Going Bankman: Vzpon in padec Sama Bankman-Frieda

By Bitcoin Revija - pred 7 meseci - Čas branja: 17 minute
Čet, 5. oktober 2023 ob 2:00

Klikni tukaj da preprosto ustvarite svoj račun za brezplačno trgovanje in začnite kupovati favo kripto v nekaj minutah!

Going Bankman: Vzpon in padec Sama Bankman-Frieda

Ta članek je predstavljen v Bitcoin Revije "The Broke Issue". Kliknite tukaj, če se želite naročiti zdaj.

Zgodba 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.

O 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 / januar / 2009 kancler na robu drugega reševanja bank"

- 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.

"Če mislite, da so Bahami uničili vaš svetovni davčni sistem, imate precej grozen svetovni davčni sistem."

- Steven Dean, Summer 2020 [1]

Lansiranje stabilnega kovanca, CBDC dirka do dna

Bahami se zdijo dovolj neškodljivi, kljub temu pa obstaja dolga zgodovina izogibanja davkom v ZDA, skupaj s tihotapci ruma v obdobju prohibicije. Z nadaljevanjem te tradicije so bili karibski bančni centri, vključno z Bahami in Kajmanskimi otoki, avgusta 2022 četrti največji tuji imetniki zakladniških vrednostnih papirjev, za Japonsko, Kitajsko in Združenim kraljestvom. Kmalu po ustanovitvi je FTX je v celoti izkoristil dobo brezplačnega denarja, ki se je začela z zlomom leta 2008 in se je vzdrževala z nizkimi do ničelnimi obrestnimi merami, ki jih je uvedla Trumpova administracija.

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

Medtem ko je ameriška vlada takrat hlinjala strah pred sistemskim tveganjem, je kitajska vlada projekt Libra razumela kot zakulisno dolarizacijo valut G7, za katere se govori, da so vključene v njeno košarico. Prevzem dogovora Plaza iz leta 1985 v lasti Metaverse, ta načrt usklajenega centralnega bančništva bi razširil uporabnike omrežja USD po največjem omrežju interneta, pospešeno zaradi visoke hitrosti, ki je na voljo v centraliziranih digitalnih plačilih, in globalizirano zaradi brezmejne narave baze uporabnikov Facebooka. .

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.

"[Kripto je] očitno resno ... v zakonodajnem prostoru želite narediti vse, kar je prav."

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

Kliknite zgornjo sliko za nakup The Broke Issue.

Okužba se širi

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 kot rezervno sredstvo v primeru, da bi njihov algoritemski stabilni coin, UST, odstopal od vezave na 1 USD. Malo pred njihovim propadom je načrt narasel do visokega cilja zbrati več kot 10 milijard dolarjev v najtežjem znanem digitalnem blagu, kar jih človek pozna. Ta nakup je financiral Three Arrows Capital ali 3AC, omogočil pa ga je posrednik kriptovalut 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."

Z 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 so bili preneseni na 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 hit Binance’s order books, bitcoin’s USD price broke below $30,000, falling from $40,000 just a week before.

13. maja je SBF kupil 7.6-odstotni delež v Robinhoodu, trgovalni platformi, ki je bila pod drobnogledom zaradi ustavitve trgovanja med fiaskom GameStop v začetku leta 2021. Bloomberg je poročal, da je približno 40 % prihodkov Robinhooda izviralo neposredno iz prodaje naročil strank podjetjem, kot so kot Two Sigma Securities in Citadel Securities. [8] Citadel je bila julija 700,000 kaznovana s 2020 $ kazni zaradi predhodnih poslov, ki so jih oddala naročila strank, septembra istega leta pa je ameriška komisija za vrednostne papirje in borzo (SEC) zaslišala Robinhood zaradi nepravilnega obveščanja strank o prodaji borznih poslov. znanim podjetjem za visokofrekvenčno trgovanje.

Prej, decembra 2020, se je Robinhood strinjal, da bo plačal 65 milijonov dolarjev za poravnavo obtožb zaradi ponavljajočih se napačnih navedb, ker niso razkrili svojih prejemkov plačil od omenjenih trgovskih podjetij. [9] Ko je novo imenovana ministrica za finance Janet Yellen februarja 2021 obvestila novoizvoljenega predsednika Joeja Bidna o tem navzkrižju interesov, je morala sama pridobiti etično odpoved, ker je leto prejela vsaj 700,000 $ honorarjev za govornike od Citadel LLC predhodno. [10] SBF je ta nakup razkril prek vloženega obrazca Schedule 13-D pri SEC, ki je stal 648.3 milijarde dolarjev in mu je dal 2.8-odstotno glasovalno moč v njihovi strukturi delnic dvojnega razreda v okviru subjekta Emergent Fidelity Technologies; ime, ki naj bi bilo naključno ustvarjeno. [11]

»13. julija bo Coinbase Exchange poenotila knjige naročil USD in USDC. Kot del procesa združevanja bodo knjige naročil USDC združene v knjige naročil USD, da bi ustvarili boljšo, bolj brezhibno izkušnjo trgovanja z večjo likvidnostjo za USD in USDC.”

