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Unchained episodes
- Could the Crypto Markets Revive in 2023? Two Researchers Discuss - Ep. 439
Lucas Nuzzi, head of R&D at CoinMetrics, and Larry Cermak, VP of research at The Block, discuss the current state of the crypto market, including the potential for contagion effects and the challenges faced by VC companies. They also delve into the mining industry and the issues surrounding MEV and Ethereum. The conversation also touches on stablecoins, DeFi activity and NFT trading, and the potential dangers of Binance's dominance in the industry.
Show highlights:- how the collapse in 2022 of FTX and other behemoths will affect the industry in 2023
- why there's been a lot of forced selling in the markets recently
- why the industry could still be headed to more contagion effects
- the characteristics of the current bear market, how it differs from previous ones, and the role of the macroeconomic environment
- why it's very hard to predict how prices will behave in 2023
- why VC firms will have to focus on long-term projects rather than speculation
- what's going to happen in the Bitcoin mining industry in 2023 considering the current tough situation
- why Lucas thinks that Bitcoin "drastically overpays for security"
- why MEV is a concerning issue and how it represents a single point of failure for Ethereum
- how the narrative of alternative layer 1s has changed and why the focus will shift to layer 2s
- whether there is a need to develop better blockchain monitoring tools
- why stablecoin issuers have a very good business model given the interest rate environment
- what are the problems of stablecoins and how they will be regulated
- why DeFi activity and NFT trading were down so heavily in 2022 and whether the downtrend will change
- how Binance's dominance is "terrifying" and whether it could hurt the industry
- Lucas' concerns about the lack of transparency around Binance's BNB token
Thank you to our sponsors!Crypto.com
Chainalysis
Minima
DeFi Saver
Links
Guests:
Lucas :
- Twitter
- CoinMetrics
Larry:
- Twitter
- The Block Research
- Previous appearances on Unchained:
- Larry Cermak of The Block on What 90% of Bitcoin Trading Is For
The year in crypto:
FTX
Previous coverage of Unchained on Sam Bankman-Fried and FTX:
- Why Martin Shkreli Thinks SBF’s New Judge Could Still Be Lenient – Ep. 438
- The Chopping Block: Was FTX a Scam From the Very Beginning?
- How Much Prison Time Is FTX’s Sam Bankman-Fried Facing?
- Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years
- The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
- Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
- Is the Collapse of Crypto Lending Over, or Is It Just Starting?
- Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
- The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
- Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
- The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
- Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
NFTs:
- The Block: From CryptoPunks to Redditors — and a Trump card: The year in NFT charts
CoinDesk: Over $30B of NFT Trading Volume on Ethereum Is Wash Trading, Research Suggests- NFT Market Overview
MEV:
- MEV Watch
- Flashbots dashboard
Unchained: Why Is Ethereum Trying to Maximize Value From Users? Two Sides DebateBTC Mining:
- The Block: Bitcoin mining companies close out year $4 billion in debt: Report
Unchained: Bitcoin Miners Going Bankrupt? Here's How Crypto Winter Is Impacting the IndustryContagion:
- Genesis/DCG:
Unchained:- Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?
- Genesis Owes Creditors At Least $1.8B: Report
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1 hr 19 min - Why Martin Shkreli Thinks SBF's New Judge Could Still Be Lenient - Ep. 438
Martin Shkreli, entrepreneur, investor and convicted white-collar criminal, talks about the new judge assigned to the case against Sam Bankman-Fried, whether Sam’s going to plead guilty or not, and the potential involvement of his family in the lawsuit.
