Going For Broke: Die opkoms en val van Sam Bankman-Fried

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Do 5 Oktober 2023 2:00

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Going For Broke: Die opkoms en val van Sam Bankman-Fried

Hierdie artikel verskyn in Bitcoin Tydskrif se "Die gebroke kwessie". Klik hier om nou in te teken.

Die verhaal van Bitcoin has certainly had its fair share of nefarious characters, criminal activity, bad haircuts and worse wardrobes, and yet our anti-hero du jour has seemed to outdo them all. Sam Bankman-Fried, better known by the three letter acronym SBF, burst onto the scene at the peak of the 2017 bubble, founding Alameda Research that September, just four years after graduating from an internship into a full-time position at one of the world’s largest market makers, Jane Street Capital.

SBF is the son of Stanford Law professor and founder of left-wing super PAC Mind The Gap, Barbara Fried, and Stanford professor Joseph Bankman, an expert on tax shelter laws and government regulation. At the start of 2018, SBF had struck digital gold while taking advantage of the arbitrage opportunity presenting itself between a higher demand for bitcoin in the Asian market, colloquially known as the “kimchi premium”. By the end of the year, and after amassing a considerable fortune from this high-volume bitcoin/dollar spread, he officially moved to Hong Kong, formally founding the derivatives exchange FTX in the following spring.

Die Bitcoin network that SBF rode from rags to riches and back again was partially launched in direct response to the fiat money experiment rearing its ugly head in the subprime mortgage, real estate and eurodollar crises that culminated into what is now known as the Great Financial Crisis of 2007 to 2009.

“The Times 03/Jan/2009 Kanselier op die rand van tweede reddingsboei vir banke”

- Satoshi Nakamoto, January 3, 2009

This now infamous inscription in the genesis block made clear the inappropriate fractional reserve banking and predatory loan fiascos of our regulated banking industry was to be put to rest once and for all by this emergent monetary protocol; a completely transparent and decentralized ledger would de-incentivize fraud and prevent obfuscation of illicit activity. A new competitor to the dollar arose from the ashes of the meltdown, and with it, a new standard for financial fairness, complete with predictable issuance, controlled once and for all by the people for the people. Yet in any system made with good intentions, criminals like SBF and his bought-and-paid-for political and media allies manage to find a way to hurt innocent people for the advantage of an unknown few. Like most intriguing stories of fraudulent financial crimes, this one starts in the Bahamas, and ends with a tidal wave of asset liquidations and broken homes.

"As jy dink die Bahamas het jou globale belastingstelsel verwoes, het jy 'n redelik verskriklike globale belastingstelsel."

- Steven Dean, Summer 2020 [1]

Die bekendstelling van The Stablecoin, CBDC Race To The Bottom

Die Bahamas lyk onskadelik genoeg, en tog is daar 'n lang geskiedenis van Amerikaanse belastingvermyding, kompleet met rum-running bootleggers gedurende die verbod-era. Deur hierdie tradisie voort te sit, was die Karibiese banksentrums, insluitend die Bahamas en die Kaaimanseilande, vanaf Augustus 2022, die vierde grootste buitelandse houers van tesourie-effekte, agter slegs Japan, China en die Verenigde Koninkryk Kort na die tyd van sy stigting, FTX het ten volle voordeel getrek uit die gratis geld-era wat met die 2008-ongeluk begin het en onderhou is deur lae-tot-nul rentekoerse wat deur die Trump-administrasie meegebring is.

These rate cuts were started by the Trump-nominated and Biden-renominated Jerome Powell and were further exacerbated by both of their administrations’ COVID responses. An unprecedented pumping of all things dollar denominated occurred, with real estate, stock indexes, bitcoin and a whole bunch of unregistered securities known as altcoins reaching new highs across the board. In June 2019, one month after the founding of FTX, Facebook’s Mark Zuckerberg announced Libra, a digital currency based on a basket of international currencies; a novel take on stablecoins. This launched the stablecoin and CBDC race in earnest, and coincidentally enough, the Central Bank of the Bahamas became the first such institution to announce its own CBDC, the sand dollar, in October 2020. The sand dollar itself was pegged to the Bahamian dollar, which is itself pegged to the United States dollar, and thus with its government-sanctioned launch, the birth of the first central bank-issued stablecoin dollar came to be on the sandy beaches of SBF’s new home.

