypto fraud | ReutersTaft Stettinius & Hollister, a U.S. law firm with 925 attorneys, announced its merger with Denver-based Sherman & Howard, which has 125 lawyers across the Mountain West region. The merger, effective January 1, 2025, is part of a broader trend of law firm consolidations in 2024. This merger will bring the combined firms' projected revenue to $810 million. Taft has been expanding over the past 16 years, targeting high-growth markets like Denver and Phoenix. Sherman & Howard, facing challenges competing with larger firms, sought the merger to gain broader expertise and ensure long-term business viability. Several other law firm mergers have been announced in September, signaling increased consolidation in the legal industry.US law firm merger streak continues with Taft tie-up | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

It's nice to wake up to a green lock screen this morning as we see both crypto and crypto-related stocks bounce back from the recent dip. Nevertheless, the latest data from Santiment shows that whales' transactions are down significantly since Bitcoin's last all-time high in March as the market battles the general state of malaise. Elsewhere, we see yet another crypto exchange hack, this time with the Indonesian exchange Indodax, which went offline after $22 million was stolen from its hot wallets. Former Alameda Research CEO Caroline Ellison asks for time served and thus a non-custodial sentence, citing her cooperation with the US government as justification for the leniency. And finally, one trader makes use of a mechanism that allows them to acquire a $1.5 million CryptoPunk for just $23,000.Further reading:Bitcoin whale transactions see ‘noticeable' drop since March price peakCrypto stocks recover from dip as polls say Harris won debate against TrumpIndonesian crypto exchange Indodax goes offline after suspected $22M hackCaroline Ellison asks for time served, citing cooperation with US gov'tTrader's acquisition of $1.5M CryptoPunk for $23K raises eyebrowsRise'n'Crypto is brought to you by Cointelegraph and is hosted and produced by Robert Baggs. You can follow Robert on Twitter and LinkedIn. Cointelegraph's Twitter: @CointelegraphCointelegraph's website: cointelegraph.comThe views, thoughts and opinions expressed in this podcast are its participants' alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. This podcast (and any related content) is for entertainment purposes only and does not constitute financial advice, nor should it be taken as such. Everyone must do their own research and make their own decisions. The podcast's participants may or may not own any of the assets mentioned.

Caroline Ellison vindt dat zij niet de cel in hoeft voor haar betrokkkenheid bij de ingestorte crypto-exchange FTX. De rechterhand van Sam Bankman-Fried deed een aantal onthullende bekentenissen over haar baas. Dat leverde hem een gevangenisstraf op van 25 jaar. Zij zelf moet op basis van die onthullingen nu juist op vrije voeten blijven. Toch gaf Caroline Ellison leiding aan het aan FTX gelieerde handelshuis Alameda Research. Hier gingen de miljarden verloren, die later moesten worden opgevuld met klanttegoeden. Bovendien heeft Caroline Ellison in meerdere interviews bevestigd weinig op te hebben met risicomanagement. De vraag is dus of ze helemaal geen gevangenisstraf krijgt. Een aantal andere hoge functionarissen van FTX gingen voor zeven jaar de bak in. Ondertussen staat de winstgevendheid van miners flink onder druk, meldt zakenbank Jefferies. Dat komt door de stagnerende prijs van Bitcoin. Ook de halving speelt een grote rol. Die vierjaarlijkse gebeurtenis halveerde de beloning van miners, en dus ook een groot deel van hun verdienmodel. Ondertussen groeit de concurrentie op het netwerk nog wel gewoon. Nieuwe machines zorgen voor meer rekenkracht, en wie niet mee kan in die race, valt hoe dan ook af.  Deze week in de Cryptocast Een gesprek met Maarten Bloemers, directeur van GUTS Tickets in Amsterdam. Zij zijn al een hele tijd verantwoordelijk voor de kaartverkoop van onder meer Jochem Myjer en Guus Meeuwis met een crypto-oplossing. Nu willen ze met een écht open-source blockchainprotocol het monopolie van Ticketmaster aanvallen. Want als je die wereld een beetje kent, weet je hoe dominant dat bedrijf is.  Caroline Ellison gaat liever niet de bak in Miners onder druk Met Daniël Mol bespreken we elke week de toestand van de crypto. Luister live donderdagochtend rond 8:50 in De Ochtendspits, of wanneer je wilt via bnr.nl/podcast/cryptocast    See omnystudio.com/listener for privacy information.

