This Week in Startups NEWS: Breaking down SBF's trial and the downfall of FTX | E1824
Oct 7, 2023
Get the lowdown on the high-stakes trial of a cryptocurrency mogul as legal dramas unfold. Discover how FTX’s management mishaps and alleged fraud shook the crypto world and left investors reeling. The discussion dives into the hype surrounding crypto, ethics in investment, and the importance of governance. With live questions adding to the excitement, the episode unpacks the shifting attitudes in the crypto community and highlights the implications of emerging regulations.
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SBF's Defense Strategy
- Sam Bankman-Fried's (SBF) erratic behavior and defiance of legal counsel suggest a calculated defense strategy.
- He aims to portray himself as impulsive and lacking judgment to mitigate culpability.
Michael Lewis's Controversial Take
- Michael Lewis's new book, "Going Infinite," controversially portrays SBF as having a legitimate business.
- Lewis argues FTX's downfall stemmed from Alameda Research, not the exchange itself.
FTT Manipulation
- SBF's alleged actions mirror a classic manipulation technique: inflating an asset's value.
- By controlling most of FTT, SBF could manipulate its price and use it as collateral for loans.
