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This is Sam Bankman-Fried. People call him SBF. He's the founder of FTX. He also controlled a

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crypto hedge fund called Alameda Research, but that's all gone now. He wants you to think he's

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a sweet guy. He even bought in a famous YouTuber who called him the most generous man in the world.

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Yep, that happened. Truth is, Sam Bankman-Fried is a liar and a crook. His personal crypto FTX

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token was basically a Ponzi scheme hidden below layers of Moonbro jargon. He even went on

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Bloomberg's podcast and bragged about it. Yep, that happened. He used his Ponzi token as collateral

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to borrow billions of real dollars that he couldn't pay back. He then used those real

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dollars to build an empire out of dying companies like Voyager and BlockFi. This led Jim Cramer to

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call him the new JP Morgan. That's weird. It's not like Jim Cramer to promote a billionaire con artist.

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SBF sold people cryptos like Bitcoin, or so they thought. What they really bought from SBF was an

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IOU. But as long as everyone didn't cash in their IOU at the same time, the scheme worked. Until it

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didn't. This other a-hole who hates SBF came along and engineered a bank run with some passive-aggressive

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tweets. It worked. SBF didn't have enough money to repay everyone at once, and now his customers

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have lost everything. He'll be happy to know that this is exactly how every bank in the world operates.

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So where did all the money go? He misappropriated $4 billion trying to save his failing hedge fund.

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Whoops, that's a felony. He spent $21 million on Super Bowl commercials, $5 million for the big guy,

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$40 million in campaign donations. I wonder what he wanted in return. And everyone who's pointing at

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this story and saying, this is exactly why we need to regulate crypto. Remember that SBF stole billions.

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That's already a crime, and he spent a lot of it on bribing politicians. Also a crime,

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in order to create a crypto monopoly for himself. Government regulations don't protect the customers,

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they protect the crooks. That's exactly what SBF was trying to do.