Tracey & Blake are holding down the mic today and after a little 'Fear & Greed' debrief they head straight into 'Crypto Chats' in the White House. This is where top crypto executives are meeting to discuss future U.S. regulations just ahead of the upcoming election, and the stakes couldn't be higher! They'll also cover the latest twist in the FTX SBF saga, as FTX and Alameda Research are ordered to pay a staggering $12.7 billion to creditors. Plus, Brazil's SEC gives the green light to the country's first Solana-based ETF, putting Solana on the global crypto map. And finally, we'll unpack Celsius' $3.5 billion lawsuit against Tether, where Celsius claims improper liquidation of Bitcoin collateral during its bankruptcy.All this plus our short, sharp news bites - your crypto made easy!TIMESTAMPS3:98 White House Crypto Chats5:37 FTX coughing up the big bucks to creditors6:28 Solana-based ETF gets green lit by Brazil's SEC7:17 Celsius & Tether duke it out10:03 Short, sharp news bites****If you're enjoying these episodes please subscribe to our podcast on your preferred platform, leave a review, or share this episode with a friend or family member.If you want to start investing in Bitcoin, Ethereum, Gold & Silver, you can download the Bamboo app here. Use the code CURIOUS for $10 in BTC when you sign up.Follow the Crypto Curious Instagram here.Join the Crypto Curious Facebook Group here.*****In the spirit of reconciliation, Equity Mates Media and the hosts of Crypto Curious acknowledge the Traditional Custodians of the country throughout Australia and their connections to land, sea, and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.*****Crypto Curious is a product of Equity Mates Media. You can sign up for the Equity Mates Crypto Newsletter here.This podcast is intended for educational and entertainment purposes. Any advice is general advice only and has not taken into account your personal financial circumstances, needs, or objectives.Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Hosted on Acast. See acast.com/privacy for more information. Hosted on Acast. See acast.com/privacy for more information.

Host Jennifer Sanasie breaks down the news in the crypto industry from FTX and Alameda Research being ordered to pay $12.7 billion to the Brazilian SEC's approval on a Solana-based ETF.To get the show every day, follow the podcast here."CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines in the crypto industry today, as a New York judge officially ordered defunct crypto exchange FTX and trading firm Alameda Research will pay $12.7 billion to creditors. Plus, the Brazilian SEC has approved a Solana-based ETF, and Kamala Harris and Donald Trump are tied on Polymarket.-This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Embark on an audacious exploration into the highs and lows of Sam Bankman-Fried's cryptocurrency empire, as we reveal the brainy MIT grad's journey from billionaire to criminal defendant. From the ingenious arbitrage strategies of Alameda Research to the controversial collapse of FTX, we peel back the layers of a financial saga that's stranger than fiction. Brace yourself for a whirlwind ride through the entangled web of digital currencies, where overnight millions morph into courtroom battles and the line between genius and folly becomes alarmingly thin.We're setting the stage for a deep dive into the volatile world of high-stakes crypto trading, uncovering the shadowy corners of market manipulation and the startling crash of an industry giant. You'll be riveted by tales of how a cryptocurrency exchange and its sister trading firm intertwined to disrupt the market, and the ensuing chaos when their strategies unraveled. From the psychological allure of non-fungible tokens to the public's embrace of Bitcoin, we're laying bare the human stories behind the digital revolution.In our finale, we stand at the precipice of understanding as we witness the legal entanglement of Sam Bankman-Fried – from his arrest and hefty bail, to the political donations that paint a portrait of a controversial figure navigating the complex world of finance and influence. We then grapple with the concept of wealth, juxtaposing the staggering dimensions of billions against the more familiar scale of millions. So, strap in and tune in to "Ol Dirty Basement" for a tour-de-force episode that melds vintage cinema nostalgia with the gripping reality of a true crime thriller.Support the showSounds:https://freesound.org/people/frodeims/sounds/666222/ Door openinghttps://freesound.org/people/Sami_Hiltunen/sounds/527187/ Eerie intro music https://freesound.org/people/jack126guy/sounds/361346/ Slot machinehttps://freesound.org/people/Zott820/sounds/209578/ Cash registerhttps://freesound.org/people/Exchanger/sounds/415504/ Fun Facts Jingle Thanks to The Tsunami Experiment for the theme music!!Check them out hereSUPPORT US AT https://www.buzzsprout.com/1984311/supporters/newMERCH STORE https://ol-dirty-basement.creator-spring.comFind us at the following https://oldirtybasement.buzzsprout.com WEBSITE ...

Our news stories today include SBF filing an appeal on his recent sentencing, a UK court denies Apple's request to dismiss a huge lawsuit and Microsoft may soon make the Copilot AI feature an auto-launch program in Windows 11. Plus much more!See omnystudio.com/listener for privacy information.

