4.8 • 786 Ratings
🗓️ 5 January 2023
⏱️ 15 minutes
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0:00.0 | Welcome back to The Breakdown with me, NLW. |
0:09.3 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
0:15.3 | The breakdown is produced and distributed by CoinDes. |
0:20.4 | What's going on, guys? |
0:21.7 | It is Wednesday, January 4th, and today we are discussing why Sam Bangman-Fried is pleading |
0:27.0 | not guilty to charges of fraud. |
0:30.2 | Before we get into that, however, if you are enjoying the breakdown, please go subscribe |
0:33.1 | to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, |
0:37.3 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash |
0:41.5 | breakdown pod. All right, guys, so as I suggested yesterday, today is FTX catch-up day. |
0:49.4 | As much as we'd all like to move on for it, FTX is going to have lingering effects and |
0:54.1 | continue to shape |
0:54.9 | news cycles for some time to come. That is especially true after yesterday when Sam entered |
1:01.0 | his plea in federal court in New York. But before we get into the details there, let's take a few |
1:06.6 | steps back. At the end of our normal shows last year, in fact, our last normal show before the |
1:11.6 | year-end interviews, the big, massive story was that not one but two of the principles around Sam |
1:18.3 | had flipped and pled guilty and were actively cooperating with Southern District of New York |
1:23.3 | prosecutors. This all transpired in pretty dramatic fashion. On Wednesday evening, December 21st, |
1:29.5 | it was announced that Sam was in U.S. custody and being transported back to the U.S. from the Bahamas. |
1:35.5 | And almost as soon as the extradition papers had been signed and his flight was in the air, |
1:40.1 | the STNY announced that Gary Wang and Carolyn Ellison had both pled guilty and were cooperating |
1:46.3 | with investigators. Now, in the case of Caroline, this wasn't so surprising, as it had already |
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