Show highlights:- whether Sam Bankman-Fried truly did not have money to post bail
- why the government did not restrict Sam's usage of the internet and social media
- why Martin thinks the new judge assigned to the case, Judge Lewis Kaplan, is good for SBF
- how many years Judge Kaplan could sentence SBF to, given his unusual work experience
- whether there's still a chance that Sam could paint this case as a business failure
- how defense attorneys will likely try to exploit the romantic relationship between Ellison and SBF in their favor
- why it is unlikely that SBF will plead guilty on the January 3rd arraignment date
- what a telemarketing fraudster case has to do with FTX
- how the prosecutors could indict SBF's family if he doesn't plead guilty
- how a jury would be selected
- whether Sam has enough funds to pay for a decent lawyer and how that's going to affect the case
- how Martin learned about crypto while he was in prison
- how prisoners engage with crypto while incarcerated
- whether Sam could run a business from prison
Thank you to our sponsors!Crypto.com
Guest
Martin:
- Socials
- Previous appearances of Martin on Unchained:
- Martin Shkreli Explains Why Sam Bankman-Fried Got Lucky With His Judge - Ep. 435
- Videos on SBF:
- Which Gang Will Sam Bankman Join In Prison? | Martin Shkreli Gives Prison Advice to FTX CEO
- My Boy Sam Bankman Is Facing Life in Jail for Sure | Martin Shkreli Predicts the FTX Court Hearing
Episode Links
- Reuters: Sam Bankman-Fried to enter plea in FTX fraud case
- Unchained:
- SBF Released on $250M Bond Secured by Parents
- Caroline Ellison and Gary Wang Plead Guilty and Are Cooperating in FTX Investigation
- SBF Signs Extradition Papers After 8 Nights in Bahamas Jail With AC and Cable TV
- CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX
- Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment
Bloomberg:- Bankman-Fried Judge Recused Because Husband’s Firm Advised FTX
- FTX Bankruptcy Standoff Heats Up as Bahamas Challenges US Case
Fortune: Sam Bankman-Fried indicted on multiple conspiracy and fraud charges by U.S. officialsPrevious coverage of Unchained on Sam Bankman-Fried and FTX:
- The Chopping Block: Was FTX a Scam From the Very Beginning?
- How Much Prison Time Is FTX’s Sam Bankman-Fried Facing?
- Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years
- The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
- Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
- Is the Collapse of Crypto Lending Over, or Is It Just Starting?
- Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
- The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
- Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
- The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
- Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
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1 hr 19 min - The Chopping Block Recaps 2022: Crypto's Biggest Winners and Losers and Best Memes - Ep. 437
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the year 2022 in the crypto industry and share their biggest winners and losers of the year, what were the best mechanisms, the biggest surprises and the best memes, and their predictions for the upcoming year.
Show topics:- why stablecoin bulls performed so well in 2022, as well as journalism, DeFi, and the EVM
- how the reputation of the industry suffered tremendously in 2022
- how Solana had to endure multiple hacks and challenges and whether it’s having its “ETH moment”
- whether ETH is the only crypto with good tokenomics
- why MEV has seen such a massive adoption, even if it’s technically not good for crypto
- why the investment landscape changed so much in June
- whether Arbitrum is the winner among layer 2s on Ethereum and the role of retroactive airdrops
- why so many lending companies went bust this year
- whether proof of reserves is a useful concept
- whether developers will go back to build on Ethereum rather than alternative layers 1s
HostsHaseeb Qureshi, managing partner at Dragonfly CapitalTarun Chitra, managing partner at Robot VenturesRobert Leshner, founder of CompoundTom Schmidt, general partner at Dragonfly Capital
LinksLast year's episode:
The Chopping Block... 2021 in Crypto: The Biggest Winners, Biggest Losers, and Best Memes - Unchained Podcast
FTX:
- The Chopping Block: Can Exchange CEOs Like SBF Be Crypto True Believers?
- The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
- The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater
- The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried 'Crypto Kanye'?
- The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
- The Chopping Block: Was FTX a Scam From the Very Beginning?
Tornado Cash
- The Chopping Block: Why DeFi May Be Over-Complying With Tornado Cash Sanctions
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Solana
- The Chopping Block: Anatoly Yakovenko on Why Solana Is Building the SAGA Phone
- The Chopping Block: Why Solana’s Frequent Downtime Doesn't Bother Kyle Samani
Terra:
- The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash
- The Chopping Block: Does the New Terra Have Any Chance?
Others:
- The Chopping Block: Here’s What Was So Bad About Three Arrows Capital
- The Chopping Block: SBF on a Crazy Week of Bitfinex, Wormhole and ENS Drama
- The Chopping Block: Do Kwon Pitches a Decentralized NFT Publishing Service
- The Chopping Block: Did Andre Cronje Pull an Epic Crypto Rug Pull?
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1 hr 31 min - Collapses, Bankruptcies, and Fraud: How 2022 Became the Year of Crypto Carnage - Ep.436
This episode of Unchained looks back on a tumultuous year for the cryptocurrency industry in 2022. Significant events such as the bankruptcies of FTX, Three Arrows Capital, Celsius, Voyager, BlockFi, and the collapse of Terra/LUNA, led to billions being lost due to market plunges and also due to numerous hacks.