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

Circle, subjekt, ki stoji za vedno bolj uporabljanim stabilnim kovanom USDC, je pred tem razširil svojo mednarodno ponudbo s podružnico s sedežem na Bermudih z objavo, objavljeno 22. julija 2019. [13] Ta subjekt, vložen v skladu z Zakonom o poslovanju z digitalnimi sredstvi iz leta 2018 ( »DABA«) je pomenilo, da je bil Circle prvi večji izdajatelj stabilnih kovancev, ki je prejel licenco DABA razreda F (»Full«), ki je zajemala njihovo delovanje skrbništva, plačilnih storitev, menjave, trgovanja in drugih finančnih storitev na področju digitalnih sredstev. Drugi bančni partnerji družbe Circle, Signet, Signature Bank in Silvergate Capital, so dali posojila v USD družbam Celsius, Voyager, Block Fi, Three Arrows Capital in Alameda Research. V času, ko je bil ta članek napisan, so vsi vložili zahtevek za stečaj. Dve njihovi drugi poslovni podružnici, Galaxy Digital in Genesis, sta prav tako poročali o ogromnih izgubah zaradi propada FTX, prihajajo pa govorice o nadaljnjih učinkih okužbe. Coinbase, borza, s katero se javno trguje pod oznako $COIN, je v svojem pismu delničarjem v drugem četrtletju 2 objavila, da je skoraj ena tretjina celotnega prihodka izhajala iz obresti na deleže, denominirane v USD, vključno z veliko pozicijo USDC:

»Prihodki od obresti so znašali 33 milijonov dolarjev, kar je 211 % več kot v prvem četrtletju. Povečanje je bilo predvsem posledica naše dejavnosti USDC, pa tudi višjih obrestnih mer, saj ustvarjamo obresti na fiat skrbniške sklade strank ... ob koncu drugega četrtletja smo imeli 1 milijarde USD skupnih sredstev v USD. Poleg tega smo imeli 2 milijonov dolarjev kripto sredstev.« [6.2]

Ko je bilo pismo objavljeno konec avgusta 2022, so obresti na imetja USDC za 12 mesecev znašale do 4.7 %, medtem ko so bili enomesečni donosi celo 4 %. Do 16. novembra 2022 so se donosi USDC znižali na 0 % v vseh časovnih okvirih.[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]

Septembra 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.

11. oktobra, 216 dni po Bidnovem izvršnem ukazu z zgoraj omenjeno 210-dnevno klavzulo, je BNY Mellon, največja skrbniška banka na svetu z več kot 43 bilijoni dolarjev v knjigah in po naključju tudi skrbnica Circleovih rezerv, ki podpirajo USDC, napovedala uvedbo svoje program za skrbništvo nad digitalnimi sredstvi. [18] Vpletena z več kot 20 % svetovnega naložbenega premoženja, banka, ki jo je ustanovil prvi minister zakladnice Alexander Hamilton, je bila navedena tudi kot partner v pilotnem projektu FedNow. [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, Temeljni znanstveni, 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]

Več peska kot dolarjev

»CIA, Mosad in pedo elita vodijo nekakšno izsiljevalsko združbo za lovljenje trgovine z ljudmi iz Portorika in karibskih otokov. Podstavili mi bodo prenosni računalnik, ki mi ga je podtaknila bivša žena, ki je bila vohunka. Mučili me bodo do smrti.”

- Nikolai Muchgian, October 28, 2022 [23]

24. oktobra 2022 je MakerDAO odobril predlog skupnosti za skrbništvo nad skoraj 1.6 milijarde USD USDC pri Coinbase Prime. [24] Štiri dni pozneje je Nikolai Muchigan, soustanovitelj MakerDAO in izumitelj Rai, stabilnega kovanca DAI-fork, tvitnil, da je njegovo življenje ogroženo zaradi izsiljevalske združbe na karibskih otokih, ki naj bi jo podpirali izraelski in ameriški obveščevalci. . Tri dni kasneje, na noč čarovnic, so 29-letnega koderja Muchigana našli mrtvega, saj se je utopil v morju ob plaži Condado v Portoriku. [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]

»Oblikovalci politik v ZDA bodo postavili okvir, ki mu je treba slediti, tako da bo zasebni trg dejansko ustvaril rešitve, USD kovanec pa je v zelo hitrem porastu ... regulativno okolje je ena največjih sprostitev, ki jih želimo imeti v smislu rasti te industrije in morda celo dviga cen v pravo smer«

- 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]

Kasneje istega večera je FTX uradno prekinil vse dvige sredstev. Kot del pogojev prevzema je bil SBF prisiljen odpreti knjige FTX in pokazati dno svojih žepov; ker je CZ videla več peska kot dolarjev, je CZ odstopil od dogovora. V približno 48 urah je bilo danih nekaj pomembnih izjav, ki so privedle do te nenadne kataklizme, vključno s samo izjemno tiho ameriško komisijo za vrednostne papirje in borzo.

