It's Wednesday and you know what that Means SPF news day that's right every Story we have today revolves around the One the only the Samwell bankman freed I'm your host Andrew this is crypto Espresso your teeny tiny daily shot of Caffeinated crypto headlines and we've Got so much news first up why not take a Big cleansing breath it's been a Whirlwind 24 hours Sam bankman freed Appeared in court in the Bahamas and was Denied bail his legal team had proposed To post 250 000 with SPF wearing an Electronic tag but a judge concluded he Was too much of a Flight Risk all of This means that he will be behind bars Until February at the earliest which is When an extradition hearing will take Place SBF told the court he will fight Any effort to send him to the U.S Meaning this may be a long process he's Been taken to the Bahamas department of Correctional services facility otherwise Known as Fox Hill in 2020 a U.S report Claimed that this prison suffered from Overcrowding poor nutrition inadequate Sanitation poor ventilation and Inadequate Medical care the U.S Securities and Exchange Commission was First to set out its allegations against SPF ftx's founder has been accused of Orchestrating a massive years-long fraud Diverting billions of dollars in Customer funds for his own personal
Benefit its claimed Alameda research was Used as his personal piggy bank to buy Luxury Condominiums support political Campaigns and make private Investments Among other uses with the crypto hedge Fund allegedly having a virtually Unlimited line of credit at FTX the SEC Said Sam bankman Freed's House of Cards Began to crumble in May 2022 when the Crypto markets crashed a downturn linked To the demise of terraform Labs SBF is Facing eight criminal counts including Wire fraud and money laundering Prosecutors say this covers four areas Of misconduct defrauding customers and Investors of FTX defrauding alameda's Lenders and violating campaign Finance Laws the southern district of New York Alleges billions of dollars were stolen From FTX customers and that the 30 year Old made illegal campaign contributions To Democrats and republi U.S attorney Damian Williams claims dirty money was Used to buy influence he's urged Politicians who received donations to Return that money to innocent victims Just on an aside Joe Biden himself Received over 5 million dollars during His presidential campaign but the White House won't say if it will be given back U.S prosecutors have defended the timing Of Sam bankman Freed's arrest amid Criticism that it stopped ftx's founder From testifying before Congress at a
News conference U.S attorney Damian Williams confirmed that he had Authorized the charges last Wednesday And this led to a grand jury indictment Last Friday all of this means that the Wheels were in motion before SPF had Actually confirmed that he would appear Before Congress Williams confirmed that The Southern District Court of New York Has been working around the clock to Determine what happened and the U.S Attorney strongly suggested that charges Against other individuals may follow Telling reporters we're not done ftx's Financial troubles began months and Possibly years ago the bankrupt Exchanges new CEO had told Congress John Ray that third said eight billion Dollars of customer money has been lost And by definition I don't trust a single Piece of paper in this company he told Us politicians that there was virtually No distinction between FTX and elevator Research Ray also confirmed that in some Cases Sam bankman freed was both the Lender and recipient of loans given to Him personally and it's unclear what These funds were even used for he said Over one billion dollars in funds have Been recovered so far and said funds are Being securely stored in cold wallets However he stressed that this is an Ongoing process that will take weeks and Perhaps months to fully unravel and
Finally some of the most enlightening Parts of the hearing came when committee Members were asking their questions Representative Brad Sherman a long time Critic of crypto like in Sam bankman Freed to a snake Congressman Al Green Said that he found it hard to believe That investigators were dealing with Conscientious stupidity it's emerged That SBF provided written testimony Before his arrest and planned to tell Congress he flipped up and used use the Harsher version of that F Word by the Way Emmanuel Cleaver described this as Disrespectful and absolutely insulting In a particularly eyebrow raising moment Cleaver went on to ask Rey whether he Would support proposals to change the Name of crypto to creepy dough What what's not creepy though is liking This video subscribing to our YouTube Channel and clicking on that little bell Icon to get buzzed whenever a new crypto Espresso video goes live and on Yesterday's video Natasha Brooks 3013 Said I find it oddly suspicious that They arrested SPF less than 24 hours Before the Committee hearing I love your Videos short informative and Entertaining your energy rocks well Thank you Natasha this energy is all Because I'm powered by the one the only The crypto espresso your teeny tiny Daily shot of caffeinated crypto oh I I
Almost started this entire video over Damn autopilot well if you've got any Thoughts about today's stories be sure To leave them in the comments below Because as demonstrated I read them Eyeshadow my favorites in the next Episode questions about our headlines or Crypto in general why not ask Alex in That description below Alex is always a Great resource for all things web 3 and The medicine that about does it for Today again I've been your host Andrew These have been your headlines and I Guess we're probably gonna have more SPF News tomorrow because that's just how Life is anyway we'll see all of your Beautiful shining faces then
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