This year also brought the Ethereum Merge, one of the most awaited events in crypto's short history. Amidst the turmoil, true believers like Chris Burniske saw a silver lining, while the crypto community watched for the further fallout of this year’s crypto contagion to play out.
Thank you to our sponsors!Crypto.com
Chainalysis
Minima
DeFi Saver
DAO attacker revealed:- Exclusive: Crypto’s Biggest Whodunnit: Who Was Behind the 2016 DAO Attack on Ethereum?
- Exclusive: Austrian Programmer And Ex Crypto CEO Likely Stole $11 Billion Of Ether
Ukraine War:- How Ukraine Is Leveraging Crypto in Its Fight Against Russia - Unchained Podcast
- The Chopping Block: In 'the First Crypto War,' How Should the Money Be Spent? - Unchained Podcast
- Ukraine Has Received $150 Million in Crypto. Here’s How It Is Being Used - Unchained Podcast
Hacks and exploits:
- Bridge Hacks Have Caused ~$1 Billion in Losses. Here’s Why Bridge Security Is Tricky - Unchained Podcast
Terra collapse:
- Did Someone Deliberately Attack Terra/Luna to Kick off a Death Spiral? - Unchained Podcast
- Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed - Unchained Podcast
- The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash - Unchained Podcast
- The 5 Biggest Lessons From Terra/Luna's Collapse, According to Tascha Che - Unchained Podcast
Bankruptcies - 3AC, Celsius and Voyager:
- Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto - Ep. 364 - Unchained Podcast
- The Chopping Block: Here’s What Was So Bad About Three Arrows Capital - Ep. 368 - Unchained Podcast
- Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?- Ep. 374 - Unchained Podcast
Tornado Cash:
- Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? - Ep. 384 - Unchained Podcast
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? - Ep. 386 - Unchained Podcast
- Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No - Ep.387 - Unchained Podcast
- Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? - Ep. 390 - Unchained Podcast
- The Chopping Block: Why DeFi May Be Over-Complying With Tornado Cash Sanctions - Ep. 392 - Unchained Podcast
The Merge:
- With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? - Ep. 389 - Unchained Podcast
- Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH - Ep. 393 - Unchained Podcast
- Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury- Ep.394 - Unchained Podcast
- Did the Merge Make Ethereum ‘the Most Secure Blockchain in the World’? – Ep. 397
Do Kwon comes on Unchained:
- Do Kwon of Terra: ‘It Was Never Really About Money or Fame or Success’ – Ep. 408
NFT royalties:
- The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! - Ep. 409 - Unchained Podcast
- Are NFT Royalties the Way? How to Build a Sustainable Creator Economy - Ep. 414 - Unchained Podcast
FTX Collapse:
- The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? - Ep. 418 - Unchained Podcast
- Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets - Ep. 419 - Unchained Podcast
- Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In - Ep. 420 - Unchained Podcast
- The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater - Ep. 421 - Unchained Podcast
- Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? - Ep. 422 - Unchained Podcast
- Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion - Ep. 423 - Unchained Podcast
- The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried 'Crypto Kanye'? - Ep. 424 - Unchained Podcast
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50 min - Martin Shkreli Explains Why Sam Bankman-Fried Got Lucky With His Judge - Ep. 435
Martin Shkreli, entrepreneur and investor, talks about what Sam Bankman-Fried’s potential life in prison could look like. As a former white-collar criminal, Martin had a lot to say about prison culture, how judge selection affects sentencing, and more.
Show highlights:- why Martin says that the prosecution part of the case is the most difficult to endure
- why he thought Sam had "no chance at bail" (although shortly after we recorded, news broke that Sam had been released on what is believed to be the largest bail bond ever – $250 million)
- whether SBF should plead guilty and hope to be favored by his cooperation
- what jails in New York are like and how the other inmates might treat SBF
- whether SBF will be in danger if he goes to prison and Martin's suggestions for him if he wants to survive
- why the FTX's case is so unprecedented, especially considering the current sentencing guidelines
- Martin's take on Ronnie Abrams, the judge in charge of the case, and why her selection will be good for SBF
- whether Caroline Ellison made a mistake by pleading guilty to so many counts
- why Gary Wang would likely face a tough time in prison for ratting out SBF
Thank you to our sponsors!