"What is the reserve currency of the crypto economy going to be? Right now it's unambiguously the USD. And interestingly it's USD whether or not you're looking at the American crypto economy."

- Sam Bankman-Fried, November 5, 2021

Terwyl die Amerikaanse regering destyds bang was vir sistemiese risiko, het die Chinese regering verstaan dat die Weegskaal-projek 'n agterdeur-dollarisering was van die G7-geldeenhede wat na bewering in sy mandjie ingesluit is. Hierdie plan van gekoördineerde sentrale bankwese, 'n Metaverse-oorsig oor die 1985 Plaza Accord, sal USD-netwerkgebruikers oor die internet se grootste netwerk versprei, versnel deur die hoë snelheid wat beskikbaar is in gesentraliseerde digitale betalings en geglobaliseer deur die grenslose aard van die Facebook-gebruikersbasis .

The digital yuan was trialed in April 2021 with great haste in reaction to this development, and by the Winter Olympics 2022, had launched for foreign attendees in Beijing. Not to be outdone by these new-look, same-shit fiat cryptocurrencies, Bitcoin made its own financial history when President Nayib Bukele of El Salvador took to the stage at Bitcoin 2021 to announce the legal tender aspirations of his small but dollarized nation. On March 9, 2022 President Joe Biden signed Executive Order #14067–”Ensuring Responsible Development of Digital Assets”, which included aspirations for mitigation of financial risks in digital asset markets, as well as a clause stating that within 210 days, the attorney general, in consultation with the secretary of the treasury and the chairman of the Federal Reserve, must provide a formal proposal for a government-issued CBDC.

By this point, the Bitcoin financial system had been utterly and properly dollar-ified, with billions of dollars in liquidity of dollar-denominated trading pairs making up the lion’s share of market activity. The same can be said for the Ethereum network, which has seen its compliance-driven perversion by non-native assets taking the wheel from its token Ether, as stablecoin and other dollar derivatives now uphold the majority of economic weight of the system. Both stablecoin giants Circle, issuer of USDC, and Tether came out in support of the merge, further ossifying their stake in the now-nearly-70%-OFAC-compliant blockchain. [2] As of this article’s writing, over 15.5 million ether are currently staked without active withdrawals in the Ethereum 2.0 beacon chain, worth nearly $18 billion dollars.[3] Fortunately for Bitcoin, the consensus weight of its system is not manipulated by user stake, and thus the Bitcoin market has been seemingly unaffected – negatively anyway – by this decade-long development. At least until scammer Do Kwon and his ponzi-scheme Luna wreaked havoc on investors at the start of May of 2022.

"[Crypto is] natuurlik ernstig ... jy wil dit reg doen in die regulatoriese ruimte."

- President Bill Clinton, April 27, 2022 (Allegedly) [4]

Klik op die prent hierbo om The Broke Issue te koop.

Besmetting versprei

Only a few weeks after SBF hosted a keynote with former U.K. Prime Minister Tony Blair and President Bill Clinton at the FTX-organized Crypto Bahamas conference, one of the largest-ever over-the-counter bitcoin purchases was announced by the LUNA team.

Terraform Labs and the non-profit Luna Foundation Guard, two entities headed by Do Kwon, had begun a campaign to purchase bitcoin as a reserve asset in the event that their algorithmic stablecoin, UST, deviated from its $1 peg. Shortly before their collapse, the plan had ballooned to the lofty goal of stacking over $10 billion in the hardest known digital commodity known to man. This purchase was financed with Three Arrows Capital, or 3AC, and was facilitated by cryptocurrency broker Genesis.

"Terra's remarkable growth has continuously reshaped crypto markets over the last two years”, said Joshua Lim, head of derivatives at Genesis. “Genesis is excited to be a liquidity partner to the Terra ecosystem, connecting it to a broader audience of institutional market participants."