“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]

7. novembra 2022 je SEC uradno razglasila LBRY ali Library Coin za neregistrirano ponudbo vrednostnih papirjev, ki je postavila uničujoč precedens na celotnem razširjenem trgu kriptovalut. [30] Na okrožnem sodišču Združenih držav za okrožje New Hampshire se memorandum in odredba glasita: »Komisija za vrednostne papirje in borzo (SEC) trdi, da je LBRY, Inc. ponujal in prodajal neregistrirane vrednostne papirje v nasprotju z razdelkom 5 vrednostnih papirjev Zakon iz leta 1933«, ki je pogovorno znan kot The Howey Test.

Ker je LBRY rezerviral skoraj 400 milijonov žetonov LBC za predhodno rudarjenje, in ker je družba do danes porabila približno polovico svojih žetonov za predhodno rudarjenje, je SEC določila skupno podjetje, skupaj s pomanjkanjem razkritja in pravilnega vlaganja svojih zdaj domnevna ponudba varnosti prek zahtevanih kanalov v SEC, ki ji predseduje Gary Gensler. Posledice te prijave so šokirale industrijo vnaprej rudarjenih žetonov, vključno z borzami, ki kotirajo te žetone, kot tudi subjekte, ki stojijo za njihovo izdajo. Priročno, naslednji dan so bile 8. november, vmesne volitve v Združenih državah, pri čemer je ravnovesje senata in doma – in morda regulativna pot industrije digitalnih sredstev – ponovno na kocki.

Iskanje FTX na FEC.gov prikaže 456 prispevkov posameznih kampanj SBF, izvršnega direktorja Ryana Salameja in drugih. [31] Salamejevi prispevki skupaj prispevajo več kot 14 milijonov dolarjev kandidatom republikanske stranke, medtem ko je »učinkoviti altruizem« SBF prispeval več kot 20 milijonov dolarjev donacij politikom DNC. Ker je bil drugi vodilni donator za Bidnovo kampanjo, je do trenutka, ko so prišli zadnji volilni izidi volilne noči, bankrot SBF končno dohitel njegovo moralo in znašel se je skoraj v popolnem bankrotu.

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]

Poglavje 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]

Enajsti dan enajstega meseca sta FTX in Alameda Research uradno vložila zahtevek za zaščito pred stečajem v skladu s poglavjem 11, SBF pa je odstopil z mesta izvršnega direktorja. Poleg tega je 130 pridruženih družb, povezanih ali povezanih s FTX, prav tako začelo prostovoljne postopke v skladu s poglavjem 11. [35] Plima je ponehala in skoraj vsi vpleteni so bili ujeti med plavanjem goli, saj je povzročil skoraj neskončen plimski val likvidacij v dolarjih. hitro delo karibskega imperija SBF.

Medtem ko so se prvi curki dolarja CBDC morda začeli na Bahamih, monsuna prihajajoče regulacije in okužbe druge velike vojne stabilnih coinov še zdaleč ni konec. Dolar, ki je od septembra padel za 10 % od 35-letnih najvišjih vrednosti DXY, išče nove načine za inovacije in nadaljnjo dolarizacijo trgov po vsem svetu.

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.

Medtem ko se zdi, da jezdi na valu cvetoče revolucije digitalnega premoženja, zbira podpore zvezdnikov in politične zaveznike, se je izkazalo, da se je SBF utapljal v dolgovih in napačni razporeditvi kapitala med glasnimi, glavnimi pohvalami. Kasneje v tem mesecu, 30. novembra, naj bi se SBF osebno pojavil na dogodku New York Timesa, ki ga je sponzoriral Accenture, poleg sekretarke Yellen, izvršnega direktorja Mete Marka Zuckerberga, ukrajinskega predsednika Volodimirja Zelenskega, izvršnega direktorja BlackRocka Larryja Finka, izvršnega direktorja TikToka Shoua Chewa, nekdanji podpredsednik Michael Pence, izvršni direktor Amazona Andy Jassy, soustanovitelj in izvršni direktor Netflixa Reed Hastings, župan mesta New York Eric Adams in drugi; vstopnice za dogodek so bile navedene po 2,499 $ na udeleženca.[41] Intervju med SBF in Andrewom Rossom Sorkinom je bil predvajan, kot je bilo oglaševano, čeprav sta obe strani streljali na daljavo.

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.

»V nekem trenutku bi lahko imel več za povedati o določenem sparing partnerju, tako rekoč. Ampak saj veste, steklene hiše. Zaenkrat bom rekel le: dobro odigrano; zmagal si." [42]

– Sam Bankman-Fried, 10. november 2022

Ta članek je predstavljen v Bitcoin Revije "The Broke Issue". Kliknite tukaj, če se želite naročiti zdaj.