Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, October 11th, and today we are talking about, well,

a lot of stuff. But before we get into all of it, if you are enjoying the breakdown, please go

subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,

come join us on the breakers discord. You can find a link of the show notes or go to bit.ly slash breakdown

pod. Hello friends, welcome back to another weird day. Indeed, I think that for the next little

while, at least during Sam's trial and with all of this chaos happening around the world,

it's likely that the show will be a little bit more choppy than normal. In other words, I think

that we'll frequently need smaller update segments

versus shows that are just about one big topic. Today, I think our main focus will be around

how fast the crypto-enabled Hamas narrative has spread, but we are going to start off with a little

SPF trial update first. There is some serious bombshell testimony going on right now,

and so today I'm only going to do

a few of the kickoff highlights. Later this week, we'll do a more full analysis. So, Tuesday's

hearing saw the conclusion of Gary Wang's cross-examination, as well as the introduction of the

prosecution star witness, former Alameda Research CEO, and former Sam Bangman-Fried shackmate, Carolyn Ellison.

Now, Carolyn's testimony yesterday focused on how Alameda had defrauded lenders.

She explained the firm had patted their balance sheet with Loxalana, FTX's exchange token

FTT, and numerous other Sam coins created by SBF to, quote,

make Alameda look less risky than it was.

Carolyn noted that FTT was added to the balance sheet specifically to obtain loans from Genesis, a move which she thought was misleading.

...