SBF Declines a Congressional Invite; Alameda CEO Is Seen in New York City

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 6 December 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and Kraken. On today’s episode, NLW catches up on the latest surrounding the fallout of FTX, including Sam Bankman-Fried’s back and forth with House Financial Services Committee Chair Rep. Maxine Waters (D-Calif.) over a congressional appearance next week, a spotting of Alameda Research CEO Caroline Ellison in New York City, the latest in the Three Arrows Capital bankruptcy and the problems with CoinDesk sister company Genesis Global Capital. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet - a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today's show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is "Back To The End" by Strength To Last. Image credit: Chip Somodevilla/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	I don't know any specifics of anything regarding customer funds or that side of the business.
0:04.2	But when it came to every part of the business that I saw him interact with, including marketing,
0:08.4	all big decisions rolled through him. No one was ever empowered to make major
0:12.7	consequential decisions without him. So color me extraordinarily suspicious that anything like
0:17.6	customer funds moving to Alameda could have happened without his knowledge.
0:22.7	Welcome back to The Breakdown with me, NLW.
0:26.9	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:32.9	The breakdown is sponsored by nexo.io, Circle, and Cracken, and produced and distributed by CoinDesk.
0:40.4	What's going on, guys? It is Monday, December 5th, and today we are talking about Sam Bankman-Free,
0:45.7	declining a congressional invite all the while the Alameda Research CEO has been seen in New York City.
0:53.1	Before we dive into that, however, if you are enjoying the breakdown, please go subscribe
0:56.3	to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
1:00.4	come join us on the Breakers Discord.
1:02.3	You can find a link in the show notes or go to bit.ly slash breakdown pod.
1:06.4	All right, friendos, well, I hope you had a great weekend.
1:12.1	However, if you were on Twitter,
1:18.1	you probably have already had an entire emotional relationship round trip with ChatGPT.
1:24.5	ChatGPT is OpenAI's latest natural language interface for its GPT large language model AI system.
1:28.5	One of the things that makes ChatGPT different and that has caught people's attention is that it can handle not just data prompts but creative prompts. For example, when I
1:33.5	asked write a song about the downfall of FTX in the style of Taylor Swift's anti-hero, it spat
1:38.4	back a full song, including verse one. FtX was once the hero of the crypto game, but now it seems
1:43.6	they've lost their fame.
	...

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