MARKETS DAILY: Featured Story | The Second FTX Asset Recovery Report Is Packed With Bombshells
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 1 July 2023
⏱️ 8 minutes
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Summary
New claims put Sam Bankman-Fried and his friends even closer to the center of a brazen conspiracy.
Today’s featured story is an opinion piece from CoinDesk’s David Z. Morris, titled: “The Second FTX Asset Recovery Report Is Packed With Bombshells.”
This episode was hosted by George Kaloudis. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.
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Transcript
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| 0:00.0 | It's Saturday, July 1st, 2023, and this is Markets Daily from CoinDesk. |
| 0:09.5 | It's George Kluid is here with your weekend story. |
| 0:11.6 | On today's show, we're taking a look at the developing FTX saga through the lens of its bankruptcy proceedings. |
| 0:17.2 | And just a reminder, CoinDesk is a new source and does not provide investment advice. |
| 0:28.4 | The following is a piece written by CoinDesk's chief insights columnist David Z. Morris, titled, |
| 0:33.9 | The second FTX asset recovery report is packed with bombshells. |
| 0:37.4 | The second report of John J. Ray III and his FTX restructuring team, known further as The Debtors, |
| 0:43.9 | was released on Monday, June 26th, and it's a doozy. |
| 0:47.4 | The report firms up our sense of specific financial flows, including the use of customer |
| 0:51.7 | funds for political donations and venture capital investments |
| 0:54.4 | at defunct crypto exchange FTX and related hedge fund Alameda research. Among those are many |
| 0:59.9 | flows to entities controlled by friends and family of Sam Bankman-Fried, reinforcing the picture of a |
| 1:04.3 | vast and coordinated criminal effort. More explosively, the report claims that FTX executives were |
| 1:09.6 | aware as early as August 2022 |
| 1:11.3 | that the exchange was missing more than $8 billion in customer funds. |
| 1:15.5 | This recast many statements made by executives like Caroline Ellison, and especially by |
| 1:19.9 | FTCS CEO and co-founder Sam Bankman-Freet himself in the following weeks and months. |
| 1:24.8 | Even more damning, the report describes Bankman Freed getting very hands-on in furtherance |
| 1:29.0 | of the overall fraud. |
| 1:30.9 | Two notes before diving in. |
| 1:32.6 | First, all of the following are allegations made by the FTX liquidators. |
| 1:36.8 | The claims may or may not surface or be confirmed in the separate criminal trial against |
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