Crypto.com
Guest
Martin:
- Socials
- Videos on SBF:
- Which Gang Will Sam Bankman Join In Prison? | Martin Shkreli Gives Prison Advice to FTX CEO
- My Boy Sam Bankman Is Facing Life in Jail for Sure | Martin Shkreli Predicts the FTX Court Hearing
Episode LinksCNBC: FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parentsUnchained:- Caroline Ellison and Gary Wang Plead Guilty and Are Cooperating in FTX Investigation
- SBF Signs Extradition Papers After 8 Nights in Bahamas Jail With AC and Cable TV
- CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX
- Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment
Bloomberg:FTX Bankruptcy Standoff Heats Up as Bahamas Challenges US Case- Sam Bankman-Fried’s Harsh Bahamas Jail Could Shift His Stance on Extradition
Fortune: Sam Bankman-Fried indicted on multiple conspiracy and fraud charges by U.S. officialsPrevious coverage of Unchained on Sam Bankman-Fried and FTX:
- The Chopping Block: Was FTX a Scam From the Very Beginning?
- How Much Prison Time Is FTX’s Sam Bankman-Fried Facing?
- Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years
- The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
- Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
- Is the Collapse of Crypto Lending Over, or Is It Just Starting?
- Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
- The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
- Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
- The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
- Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
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1 hr 23 min - 2022 in Review + How Cobie and Chris Burniske Are Playing the New Year - Ep. 434
What a year. Cobie, crypto investor and host of UpOnly, and Chris Burniske, partner at Placeholder Ventures, sift through 2022’s rubble for clues as to what lies ahead in 2023. The two bright lights of Crypto Twitter weigh in on SBF’s fraud, how to succeed through the bear market, and what remains promising despite the gloom and doom.
Show highlights:- why 2022 is “the hangover of 2021”
- why this year’s big meltdowns were different and dispiriting
- why it was actually a year to remind us of why we’re all here
- how the underlying protocols didn’t skip a beat
- how to survive the bear market
- what Chris feels guilty about in the wake of Alameda’s collapse
- why Cobie hopes SBF spends life in jail
- whether people will actually use decentralized alternatives – or if banking-like relationships will prevail
- what Chris sees as the 2023 version of proof-of-stake in 2017
- why Cobie thinks bitcoin is an area of opportunity over the next few years
- whether the multichain thesis (“Solunavax”) will ever rise again
- whether the contagion is over
- if disgraced figureheads deserve a second chance
- a lightning round lookback on 2022
Thank you to our sponsors!Crypto.com
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DeFi Saver
Guests:
Cobie:
- Twitter
- Substack
- UpOnly
- Previous appearances on Unchained:
- Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
- Cobie and Chris Burniske on How to Navigate a Crypto Bear Market
Chris:
- Twitter
- Placeholder VC
- Previous appearances on Unchained:
- Chris Burniske: A Blank Slate of State
- Chris Burniske of Placeholder on the Downsides of ICOs
The year in crypto:
- FTX
- Unchained:
- CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX
- Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment
- FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
- Terra:
- CoinDesk: The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA
- Three Arrows Capital
- CNBC’s full interview with Three Arrows Capital’s Kyle Davies on the downfall of the defunct crypto hedge fund
- CoinDesk: Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding
- DeCrypt: Bankrupt Three Arrows Capital Owes $3.5B to Creditors, Including $2.3B to Genesis
- Binance
Unchained: Binance Passes Withdrawal ‘Stress Test’ After $3B in Daily OutflowsForbes: Kevin O’Leary Points Finger At Binance For FTX Crash In Senate Testimony- Silvergate
The Block: Silvergate CEO seeks to reassure investors over crypto contagionThe Financial Times: Silvergate: from tiny local lender to bank behind the crypto boom- Genesis/DCG:
- Unchained:
- Genesis Warns of Bankruptcy If Funding Plans Fail: Report
- On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves
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1 hr 22 min - The Chopping Block: Was FTX a Scam From the Very Beginning? - Ep. 433
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, and Tarun Chitra were joined by Laura Shin to chop it up about the latest news.
