FTX

“And this guy, you know, in the three years, basically he's become a self-made billionaire. He's worth ten billion dollars now, which is a combination of the money he made from the arbitrage trade as well as he then created his own exchange.”

“He's the wealthiest known crypto billionaire. I think he's got a net worth of ten billion dollars. I think something like that.”

“The Sam Bankman Freed guy, he's currently the wealthiest person from crypto wealthiest known person from crypto. So, you know, nobody knows who Satoshi is, but Sam Bankberfried is the next one. He's got like 15 or twenty billion dollar net worth from crypto, i…”

“They built like for the first year or something, they had two engineers. And even now to this day, they have like, I think, 25 to 30 software engineers.”

“Sam was a genius when it came to the things he had to know for FTX and crypto. So for example, Tom Brady was a like sponsored by FTX, right? Sam could have told you every single thing. About Tom Brady. Could have told you his stat line, everything about him, b…”

“One of the things that helped FTX take off back then was Sam Bankman freed was one of the first to put Political bets on his platform, I think in 2020. And it was a big accelerant for FTX was letting people bet on election, election information back then. And …”

“He actually had a business that would have made him a billionaire many times over. That was, like, the scam with FTX wasn't that the demand and the customers were fake. The demand of the customers were real. It's just that he took the customer money and gamble…”

“And so I think now the people who lost money, they're getting something like a 125% of their money back, which is not bad for a Ponzi scheme that you were a victim of.”

“Scott said the numbers. He goes, I bought 250,000 dollars worth and I sold, I bought a million dollar claim for two 50 and I sold it for 90% of the million. So he like tripled his money.”

“So they sold their stake for eight hundred million. So they put in 400 or five hundred million and they sold it for 800 or nine hundred million in the liquidation. And so it wasn't the Anthropic investment that really paid off.”

“I mean, Sam was giving out 10 year contracts to people, guaranteed 10 year pay contracts, you know, like million dollar contracts to like salary employees, a little bit like the, you know, like AI, you know, meta thing.”

“He had owned enough assets that would make all the creditors whole.”

“The whole pitch on FTX with Scott was, which is, you're buying a stake, you're buying 20 cents, you know, you're gonna get 30 cents in cash back, plus you have all this crypto sizzle.”