Sam Bankman-Fried foi sentenciado nesta quinta-feira (28) a 25 anos de prisão. O fundador da corretora de criptoativos FTX e da empresa de investimentos Alameda Research havia sido condenado em novembro de 2023 em sete acusações pelos crimes de fraude, conspiração e lavagem de dinheiro. O Durma com Essa explica como foi a derrocada do empresário conhecido como magnata das criptomoedas. O episódio tem também Lucas Zacari falando do processo movido pelo ex-piloto brasileiro Felipe Massa contra a Fórmula 1.  Assine o podcast: Spreaker | Apple Podcasts | Deezer | Google Podcasts | Spotify | Outros apps (RSS)Edição de áudio Pedro PastorizProdução de arte Mariana Simonetti

In a shocking turn of events, Sam Bankman-Fried, one-time billionaire and the brain behind the FTX platform, received a 25-year federal prison sentence this past Thursday. Found guilty back in November on a string of seven charges, including conspiracy to perpetrate wire fraud and wire fraud, his unlawful actions led to a significant loss for customers and lenders alike. His legal missteps reportedly translated into billions in losses. Despite the prosecution suggesting a 40-50 year sentence, the presiding judge, Lewis Kaplan, imposed a 25-year one. In the aftermath of Bankman-Fried's digital currency venture toppling over, those who invested, lent, and utilized its services are said to have incurred losses surpassing $10 billion. This estimation was affirmed by Judge Kaplan during the sentencing. There's an understanding that a domino effect from the crash of the crypto tycoon's venture significantly impacted the financial stability of multiple players involved. The judge did not shy away from illuminating further conduct violations that occurred during the trial period, accusing SBF, as he is commonly known, of tampering with witnesses and committing perjury. SBF reportedly maintained contact with the previous FTX general counsel while in custody and falsely affirmed under oath that he was unaware of Alameda Research, an associated hedge fund of FTX, mishandling his clients' deposits prior to 2022's downfall. Making a case in defense, lawyers for SBF suggested a maximum punishment duration of six and a half years. They made the claim that their client's intentions were wrongly construed and mistaken. The defense team seemed to advocate for a softer sentence by underpinning their argument on potential misperceptions of SBF's motives. Taking the opportunity to express himself to the court during sentencing, Bankman-Fried extended his apologies. He acknowledged the disappointment felt by those who suffered losses due to his actions, expressing regret for what occurred during his orchestration of the venture. He stated, 'There is a deep sense of disappointment by many and they are justified in their feeling. For the disappointment and for the actions leading to this point, I apologize.' 'My effective life is perhaps at an end. In fact, it's been halted for some time now,' added the deposed tycoon. It has been reported that he is contemplating an appeal against both the conviction and the imposed sentence. In addition to his notable presence within the crypto circuit, Bankman-Fried acted as a significant political promoter. Through generous donations, he managed to influence political events and players. His contribution favored mostly democratic candidates, accomplishing significant sway in nomination race outcomes. Reports reveal that SBF committed nearly $40 million to supporting primarily Democrat candidates and interest groups leading up to the 2022 midterm elections. SBF's political influence didn't end there. His efforts resulted in being second only to the biggest donor for the 2020 Biden Presidential campaign. This afforded him necessary access, with four visits to the White House to meet with top-tier advisers before his businesses declared bankruptcy. Bankman-Fried's influence also extended into the sphere of health care. He invested millions into pandemic prevention efforts, funding research to find new treatments, even directing funds towards COVID-19. His contributions were aimed at both battling the pandemic and promoting advancements in healthcare. Prior to its downfall, FTX had amassed quite the celebrity endorsement portfolio. Notable figures such as Tom Brady and his former wife Gisele Bündchen, Stephen Curry, Kevin O'Leary, and Larry David were among the celebrities and athletes who endorsed the platform. These celebrity associations added to the allure of the enterprise while it was operating. With previous allegations already casting a shadow, last March brought forth newly unsealed charges against the entrepreneur. The Justice Department accused Bankman-Fried of approving and initiating a bribe amounting to no less than $40 million in favor of one or more Chinese government officials. This allegation seemed to initially spell the beginning of his descent into legal hardship. Public perception was further tarnished by these allegations. SBF, once recognized for his success and influence in the tech and political spheres, faced not only rolling clouds of legal repercussions but also damage to his reputation. The saga of SBF's collapse serves as a sobering reminder of the risks associated with high-stakes digital currency exchanges and the influence of money in politics. It also underscores the necessity of legal and ethical business operations in all sectors, including the crypto industry. The entire episode prompts a broader discussion about the implications of high-risk, high-reward ventures and the responsibilities and challenges that come with significant influence and wealth. In the end, this could be a valuable lesson not just for the sector but for all stakeholders in the broader business ecosystem. Real News Now Website Connect with Real News Now on Social Media Facebook: https://www.facebook.com/RealNewsNowApp/ X Twitter: https://twitter.com/realnewsapp Instagram: https://www.instagram.com/realnews/ TikTok: https://www.tiktok.com/@realnewsnowapp Threads: https://www.threads.net/@realnews/ Tumblr: https://www.tumblr.com/realnewsnow Truth Social: https://truthsocial.com/@RealNews YouTube:https://www.youtube.com/@realnewsnowapp End Wokeness: https://endthewokeness.com #realnewsnow See omnystudio.com/listener for privacy information.

