We Study Billionaires - The Investor’s Podcast Network BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast)
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Nov 23, 2022 Cory Klippsten, CEO of Swan Bitcoin, shares his candid insights on the aftermath of the FTX bankruptcy and highlights the need for transparency in the crypto industry. He discusses the pitfalls of venture capitalists in the crypto space and unveils the mechanics behind major scams. Klippsten also emphasizes the critical difference between Bitcoin and other cryptocurrencies, advocating for self-custody. Tune in to hear about his experiences at the Bitcoin Pacific Conference and how he envisions a brighter future for Bitcoin enthusiasts.
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Importance of Self-Custody
- Self-custody protects your Bitcoin from exchange failures.
- Recent events show even sophisticated investors left crypto funds on exchanges.
SBF's Fraud
- Sam Bankman-Fried (SBF) engaged in fraudulent activities, including gambling with customer funds.
- This was not simply a case of bad trades; it was a deliberate misuse of customer money.
Alameda's Bailout
- SBF likely propped up Alameda Research after the Luna/Celsius collapse.
- On-chain analysis suggests a large transfer of FTT tokens from FTX to Alameda around that time.