The Dummies That Promoted FTX And Lost Money (maybe) [Sam-Bankman Fried Promo Lawsuit pt2]

Part 2! FTX had major support from celebrities and YouTubers. Since they are now being sued for billions of dollars for their misleading promotions, I go over each celeb and take a guess if they lost or won with their endorsement deal.

The celebrities discussed are Gisele Bündchen, Naomi Osaka, Tom Brady, Steph Curry, David Ortiz, Shaquille O’Neal, Shohei Ohtani, Udonis Haslem, Trevor Lawrence, Kevin O’Leary and Larry David.

🙏🙏🙏 Thanks for watching! 😊

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🧩 Background:

Sam Bankman-Fried aka SBF is the Founder of FTX and Alameda Research which filed for Chapter 11 bankruptcy in the US. FTX used to be the second-largest cryptocurrency exchange and allegedly handled $15B in assets on the platform.

Alameda Research was a crypto hedge fund and made varying investments mainly focusing on cryptocurrencies.

FTX raised $1.8B in total investments with a $32B peak valuation from Tiger Global, Softbank and Sequoia.

– SBF’s net worth went from $26B at the peak to zero.
– His parents are both professors at Stanford Law School
– He went to MIT and graduated with a physics degree
– He was a strong political donor, mostly to democrats in the US
– He was the second-largest individual donor to Joe Biden in the 2020 election cycle
– He donated $40 million to the Democratic Party during the 2022 US midterm elections
– He closed a $135M deal to rename the Miami Heats Stadium
– He got Naming Rights to the Esports Organization TSM in a $210M Deal
– Kept talking about effective altruism and donating all his wealth. He also donated to charities
– He lived in a penthouse in the Bahamas with about 10 roommates
– Allegedly, Bankman-Fried was dating coworker Caroline Ellison (CEO of Alameda)

And:

– Allegedly: They used user deposits for trading via Alameda
– Allegedly: They took extreme risks and lost a lot of user money or just wasted it on non-investments
– Allegedly: They had no real organization or board meetings
– Allegedly: SBF constantly used drug patches to keep his brain dopamine high
– Allegedly: They only bailed out crypto companies because they held FTT to prevent them from dumping it (but not all buyouts held any FTT so it is a rumour)

BANKRUPTCY COURT filing quotes:

– “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

– “Implementation of Controls: the implementation of accounting, audit, cash management, cybersecurity, human resources, risk management, data protection and other systems that did not exist, or did not exist to an appropriate degree”

– “Many of the companies in the FTX Group, especially those organized in Antigua and the Bahamas, did not have appropriate corporate governance. I understand that many entities, for example, never had board meetings.”

– “The FTX Group did not maintain centralized control of its cash. Cash management procedural failures included the absence of an accurate list of bank accounts and account signatories, as well as insufficient attention to the creditworthiness of banking partners around the world.”

– “The audit firm for the Dotcom Silo was Prager Metis, a firm with which I am not familiar and whose website indicates that they are the “first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland”

– “At this time, the Debtors have been unable to prepare a complete list of who worked for the FTX Group as of the Petition Date, or the terms of their employment.”

– “employees of the FTX Group submitted payment requests through an on-line ‘chat’ platform where a disparate group of supervisors approved disbursements by responding with personalized emojis”

– “management practices included the use of an unsecured group email account as the root user to access confidential private keys and critically sensitive data for the FTX Group companies around the world, the absence of daily reconciliation of positions on the blockchain, the use of software to conceal the misuse of customer funds”

🌐 Sources:

Twitter, obviously.
https://en.wikipedia.org/wiki/Sam_Bankman-Fried
https://www.youtube.com/watch?v=QqSV_6dxafw
https://www.youtube.com/watch?v=uGZrZq6z-Ig
https://www.youtube.com/watch?v=EWO8PK8nJig&list=WL&index=2
https://milkyeggs.com/?p=175
https://www.youtube.com/watch?v=1ObdFaUL7nc