FTX Exposed: What I Learned From the Latest Doc on SBF & FTX Crash

By Bfab | Good vibes | 14 Mar 2024


Note: This post is an excerpt of a Medium story (click here to read it)

Let’s face it, the crypto world is a wild west. You hear stories of people making millions overnight, but then there’s the dark side — like the FTX crash that wiped out billions.

But here’s the good news: this BBC documentary, ‘Downfall of the Crypto King’ on Prime Video can actually teach you how to be a smarter investor.

This doc isn’t just about the fall of some guy named SBF — Sam Bankman-Fried. It dives deep into the red flags everyone missed. We’re talking about big names like Tom Brady and Sequoia Capital who were totally fooled...

Here’s a sneak peek of what you’ll learn:

  • The “Vegan Superhero” Facade: This SBF guy seemed like a genius with a heart of gold. Turns out, appearances can be deceiving.
  • Playing Video Games During Investor Calls? Really? This is just one of the bizarre signs that should have screamed “danger!”
  • From “Bitcoin Queen” to FTX Victim: Even the experts got burned. This story will make you rethink who to trust in the crypto world.
  • The “Alameda Research Backdoor” Scandal: This is some seriously shady stuff… Caroline Ellison, this fan of Harry Potter, losing a lot of money at Alameda Research, and Gary Wang, another nerd who met SBF at college, who would have coded the backdoor to secretly transfer the funds of FTX clients to Alameda Research… That’s both scary and instructive, never trust people only people they look nice!
  • The “Castle Made Of Sand”: FTX’s reported reserves did not reflect reality. The majority of their holdings were in FTT, their native token. Celsius did the same before them, and some other centralized crypto lending platforms are still doing it… I prefer not to give any name here, you may follow me on X and DM for further details.
  • The CoinDesk Article That Started It All: One reporter’s bravery exposed a house of cards. This is a must-read for any crypto investor, and even any investor generally speaking. Remember Lehman Brothers?

To watch the documentary for free:

  1. Sign up for a 30-day trial on Prime Video (click here to sign up for free)
  2. Then, snag a 7-day trial on their Explore channel.
  3. Binge-watch the doc (it’s actually pretty captivating!) and then cancel both subscriptions before they charge you. Easy peasy!

This documentary is your key to avoiding the next FTX.

 

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Bfab
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