SBF ‘Loaned’ the CEO of The Block $43M

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 13 December 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Circle, Kraken and the Galaxy Brains Podcast. Another day, another betrayal. On Friday, news broke that former FTX CEO Sam Bankman-Fried made three loans totaling $43 million to Michael McCaffrey, CEO of CoinDesk competitor The Block. Those loans went to buying out The Block’s investors, to expanding operations and (of course) to an apartment for McCaffrey in the Bahamas. On today’s episode, NLW looks at the latest betrayal. - 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. - Galaxy Brains: Whether it’s breaking down market volatility or analyzing the latest development, come for the latest market insights from our in-house trading professionals and renowned experts from across the industry. Stay for the occasional rap from host Alex Thorn. Check out the latest episodes here: https://www.galaxy.com/research/podcasts/galaxy-brains/?utm_source=BD&utm_medium=podcast&utm_id=CoinDesk - “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: Juan Moyano/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	There are two ways to look at this. Sam was spending tens of millions of dollars to get preferential
0:05.0	coverage in the short term, or Sam was spending tens of millions of dollars in loans that
0:09.3	theoretically he could call due to have an option to buy out the actual media apparatus
0:14.9	if and as it was relevant and at a time that suited him.
0:19.6	Welcome back to The Breakdown with me, NLW.
0:23.8	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:29.6	The breakdown is sponsored by nexo.io, circle, and crack it, and produced and distributed by CoinDes.
0:37.4	What's going on, guys? It is Monday, December 12th, and today we are talking about and produced and distributed by CoinDesk.
0:42.6	What's going on, guys? It is Monday, December 12th, and today we are talking about what else,
0:48.4	another crazy deceptive thing that Sam did, because that is the story, I guess, of 2022.
0:52.8	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:54.2	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.
0:58.4	You can find a link in the show notes or go to bit.ly slash breakdown pod.
1:02.4	I'm excited to also share that this week the podcast is brought to you by Galaxy and the Galaxy
1:06.5	Brains podcast. Transparency is more important than ever in crypto. If you're here, it's obvious
1:12.4	how important it is to you to find reliable information. For more shows like this, for more shows
1:17.6	like The Breakdown, check out the Galaxy Brains podcast. To tell you a little more, here's the host
1:22.8	Alex Thorne, Galaxy Head of Research. Listen each week as we take you inside the biggest stories and projects in Bitcoin and Crypto.
1:31.6	Whether it's breaking down market volatility or analyzing the latest technical developments,
1:36.1	Galaxy Brains has you covered.
1:37.9	Come for the latest market insights from our in-house trading professionals and renowned experts from across the industry.
1:45.1	Stay for the occasional rap from yours truly. Check it out at galaxy.com slash research. Well, holy shit, friends,
	...

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