First up - the founders of SafeMoon have been charged by the Department of Justice with running a massive crypto fraud scheme. According to the indictment, SafeMoon lied to investors by claiming their funds were safely locked in pools to help the token's liquidity. In reality, the founders were secretly diverting tens of millions into their own pockets to fund lavish lifestyles. The SEC has filed similar civil charges against the company.

SafeMoon's token was promoted by Barstool Sports' Dave Portnoy and grew to have a market cap of over $8 billion in 2021. But it's since come crashing down after the Ponzi scheme was revealed. This is yet another cautionary tale about the risks of crypto speculation. The DOJ agent on the case called it "insatiable greed" - and that seems to be a perfect summary.

Our other main story is the conviction of FTX founder Sam Bankman-Fried on 7 counts of fraud. The verdict came after a wild 4-week trial that gave us a fascinating look inside SBF's corrupt crypto empire.

Prosecutors successfully argued that Bankman-Fried secretly misused billions in customer funds from FTX to make risky bets at his hedge fund Alameda Research. The government slammed his actions as one of the biggest financial frauds in history.

Some crazy details emerged during the trial. We learned how SBF bought a $40 million penthouse for him and his inner circle in the Bahamas. And how he donated millions in FTX customer funds to political groups.

One by one, SBF's close friends like Gary Wang and Caroline Ellison turned on him after pleading guilty themselves. Their testimony showed how Bankman-Fried directed the criminal activity despite publicly claiming innocence.

SBF took the very risky move of testifying in his own defense. But he wilted under intense questioning from the prosecution, who used his past words against him. The "math nerd" defense clearly didn't convince the jury.

Now he's facing decades in prison when he's sentenced in March. The downfall is just incredible for the guy who was the king of crypto just last year. From a $35 million penthouse to a jail cell - talk about a fall from grace!

Let me know what you think about these stories and the justice being served! Is it enough to deter future crypto frauds? Or just the cost of doing business for schemes like this?

Looking forward to your feedback. And make sure to hit subscribe for more episodes analyzing the crazy world of crypto each week. Thanks for listening!

PS: We also talk about Taylor Swift & Travis Kelce - of course.

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