Show topics:
- the details of the SEC and CFTC complaints
- how crypto traders have always speculated about Alameda's preferential treatment
- whether many people knew about the mismanagement of funds and alleged fraud
- why Haseeb thinks SBF was a "f*cking psycho"
- how helpful Tarun believes a testimony from Sam Trabucco, former co-CEO of Alameda, would be
- why Alameda and FTX lost billions of dollars, and the poor diligence of SBF's venture investments
- Sam's "ineffective altruism"
- why a bull market wouldn't have solved the insolvency problems of FTX
- whether SBF will fight extradition and how long it would take
- how Sam's consistent use of Facebook and his anti-Maker stand shows he was not a crypto-native
- why Laura thinks that The Block CEO's undisclosed loans represent a "total betrayal"
- Robert's take on the ineffectiveness of the government's control of information
- why Binance is under scrutiny and whether it's the "next FTX"
Hosts
Haseeb Qureshi, managing partner at Dragonfly CapitalTarun Chitra, managing partner at Robot VenturesRobert Leshner, founder of CompoundGuest:
Laura Shin, author, host of UnchainedEpisode Links
FTX:
Unchained:CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX- SBF Denied Bail in The Bahamas, Will Remain in Fox Hill Prison
- Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment
- Bahamas Asked SBF to Mint Hundreds of Millions of Dollars’ Worth of New Tokens After Collapse, Say FTX Liquidators
- SBF Directed $8B Alameda Liabilities to an FTX Account He Called ‘Weird Korean,’ Says CFTC
Forbes: Despite Boasting Of Big Profits, FTX And Alameda Lost $3.7 Billion Before 2022Bloomberg: FTX Bankruptcy Standoff Heats Up as Bahamas Challenges US Case- Sam Bankman-Fried’s Harsh Bahamas Jail Could Shift His Stance on Extradition
Fortune: Sam Bankman-Fried indicted on multiple conspiracy and fraud charges by U.S. officialsPrevious coverage of Unchained on Sam Bankman-Fried and FTX:How Much Prison Time Is FTX’s Sam Bankman-Fried Facing?- Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years
- The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
- Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
- Is the Collapse of Crypto Lending Over, or Is It Just Starting?
- Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
- The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
- Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
- The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
- Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
Binance:
Unchained: Binance Passes Withdrawal ‘Stress Test’ After $3B in Daily OutflowsForbes: Kevin O’Leary Points Finger At Binance For FTX Crash In Senate TestimonyThe Block
- Unchained: The Block CEO Steps Down After Revealing He Was Secretly Funded By SBF
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1 hr 10 min - How Much Prison Time Is FTX's Sam Bankman-Fried Facing? - Ep. 432
Ari Redbord, head of legal and government affairs at TRM Labs, discusses all the charges that Sam Bankman-Fried is facing and their potential outcomes.
Show highlights:- the charges against SBF and why the criminal indictment is the most important
- whether SBF testifying in Congress would have complicated the DOJ's criminal case against him
- why it is complicated to state how much prison time Sam is facing
- the ways in which Bankman-Fried can reduce his sentence by cooperating with authorities
- why it's so unprecedented that the indictment came only one month after the collapse of FTX
- whether other senior FTX executives are providing prosecutors with information to reduce their charges
- the reasons why SBF is being held in The Bahamas and the likelihood of him being extradited
- how much the case will be delayed if SBF's lawyers fight the extradition
- Ari's thoughts on whether this case will go to trial
Take Unchained's 2022 survey!Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!
Thank you to our sponsors!Crypto.com
Guest
Ari:
- Twitter
- Previous appearances on Unchained:
- Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
Episode Links
Unchained:- CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX
- SBF Denied Bail in The Bahamas, Will Remain in Fox Hill Prison
- Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment
- Bahamas Asked SBF to Mint Hundreds of Millions of Dollars’ Worth of New Tokens After Collapse, Say FTX Liquidators
- SBF Directed $8B Alameda Liabilities to an FTX Account He Called ‘Weird Korean,’ Says CFTC
Bloomberg:- FTX Bankruptcy Standoff Heats Up as Bahamas Challenges US Case
- Sam Bankman-Fried’s Harsh Bahamas Jail Could Shift His Stance on Extradition
Fortune: Sam Bankman-Fried indicted on multiple conspiracy and fraud charges by U.S. officials- The Enron Trial: A Chronology
- Previous coverage of Unchained on Sam Bankman-Fried and FTX:
- Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years
- The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
- Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
- Is the Collapse of Crypto Lending Over, or Is It Just Starting?
- Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
- The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
- Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
- The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
- Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
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42 min - How Will the FTX Collapse Affect Silvergate? A Bear and a Bull Debate - Ep. 431
Ram Ahluwalia, CEO and cofounder of crypto-native investment advisor Lumida, and Marc Cohodes, individual investor and former hedge fund manager, have a heated debate about Silvergate, a crypto-friendly bank that plays a key role in integrating crypto with traditional finance and is currently under scrutiny due to its ties with FTX and Alameda. Both Marc and Ram have a vested interest in Silvergate. Marc is shorting the stock, while Ram is longing it.
Show highlights:- why Silvergate plays such a vital role in the movement of money within the crypto industry
- whether Silvergate runs proper KYC and AML practices
- whether Silvergate has a $1 billion hole in its balance sheet
- whether regulators will go after Silvergate as they are doing with FTX
- why Marc thinks the FTX collapse wouldn't have happened without Silvergate
- whether Silvergate was complicit with FTX’s activities or simply negligent
- why Ram believes this case is different from JPMorgan's involvement with Madoff
- what regulatory actions might come in the near future for Silvergate
- why Ram thinks regulators will go to "great lengths" to avoid a bank failure
- what would it take for Ram and Marc to change their minds
Take Unchained's 2022 survey!Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!
Thank you to our sponsors!Crypto.com
Chainalysis
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DeFi Saver
Guests:Ram:
- Twitter
- Ram’s thread on Silvergate
- Ram’s previous appearances on Unchained:
- Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?
- Why Genesis Could Very Well Be Insolvent, Not Just Illiquid
Marc:
Episode links:- Class action lawsuit against Silvergate
The Block: Silvergate CEO seeks to reassure investors over crypto contagionLetter from Senators Elizabeth Warren, John Kennedy, and Roger MarshallThe Guardian: JP Morgan Chase to pay more than $2bn in penalties for Madoff tiesThe Financial Times: Silvergate: from tiny local lender to bank behind the crypto boomWSJ: Crypto Is Taking a Few Small Banks on a Wild Ride- Bloomberg:
- These Banks Were Left Holding the Bag in Crypto Implosion
- An Obscure Bank Found Its Key to Success. Then FTX Collapsed
CoinDesk: Crypto Bank Silvergate Says Its BlockFi Digital-Asset Deposit Exposure Totals Less Than $20MNew York Post: Crypto ‘smart’ money? Big traders fell for Sam Bankman-FriedNBC: Sen. Warren demands answers from Silvergate Bank about its business dealings with FTX- Dylan LeClair’s Twitter thread
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1 hr 15 min - Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years - Ep. 430
TuongVy Le, partner and head of regulatory & policy at Bain Capital Crypto, discusses how the legal process for Sam Bankman-Fried in the wake of the FTX scandal could play out.
Show highlights:- the allegations that Bankman-Fried manipulated the market during the Terra crash
- the motivations for Bankman-Fried's media appearances
- what the selection of Mark Cohen as a lawyer says about the potential charges and the case
- why SBF hasn't been arrested yet
- how the US investigating the potential involvement of Bahamian government officials could complicate cooperation of an arrest of SBF in the Bahamas
- why this case is very different from Bernie Madoff's
- what evidence would be needed to say, legally, that SBF committed fraud
- the potential outcomes of the legal case for SBF and how many years of prison time he could face
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TuongVy :
Episode LinksFTX:
- Unchained:
- Regulators Investigate Sam Bankman-Fried for Terra-Related Market Manipulation
- Sam Bankman-Fried Hires Ghislaine Maxwell’s Defense Lawyer: Report
Investigations:
- Reuters: U.S. authorities probe FTX collapse, executives' involvement -sources
- CoinDesk: California Financial Regulator Announces FTX Investigation
Others:
- CNBC: Former OpenSea employee charged in first-ever NFT insider trading case
- NYT:
- Ex-Coinbase Employee and 2 Others Charged With Insider Trading of Crypto Assets
- Two former Deutsche Bank traders win their appeal in a Libor manipulation case
- Previous coverage of Unchained on FTX:
- The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
- Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
- Is the Collapse of Crypto Lending Over, or Is It Just Starting?
- Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
- The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
- Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
- The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
- Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
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46 min
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Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura…
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