Met die bitcoin reserves of Luna Foundation Guard totalling 80,394 BTC, valued at over $3.1 billion on May 5, 2022, this purchase placed LFG among the top-10 bitcoin holders in the world. [5] But only for a moment, for while it might feel like a lifetime ago, what happened next should look awfully familiar; the peg was attacked, the recently-purchased bitcoin fortune was liquidated, Binance, led by CEO Changpeng Zhao (CZ), aptly halted all trading on LUNA and UST pairs – with notable exceptions to their own stablecoin BUSD – and Kwon seemingly fled to outside of U.S. jurisdiction to Asia. [6]

Thus begins our first of many repeatable points of inquiry; where exactly did this bitcoin go? According to an audit released in November 2022, over 33,000 bitcoin were transferred to Binance on May 10, 2022, and sold along with other assets while failing to defend the peg. [7] The same day the nearly $1 billion dollars worth of bitcoin tref Binance’s order books, bitcoin’s USD price broke below $30,000, falling from $40,000 just a week before.

Op 13 Mei het SBF 'n belang van 7.6% in Robinhood gekoop, die verhandelingsplatform wat onder die loep geneem is omdat hy handel tydens die GameStop-fiasko vroeg in 2021 gestaak het. Bloomberg het berig dat ongeveer 40% van Robinhood se inkomste direk uit die verkoop van klantbestellings aan firmas gekom het. as Two Sigma Securities, en Citadel Securities. [8] Citadel is in Julie 700,000 met $2020 XNUMX beboet vir transaksies aan die voorkant wat deur klante se bestellings geplaas is, en in September van dieselfde jaar is Robinhood self deur die Amerikaanse Securities and Exchange Commission (SEC) ondervra omdat hy kliënte onbehoorlik ingelig het oor die verkoop van aandeletransaksies. aan bekende hoëfrekwensie-handelsfirmas.

Voorheen in Desember 2020 het Robinhood ingestem om $65 miljoen te betaal om aanklagte van herhaalde wanvoorstellings vir die versuim om hul ontvangste van betalings van genoemde handelsfirmas bekend te maak, te vereffen. [9] Toe Janet Yellen, nuut-benoemde tesourie-sekretaris, die nuutverkose president Joe Biden in Februarie 2021 oor hierdie botsing van belange ingelig het, moes sy self 'n etiekkwytskelding bekom omdat sy die jaar minstens $700,000 10 aan sprekersfooie van Citadel LLC ontvang het. voor. [13] SBF het hierdie aankoop via 'n bylae 648.3-D-vorm wat by die SEC ingedien is, bekend gemaak, wat $2.8 miljard dollar kos en hom 11% stemkrag in hul dubbelklas-aandeelstruktuur gee, onder die entiteit Emergent Fidelity Technologies; 'n naam word na bewering lukraak gegenereer. [XNUMX]

"Op 13 Julie sal Coinbase Exchange USD- en USDC-bestelboeke verenig. As deel van die eenwordingsproses sal USDC-bestelboeke onder USD-bestelboeke saamgevoeg word om 'n beter, meer naatlose handelservaring met dieper likiditeit vir USD en USDC te skep.

- Coinbase Exchange Twitter, June 29, 2022 [12]

Circle, die entiteit agter die USDC stablecoin wat toenemend gebruik word, het voorheen hul internasionale aanbiedinge uitgebrei met 'n filiaalonderneming gebaseer in Bermuda met 'n aankondiging wat op 22 Julie 2019 gemaak is. [13] Hierdie entiteit, ingedien kragtens die Digital Assets Business Act van 2018 ( "DABA") het beteken dat Circle die eerste groot stablecoin-uitreiker was om 'n Klas F ("Volle") DABA-lisensie te ontvang wat hul werking van bewaring, betalingsdienste, ruil, handel en meer finansiële dienste binne die digitale bate-ryk dek. Circle se ander bankvennote, Signet, Signature Bank en Silvergate Capital het USD-lenings aan Celsius, Voyager, Block Fi, Three Arrows Capital en Alameda Research gemaak. Teen die tyd dat hierdie artikel geskryf is, het almal om bankrotskap aansoek gedoen. Twee van hul ander sakevennote, Galaxy Digital en Genesis, het ook massiewe verliese in die FTX-ineenstorting aangemeld, met gerugte van verdere besmettingseffekte. Coinbase, 'n beurs wat in die openbaar verhandel word onder die ticker $COIN, het in sy Q2 2022 aandeelhouersbrief aangekondig dat byna een derde van die totale inkomste verkry is uit rente op USD-gedenomineerde besit, insluitend 'n groot USDC-posisie:

“Rente-inkomste was $33 miljoen, 211% hoër vergeleke met die eerste kwartaal. Die toename is hoofsaaklik gedryf deur ons USDC-aktiwiteit, sowel as hoër rentekoerse, aangesien ons rente op fiat-kliëntbewaringsfondse genereer ... aan die einde van Q1 het ons $2 miljard in totale $USD-hulpbronne gehad. Boonop het ons $6.2 miljoen se kripto-bates gehad.” [428]

Toe die brief aan die einde van Augustus 2022 vrygestel is, was rente op USDC-belange vir 12 maande tot 4.7%, terwyl eenmaand-opbrengste 'n eweredige 4% was. Teen 16 November 2022 was USDC-opbrengste af tot 0% oor alle tydraamwerke.[15]

“1) Binance converts USDC --> BUSD, and we see the change in supplies. Thus begins the Second Great Stablecoin War.”

- @SBF, October 23, 2022 [16]

Op September 4, 2022, Binance announced that it would be auto-converting all USDC, USDP and TUSD, three major dollar stablecoins, into its self-issued BUSD, effective in just 25 days. [17] This led to continued concerns about Binance’s solvency with the preceding few months, especially July 2022, seeing the largest known outflows of bitcoin in the exchange’s history, eclipsing even March 2020’s black swan bottom.

Op 11 Oktober, 216 dae na Biden se uitvoerende bevel met die bogenoemde 210-dae klousule, het BNY Mellon, die wêreld se grootste bewaarderbank met meer as $43 triljoen op die boeke, en toevallig, die bewaarder van Circle se reserwes wat USDC ondersteun, die bekendstelling van sy program vir bewaring van digitale bates. [18] Die bank wat deur die eerste sekretaris van die tesourie, Alexander Hamilton, gestig is, betrokke by meer as 20% van die wêreld se belêbare bates, is ook as 'n vennoot in die FedNow-vlieënier gelys. [19]

Despite these institutional developments, a continued bear market weighed heavily on the now-plummeting bitcoin price. Paradoxically, more and more Bitcoin hash rate poured onto the network. These concurrent movements saw Bitcoin’s hash price plummet to an all-time low, spurring a massive liquidation of bitcoin liabilities off mining operators books. On October 26, Kernwetenskaplik, then the largest Bitcoin mining operation in the world, filed for bankruptcy with millions of dollars in debt liabilities, thousands of ASICs, and yet in their filings, held only 24 bitcoin total when the circus came to town. [20] Where exactly did all this bitcoin go? On that same day, barely two weeks before the FTX collapse, Binance saw its largest single day outflow, with 71,579 coins, totalling over $1.1 billion in dollar terms. [21] This pushed net outflows to nearly 95,000 coins from the world’s largest exchange since just that July. Again, where exactly did all this bitcoin go? The very next day, October 27, 2022, SBF appeared on The Big Whale and announced future plans for FTX to launch its very own stablecoin. [22]

Meer sand as dollars

“CIA en Mossad en pedo-elite bestuur een of ander soort afpersing van sekshandel-verval uit Puerto Rico en die Karibiese eilande. Hulle gaan my raam met 'n skootrekenaar wat geplant is deur my ex gf wat 'n spioen was. Hulle sal my doodmartel.”

- Nikolai Muchgian, October 28, 2022 [23]

Op 24 Oktober 2022 het die MakerDAO 'n gemeenskapsvoorstel goedgekeur om byna $1.6 miljard USDC by Coinbase Prime te bewaring. [24] Vier dae later het Nikolai Muchigan, die medestigter van MakerDAO en uitvinder van Rai, 'n DAI-vurk-stalmuntstuk, getwiet dat sy lewe in gevaar was weens 'n Karibiese eiland-afpersring, vermoedelik gesteun deur Israeliese en Amerikaanse intelligensie-agente . Drie dae later, op Halloween, is die 29-jarige kodeerder Muchigan dood gevind nadat hy in die see langs Condado Beach in Puerto Rico verdrink het. [25]