Bennett and Cas discuss a class action lawsuit against Deltec Bank and Trust in the Bahamas that alleges that it was instrumental in moving customer funds from FTX to Alameda Research. Coverage of the lawsuit the lawsuit Farmington State response Coindesk coverage of Alameda Research insolvency Affidavit in support of MUFG seizure This episode was recorded on March 6th, 2024.

Today's blockchain and cryptocurrency news Bitcoin is down .5% at $66,694 Eth is down .5% at $3,771 BNB is up 1% at $443 Those are your leaders by market cap.Top gainers in the last 24 hours,  Near Protocol up 23% Render up 32% South Korea asks Interpol for help with Do Kwon extradition SEC commissioners criticize SEC actions against ShapeShift BlockFi agrees to $874 million settlement with FTX and Alameda Research estates.  Spain bans Worldcoin Central Bank of Nigeria teams up with blockchain infrastructure firm Gluwa Learn more about your ad choices. Visit megaphone.fm/adchoices

(***TIMESTAMPS in Description Below) ~ Tiffany Fong is a journalist who has covered the inside stories behind the Celsius Crash and the downfall of Sam Bankman-Friend (SBF). EPISODE LINKS: - Julian Dorey PODCAST MERCH: https://legacy.23point5.com/creator/Julian-Dorey-9826?tab=Featured  - Support our Show on PATREON: https://www.patreon.com/JulianDorey  - Join our DISCORD: https://discord.gg/B4PHFq2u  - SUBSCRIBE to Clips Channel: https://www.youtube.com/@UChs-BsSX71a_leuqUk7vtDg  TIFFANY LINKS: - Tiff YouTube: https://www.youtube.com/@TiffanyFong  - Tiff Twitter: https://twitter.com/TiffanyFong_  ***TIMESTAMPS*** 0:00 - Martin Shkreli; Tiff & SBF; Tiff's Backstory 12:34 - How Tiff made money; getting into Bit 21:30 - Tiffany loses everything; SBF's unfortunate girlfriend 29:55 - Tiffany DMs FTX CEO Sam Bankman Friend (SBF); Date Night interview story 34:16 - Tiff's phone interview with SBF; SBF lack of common sense 40:27 - SBF addresses scandalous rumors; Collaborating w/ Coffeezilla; Bahamian Prison 49:22 - Spending hour on phone with SBF 55:23 - Tiff visits & records SBF on house arrest 1:00:04 - SBF reminisces about Prison; SBF's parents 1:06:12 - Julian on SBF going to prison; Playing Tiff's SBF Recording 1:13:30 - SBF & FTX Fraud Explained; Alameda Research backstory 1:18:14 - SBF & Caroline Ellison Relationship Controversy 1:22:16 - FTX first signs of Collapse; Binance CZ vs SBF 1:29:37 - SBF's politics; SBF's parents' involvement; Tiff & NY Post 1:35:36 - Tiff returns to SBF's house; Why judge threw SBF in jail; Caroline cooperates 1:45:45 - Tiffany goes to Trial; The Case against Sam 1:53:07 - First witness vs SBF; Michael Lewis 2:00:12 - Tiff breaks down SBF's IQ & Mentality; SBF South Park Episode 2:08:42 - Sam's parents hated Tiffany; Caroline cries on stand; SBF Presidential Ambitions 2:17:44 - Tiffany's controversial tweet; SBF sentencing; Sam's failures on the stand 2:31:05 - Why Tiffany wasn't in courtroom for verdict; Her YouTube video aftermath 2:35:37 - Tiffany's interaction w/ Sam's mom at trial 2:42:12 - Tiff predicts outcome of SBF's second trial; Celsius sues Tiff 2:49:00 - What's next for Tiffany CREDITS: - Hosted & Produced by Julian D. Dorey - Intro & Episode Edit by Alessi Allaman ~ Get $150 Off The Eight Sleep Pod Pro Mattress / Mattress Cover (USING CODE: “JULIANDOREY”): https://eight-sleep.ioym.net/trendifier Julian's Instagram: https://www.instagram.com/julianddorey ~ Music via Artlist.io ~ Julian Dorey Podcast Episode 174 - Tiffany Fong

