Sam Bankman-Fried, the 30-year cofounder of the now-bankrupt cryptocurrency exchange FTX, may be the most hated many on Earth, and maybe has eclipsed Adolph Hitler for that honor. It may take years to ascertain exactly what happened in the almost instant terminal explosion of FTX that cost cryptocurrency owners tens of billions if not HUNDREDS of billions of dollars. We may never know the actual numbers OR the names of those who were certainly a party to what happened. Don’t for one second believe the line many are being fed that purports that Sam did this all by himself or even with his girlfriend who looks and acts like she’s fifteen.
Here ARE a few fundamental facts before we turn to THE foremost expert on the Planet, Dunstan Teo, who spent an hour with Dan Newman on Thursday in which Teo revealed facts that will curl the hair of most people — even some who are bald! I’ll explain in a moment. But first, here is a very short list of facts one needs to know to begin to understand what happened.
- FTX was NOT a cryptocurrency. FTX was an exchange on which cryptocurrency holders chose to trust to take those individuals’ cryptocurrency of various types and place it on deposit to be used to grow its value;
- FTX made very bad choices regarding its use of said cryptocurrency, often leveraging it to “invest” in other cryptos;
- FTX “used” large portions of those deposits to purchase lavish residences around the world for its owners and for other individuals. And as you’ll hear in today’s conversation, some of those “other individuals” have very recognizable names!)
- Large political contributions were made from the crypto “funds” deposited in FTX accounts. They were NOT made in the name “FTX” but in the name of Sam Bankman-Fried. It was first thought those contributions were only to Democrats running in the midterms. It was discovered this past week that a large amount was donated quietly to Republicans as well;
- Have you wondered how the tens of billions of U.S. dollars were used that were donated to Ukraine? Did you know Ukraine made contributions during the midterm elections to Americans running for office?
I’ll stop there.
It’s time to segue into today’s blockbuster conversation between Dunstan Teo and Dan Newman.
By the way: Dunstan is a filthy rich multiple corporation owner, cryptocurrency founder (of numerous coins), philanthropist, Christian leader, and an all-around great person. He has NO skeletons in his closet!
This is the ONLY place you will hear this interview or hear this plethora of revelatory information about FTX and what really happened.