Two days later, on November 2, 2022, CoinDesk reporter Ian Allison released findings that over a third of all assets – around $5.8 billion of $14.6 billion – on the balance sheet of SBF’s Alameda Research was intrinsically, and soon to be fatally, linked to FTX’s exchange token FTT. A “bank” run commenced, and after three days of nearly $6 billion in withdrawals, FTX was left with literally one single bitcoin. Where exactly did all this bitcoin go? The next day in an interview with Fortune, Coinbase founder and CEO Brian Armstrong made note that USDC will become the de facto central bank digital currency in the U.S. [26]

"Die beleidmakers in die VSA sal die raamwerk stel wat gevolg moet word sodat die private mark werklik die oplossings sal skep, en USD-munte het baie vinnig gestyg ... die regulatoriese omgewing is een van die grootste ontsluitings wat ons gaan doen om te hê in terme van die groei van hierdie bedryf en dalk selfs om die pryse in die regte rigting te laat styg.”

- Brian Armstrong, November 3, 2022

On November 6, CZ announced Binance would liquidate a remaining portion of FTT it had acquired from exiting FTX’s equity, having received around $2.1 billion in BUSD and FTT. Minutes after his announcement, Caroline Ellison, SBF’s partner and the CEO of Alameda Research, offered to purchase the tokens at $22 each, in an over-the-counter fashion. [27] By November 8, CZ and SBF had a phone call and seemingly came to a tentative deal for acquisition, reserving the right to back out of the deal at any time, while interestingly also leaving both U.S.-based proprietary exchanges, Binance.us and FTX.us, outside the scope of the deal.

“Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc)”, SBF tweeted. [28]

Later die aand het FTX alle bate-onttrekkings amptelik opgeskort. As deel van die voorwaardes van die verkryging was SBF gedwing om die FTX-boeke oop te maak en die onderkant van sy sakke te wys; Omdat CZ meer sand as dollars gesien het, het CZ uit die transaksie getree. 'N Paar belangrike stellings is gemaak in die 48 uur of so wat gelei het tot hierdie skielike ramp, insluitend van die vreeslik stil Amerikaanse Securities and Exchange Commission self.

“Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards.”

- CZ, November 6, 2022 [29]

Op 7 November 2022 het die SEC LBRY, of Library Coin, amptelik as 'n ongeregistreerde sekuriteitsaanbieding beskou, wat 'n verwoestende presedent in die uitgebreide kripto-geldeenheidsmark geskep het. [30] In die Verenigde State Distrikshof vir die Distrik van New Hampshire het die memorandum en bevel gelees: “Die Securities and Exchange Commission (SEC) voer aan dat LBRY, Inc. ongeregistreerde sekuriteite aangebied en verkoop het in stryd met Artikel 5 van die Securities Wet van 1933”, die wet wat in die volksmond bekend staan as The Howey Test.

As gevolg van LBRY wat 'n voormyn van byna 400 miljoen LBC-tokens gereserveer het, en die wete dat die maatskappy tot op hede ongeveer die helfte van sy voorafgemynte LBC bestee het, het die SEC 'n gemeenskaplike onderneming vasgestel met 'n gebrek aan openbaarmaking en behoorlike indiening van sy nou beweerde sekuriteitsaanbieding deur vereiste kanale in die SEC onder voorsitterskap van Gary Gensler. Die implikasies van hierdie liassering het skokgolwe oor die voorafontginde tokenbedryf gestuur, insluitend beurse wat hierdie tokens lys sowel as die entiteite agter hul uitreiking. Gerieflik was die volgende dag 8 November, die Verenigde State se middeltermynverkiesing, met die balans van die senaat en die huis - en miskien die regulatoriese pad van die digitale batebedryf - weereens op die spel.

Soek vir FTX op FEC.gov bring 456 individuele veldtogbydraes van SBF, uitvoerende hoof, Ryan Salame, en ander. [31] Salame se bydraes beloop meer as $14 miljoen vir GOP-kandidate, terwyl SBF se "effektiewe altruïsme" meer as $20 miljoen in skenkings aan DNC-politici bygedra het. Nadat hy die tweede voorste skenker van die Biden-veldtog was, het SBF se bankrol teen die tyd dat die finale tellings van die verkiesingsaand ingestroom het uiteindelik sy sedes ingehaal, en hy het homself byna heeltemal bankrot gevind.