The downfall of former FTX CEO Sam Bankman-Fried from king of the crypto world to crypto scammer is complete. A Manhattan jury of nine women and three men took less than five hours Thursday afternoon, day 18 of the high-profile trial, to convict Bankman-Fried on seven counts of fraud and conspiracy for stealing billions of dollars of his customers' assets.  “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history, a multi-million scheme designed to make him the king of crypto,” said Damian Williams, U.S. attorney for the Southern District of New York in remarks following the verdict. The guilty verdict came a year to the day after crypto publication CoinDesk published a story showing balance sheet irregularities at Bankman-Fried's investment company, Alameda Research, that suggested the ties between Alameda and FTX were unusually close. Bankman-Fried now faces potentially decades in prison. Sentencing is scheduled for March 28. After listening to Judge Lewis Kaplan read through 60 pages of instructions, jurors quickly concluded that Bankman-Fried was responsible for decisions that led to an $8 billion hole in its balance sheet, including the use of customer assets for political donations, investments and his own personal use. Prosecutors had reiterated this theme in a stinging, Thursday morning rebuttal.  And jurors rejected whole-hog Bankman-Fried's defense team's narrative that Bankman-Fried was being villainized for being a poor manager who didn't create sufficient risk management systems. They also did not buy into Bankman-Fried's claim that he was unaware of the severity of his company's financial problems and that his inner circle, three of whom testified earlier in the trial as part of plea agreements, were to blame.  “We respect the jury's decision,” said Bankman-Fried's lead attorney, Mark Cohen. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to fight the charges against him.” U.S. attorney Wiliams called Bankman-Fried's crimes “ fraud” as “old as time,” and said his office had “no patience for it.”  He added: “This case moved at lightning speed, that was a choice, not a coincidence.” Catch up on Unchained's previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF's Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied' While Defense Claims His Actions Were ‘Reasonable' SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF's Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda's Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here's How Sam Bankman-Fried's High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried's Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Prosecutors and defense attorneys in the trial of former FTX CEO Sam Bankman-Fried closed their arguments with similar stories to their opening statements more than three weeks ago: a tale of two Sams. On Wednesday morning, day 17 of the trial, the government took jurors on a final grand tour of Bankman-Fried's alleged lies, evasions and misdirections that they said aimed to hide the ugly truth of a gaping $8 billion hole in the crypto exchange's balance sheet from investors and regulators, and that reflected his indifference to spending customer assets.  Assistant U.S. Attorney Nicholas Roos said that as the person overseeing FTX and the separate trading entity, Alameda Research, to which FTX funneled customer deposits, Bankman-Fried was the only person who could have been responsible for decisions that led to the deficit – criminally so. “He told a story and he lied to you,” said Roos, who punctuated his more than two-hour presentation with metadata readings and time tables that seemed to devastatingly illustrate SBF's ongoing awareness of his company's financial debacle. But in the afternoon, Bankman-Fried's defense team portrayed him in softer tones, as a math nerd with no ill-intent and guilty only of bad management, particularly his failure to install adequate risk management protections. Attorney Mark Cohen said that the government had failed to prove its case as it sought to create a Hollywood villain responsible for the disappearance of the funds, cartooning his dress and personal habits to make their case. At one point, he seemed to appeal to jurors' emotions, reminding them that Bankman-Fried had lived a big life and now faces prison. Bankman-Fried faces potentially decades in prison on a total of seven counts of wire fraud and conspiracy. The prosecution will have an opportunity for rebuttal on Thursday, and jurors could begin deliberating his fate before the end of the day..  Often raising his voice for dramatic effect, Roos highlighted earlier testimony from Bankman-Fried's inner circle and Google metadata indicating his awareness of the balance sheet woes to show his involvement in the company's oversight. Bankman-Fried testified on Monday that he was unaware of the problems, suggesting others were to blame.  And Roos used the time tables to demonstrate separately that Bankman-Fried had lied to Congress about protecting customer assets even as he paid off loans using them, and that he had spent heavily on investments, political contributions and personal items, even after he knew of the massive balance sheet hole.  “This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money, and eventually it collapsed, leaving countless victims in its wake,” Roos thundered. Visit UnchainedCrypto.com for prior episodes Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that former FTX CEO Sam Bankman-Fried did about as well as he could in his testimony Friday but that he was unlikely “to withstand the scrutiny” of what prosecutors have already said will be a robust cross-examination when he takes the stand Monday.  Enzer noted that Bankman-Fried's attempts to explain why he thought his trading shop, Alameda Research, could borrow billions in dollars of FTX customer assets “defies common sense,” and that the company's own terms of agreement or any other communications offered no justification for this belief. A Thursday hearing without the jury present, in which the defense gave a preview of some arguments it wanted to make, ended up giving the government answers from SBF that it can now use against him. Enzer also said that Bankman-Fried's contention that his biggest mistake – a failure to implement proper risk management – did not constitute criminal fraud, did not address the core of the government's case; namely, that he lied about how FTX was handling customer deposits. Show highlights: why Enzer thinks Sam Bankman-Fried's testimony is unlikely to sway jury sentiment or withstand cross-examination why the evidentiary hearing in which SBF testified without a jury may hurt his cause the purpose of the evidentiary hearing how Judge Lewis Kaplan hinted at what he thought about SBF's testimony how Bankman-Fried is likely to fare against prosecutor Danielle Sassoon in what she has promised will be a robust cross-examination how the defense tried to recast SBF's image by humanizing him why the defense now has the strongest grounds for an appeal than it previously did  what the jury is likely to make of SBF's contention that he was in the dark about core allegations  why the prosecution said it will call rebuttal witnesses what a charge conference is and why that will take place after SBF testifies Thank you to our sponsors! Crypto.com Arbitrum Foundation LayerZero Popcorn Network Guest: Sam Enzer, partner at Cahill Gordon & Reindel Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury's Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF's Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied' While Defense Claims His Actions Were ‘Reasonable' SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF's Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda's Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges  SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Good Morning America: FTX's Sam Bankman-Fried on crypto giant's collapse: 'A lot of people got hurt. And that's on me' Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Bankman-Fried took the stand before a jury for the first time in his criminal trial for allegedly defrauding FTX customers. The exchange's co-founder and former CEO tried to recast the image that prosecutors spent nearly three weeks shaping of an executive who defrauded customers and dismissed the concerns of the three members of his inner circle, all of whom named him as their co-conspirator earlier in the trial.   Responding to his defense team's gentle questioning, SBF spent large parts of his testimony, offering alternative, often long-winded explanations for actions and behavior that prosecutors allege demonstrated intent to evade legal and regulatory scrutiny of the business he created. He admitted to making mistakes, which supported his defense team's “failed entrepreneur” strategy, and none more significant than a failure to create a dedicated risk management team.  Bankman-Fried denied committing any crimes or attempting to defraud anyone and said that he believed funds used for sponsorships, real estate purchases, political donations, venture investments and payments to lenders did not come from customer funds. At times, he attempted to shift blame for certain decisions on the inner circle, who he insisted had the authority to take action “on behalf of the company without consulting” him.  SBF described former CEO of Alameda Research, Caroline Ellison, his on-and-off girlfriend, as a good trader and researcher who did not act on his stated concerns about the FTX trading arm's exposure to market risk and importance of hedging. Ellison, who agreed to a plea deal with prosecutors, testified early in the trial that Bankman-Fried had asked her to manipulate Alameda balance sheets at Bankman-Fried's direction to make them seem less risky to lenders and that Alameda had used FTX customer funds for its own investments. Prosecutors have promised a robust cross-examination next week. Whether they or Bankman-Fried's version of events is more persuasive for jurors remains uncertain.  Catch up on Unchained's previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF's Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied' While Defense Claims His Actions Were ‘Reasonable' SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF's Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda's Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here's How Sam Bankman-Fried's High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried's Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

On the 12th day of the SBF Trial, former FTX General Counsel Can Sun testified about a $7 billion deficit in customer funds. Sun, who was responsible for crafting FTX's terms of service, expressed shock at the deficit and revealed that Sam Bankman-Fried had asked him for legal justifications. Sun also mentioned that Nishad Singh, a key witness and former head of engineering at FTX, looked emotionally drained days before the company's collapse. Sun's testimony took a dramatic turn during a meeting with Bankman-Fried and others, where it was confirmed that FTX lacked sufficient funds to cover customer withdrawals. This meeting solidified Sun's suspicions that Alameda Research had misappropriated FTX customer deposits.  The day concluded with Robert Boroujerdi of Third Point stating that Bankman-Fried had omitted significant details that would have altered the firm's decision to invest $60 million in the now failed crypto exchange. That investment is now worth zero. The trial will resume in a week, adding more suspense to this unfolding legal drama. Catch up on Unchained's previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF's Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied' While Defense Claims His Actions Were ‘Reasonable' SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF's Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda's Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here's How Sam Bankman-Fried's High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried's Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

An Adderall addict gets his butt spanked in court by his former lover and friends/coworkers -- yeah, we're talking about Sam Bankman-Fried, Caroline Ellison, and their cohorts at the now defunct FTX and Alameda Research. We also cover AOG Technics, and how they successfully scammed airlines and jet engine repair shops with forged documents for refurbished engine parts. Plus, AMC Theaters CEO Adam Aron did some sexting and got blackmailed. This episode (and every episode) was masterfully edited by Dillon Moore. Check him out at https://www.dillonmoore.co TIMESTAMPS: 00:00 - Intro 1:15 - Administrative 5:30 - SBF getting his butt spanked 7:30 - Caroline Ellison looks stressed 9:20 - Alameda lacked risk parameters 12:00 - They're all guilty, what FTX and Alameda was, and the crimes 15:00 - President of jail, school soap 16:50 - ADDERALL 19:00 - Wang's code 22:50 - They were all in on it 28:00 - SBF was pulling strings, the judge smacked him down 30:50 - The courtroom drawings 32:00 - Sketchy doctors and magic pills 39:30 - Fake parts in jet engines 42:00 - AOG technics and its history 44:00 - FAA is stretched thin 46:00 - Fakes on fakes on fakes 48:00 - Our investigative queen 51:00 - Should you be nervous? 53:00 - The Duty Free guy died 56:40 - Saving the world on adderall 58:00 - AMC CEO Adam Aron got blackmailed 1:02:50 - We love it + losing bookmarks Get bonus content on Patreon Hosted on Acast. See acast.com/privacy for more information.

Caroline Ellison, former co-CEO of Alameda Research and Sam Bankman-Fried's ex-girlfriend, spent 3 days on the stand this week. Ellison recently pled guilty to financial fraud, and is cooperating with the prosecution. In this episode Lidia Jean Kott discusses Caroline's testimony with Jacob Goldstein, financial reporter and author of the book Money.  This conversation was recorded in the evening on October 12.  Questions for Michael? Submit them by clicking the link in our show notes or visiting atrpodcast.com To access bonus episodes, and to listen to all of our coverage ad-free, sign up for Pushkin plus on the Against The Rules show page in Apple Podcasts or at Pushkin.fm/plus.See omnystudio.com/listener for privacy information.

Caroline Ellison took the stand for a third day as attorneys for Sam Bankman-Fried questioned her about her role in the collapse of FTX and Alameda Research. Rachel Humphreys and Caitlin Ostroff caught up with WSJ's James Fanelli after court to unpack the defense's strategy.   Further Reading: - What's Happening Today at the Sam Bankman-Fried Trial  Further Listening: - The Trial of Crypto's Golden Boy  Learn more about your ad choices. Visit megaphone.fm/adchoices

On the eighth day of the SBF trial, former BlockFi CEO Zac Prince took the stand, serving as a strong witness for the defense, while offering a detailed look into how Alameda Research's borrowing from FTX differed from traditional crypto lending, and the impact of FTX's and Alameda's collapse on BlockFi, which subsequently filed for bankruptcy. The defense team tried to pin BlockFi's loans to Alameda on BlockFi executives ignoring advice from its own credit team, but Prince twice corrected defense attorney Mark Cohen that, for the document in question, the executives did follow the advice of their credit team. The defense also tried to raise the notion that BlockFi would have declared bankruptcy no matter what had happened with FTX and Alameda, but Prince also held his ground that the collapse of SBF's empire resulted in BlockFi's own bankruptcy. Catch up on Unchained's previous coverage:  Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF's Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied' While Defense Claims His Actions Were ‘Reasonable' SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF's Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda's Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here's How Sam Bankman-Fried's High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried's Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What's Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Last April, National Public Radio (NPR) closed out its Twitter accounts. Six months later, NPR leadership says that the impact to NPR has been negligible. Could this mean more organizations will say goodbye to Musk's platform? Plus, news about a massive DDoS attack, why we'll be seeing a lot more of AI in the near future, and an update on Sam Bankman-Fried's court case.See omnystudio.com/listener for privacy information.

This week, the star witness in the fraud trial of FTX’s Sam Bankman-Fried took to the stand: Caroline Ellison, former head of trading firm Alameda Research and on-and-off romantic partner of SBF. We unpack what we’ve learned about the relationship between Alameda and FTX and what it could mean for investors and regulators going forward. Later: Holiday shopping is beginning. Already.

Caroline Ellison, former co-CEO of Alameda Research and Sam Bankman-Fried's ex-girlfriend, takes the stand and has a lot to say. Ellison recently pled guilty to financial fraud, and is cooperating with the prosecution. In this episode Lidia Jean Kott discusses what came up on Day 1 of Caroline's testimony with Jacob Goldstein, financial reporter and author of the book Money.  This conversation was recorded in the evening on October 10.  Questions for Michael? Submit them by clicking the link in our show notes or visiting atrpodcast.com To access bonus episodes, and to listen to all of our coverage ad-free, sign up for Pushkin plus on the Against The Rules show page in Apple Podcasts or at Pushkin.fm/plus.See omnystudio.com/listener for privacy information.