By November 9, the day after the elections, SBF had reportedly lost 94% of his net worth, down to $1 billion from more than $15 billion, leaving him with the largest single-day loss by a person according to the Bloomberg Billionaire Index. [32] Early in the morning of November 10, SBF took to Twitter to explain what happened, writing “I'm sorry. That's the biggest thing. I fucked up, and should have done better”, before making a specific note that “THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!” [33]

Hoofstuk 11

“The administration [...] has consistently maintained that without proper oversight, cryptocurrencies risk harming everyday Americans…The most recent news further underscores these concerns and highlights why prudent regulation of cryptocurrencies is indeed needed.”

- White House Press Secretary Karine Jean-Pierre, November 10, 2022 [34]

Op die elfde dag van die elfde maand het FTX en Alameda Research amptelik aansoek gedoen om Hoofstuk 11-bankrotskapbeskerming, en SBF het as HUB uitgetree. Daarbenewens het 130 geaffilieerde maatskappye verbonde aan of geassosieer met FTX ook vrywillige verrigtinge ingevolge Hoofstuk 11 begin. [35] Die gety het uitgegaan, en byna almal wat betrokke was is gevang om kaal te swem, as 'n byna eindelose vloedgolf van dollar-gedenomineerde likwidasies wat gemaak is vinnige werk van SBF se Karibiese ryk.

Terwyl die eerste druppels van 'n dollar-CBDC dalk in die Bahamas begin het, is die moesson van komende regulering en besmetting van die Tweede Groot Stablecoin-oorlog nog lank nie verby nie. Die dollar, wat sedert September met 10% van 35-jaar DXY-hoogtes gedaal het, soek nuwe maniere om markte regoor die wêreld te vernuwe en verder te dollariseer.

On November 15, just four days after the SBF tsunami crashed to shore, BNY Mellon, as well as a dozen or so other banking institutions, announced the start of a twelve-week digital dollar pilot program with the Federal Reserve Bank of New York. [36] On the very same day, BlockFi announced plans for bankruptcy filings, only five months after taking a $250 million loan from FTX, and Circle announced users would now be able to settle payments by accepting Apple Pay. [37,38] With a significant 43% discount now showing on the highly-regulated Grayscale Bitcoin Trust, further community requests for proof of reserves are growing around Genesis and Grayscale, both owned by the Digital Currency Group, and even their custodian, Coinbase Custody. [39,40] As of this writing, these requests have so far been denied for security reasons.

Terwyl dit lyk asof dit die golf van die bloeiende digitale bate-revolusie ry, sowel as bekendes en politieke bondgenote versamel, blyk dit dat SBF verdrink het in skuld en kapitaal wantoewysing onder die luide, hoofstroom lof. Later daardie maand, op 30 November, sou SBF persoonlik by 'n New York Times-geleentheid verskyn, geborg deur Accenture, saam met Sekretaris Yellen, Meta HUB Mark Zuckerberg, Oekraïne President Volodymyr Zelensky, BlackRock HUB Larry Fink, TikTok HUB Shou Chew, voormalige vise-president Michael Pence, Amazon se uitvoerende hoof, Andy Jassy, Netflix medestigter en uitvoerende hoof Reed Hastings, New York City se burgemeester Eric Adams, en ander; kaartjies vir die geleentheid was gelys teen $2,499 per deelnemer.[41] Die onderhoud tussen SBF en Andrew Ross Sorkin is gestroom soos geadverteer, alhoewel albei partye op afstand geskiet het.

Bitcoin tends to be a ballast of truth, bringing all sorts of ballooning fraud rushing to the surface. FTX and Alameda Research will take their place amongst the seemingly too-big-to-sink players that ended up doing just that. They will certainly not be the last. However the following weeks, months, and years play out, it is clear that SBF was but a small fish in an ocean-sized, dollarized pond. And as he quickly found out, there is always a bigger fish.

"Op 'n stadium het ek dalk meer te sê oor 'n spesifieke sparringmaat, so te sê. Maar jy weet, glashuise. So vir nou, al wat ek sal sê is: goed gespeel; jy het gewen." [42]

– Sam Bankman-Fried, 10 November 2022

Hierdie artikel verskyn in Bitcoin Tydskrif se "Die gebroke kwessie". Klik hier om nou in te teken.