Caroline Ellison, former CEO of Alameda Research and SBF's ex-partner, took the stand to reveal the alleged financial mismanagement at Alameda and FTX, which she claimed was at Bankman-Fried's direction. The cross examination of Gary Wang finally began to show how SBF's lawyers plan to defend him, though Wang largely appeared to be a yes man who simply trusted and followed his friend and co-founder. Ellison's revelations included Alameda's hidden trading of FTT to prop up its price, her warnings to SBF about Alameda's inability to pay back its lenders if he put billions more into venture investments, and his views on risk and “expected value.” For instance, she claimed he said if, with a coin toss came up tails and would mean Earth's destruction, he would toss the coin if there it was twice as likely that it would more than double prosperity on Earth. However, her testimony seemed designed to preemptively rebut the defense's potential argument that Alameda needed to borrow customer funds because she had not hedged.  Catch up on Unchained's previous coverage:  Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF's Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied' While Defense Claims His Actions Were ‘Reasonable' SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF's Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda's Special Privileges Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here's How Sam Bankman-Fried's High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried's Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What's Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

This Week in Startups is brought to you by… Fount. Do you want access to the performance protocols that pro athletes and special ops use? With Fount, an elite military operator supercharges your focus, sleep, recovery, and longevity, all powered by your unique data. Want a true edge in work and life? Go to fount.bio/TWIST for $500 off. Coda. A new doc that brings words, tables and teams together. All your valuable data, plans, objectives, and strategies in one place. Go to https://coda.io/twist to get a $1,000 credit! Miro. Working remotely doesn't mean you need to feel disconnected from your team. Miro is an online whiteboard that brings teams together - anytime, anywhere. Go to https://miro.com/startups to sign up for a FREE account with unlimited team members. * Today's show: Zach Coelius joins Jason to discuss the phases of early-stage startups (2:01), break down the state of VC (13:17), answer live questions from the audience (22:36), and much more! * Time stamps: (0:00) Zach Coelius joins Jason (2:01) The three phases of early-stage startups (10:00) Fount - Get $500 off an executive health coach at https://fount.bio/twist  (11:31) Advantages that Builder/Founder startups possess (13:17) The state of VC: The LP and GP relationship, post-ZIRP, and startup soft landings (21:10) Coda - Get a $1,000 startup credit at https://coda.io/twist  (22:36) Question: How do you describe PMF in the simplest terms possible (29:20) Question: How hard is it for first-time founders to raise pre-seed? (39:46) Miro - Sign up for a free account at https://miro.com/startups (41:11) Question: I will be in the Bay Area for two weeks… any advice on how to efficiently meet VCs to pitch my startup? (45:56) Question: What are attributes of companies that are getting funded today? More stable and breakeven? Different industries? What is working today? (54:49) Breaking news: Caroline Ellison, CEO of Alameda Research testifies for first time today in SBF's trial (1:01:49) Cruise robotaxi fleet deployed in San Francisco * Follow Zach: https://twitter.com/zachcoelius * Read LAUNCH Fund 4 Deal Memo: https://www.launch.co/four Apply for Funding: https://www.launch.co/apply Buy ANGEL: https://www.angelthebook.com Great recent interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland, PrayingForExits, Jenny Lefcourt Check out Jason's suite of newsletters: https://substack.com/@calacanis * Follow Jason: Twitter: https://twitter.com/jason Instagram: https://www.instagram.com/jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Follow TWiST: Substack: https://twistartups.substack.com Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin * Subscribe to the Founder University Podcast: https://www.founder.university/podcast

Michael Lewis is like a literary Forrest Gump. He always seems to know where the biggest story of the year is going to be–and he's usually halfway through a book about it when it breaks. This time he couldn't have gotten the timing better: his book Going Infinite: The Rise and Fall of a New Tycoon came out the same day as Sam Bankman-Fried, the book's subject, went on trial in the aftermath of the collapse of his crypto exchange, FTX, and Alameda Research. So thank goodness Michael is here, because there are enough acronyms in this fascinating story to make your head spin–not to mention getting your head around the blockchain. In this conversation Michael takes us from his first impressions to his hard-won insights into SBF and his motivations, mistakes, and the mayhem he's been at the center of. He also takes the time to talk us through the Effective Altruism movement that underpinned SBF's ideology and explains the ins and outs of FTX's rise–and the details of how it collapsed, taking billions in net worths along with it. He also hints at how that money might not be so gone after all.  If you can't get enough of this story check out Michael's podcast Judging Sam, available wherever you get your podcasts.See omnystudio.com/listener for privacy information.

Gary Wang, FTX's former chief technology officer, took the stand in the government's case against Sam Bankman-Fried. Producer Rachel Humphreys and WSJ's Caitlin Ostroff discuss what Wang says he knows about the secret code that allowed Alameda Research to borrow billions of dollars of customer money from FTX.  Further Reading: - What's Happening Today at the Sam Bankman-Fried Trial  Further Listening: - The Trial of Crypto's Golden Boy  Learn more about your ad choices. Visit megaphone.fm/adchoices