The FBI had A Crypto Token!
Patrick Boyle On Finance
Patrick Boyle
4.9 • 320 Ratings
🗓️ 12 October 2024
⏱️ 21 minutes
🧾️ Download transcript
Summary
The FBI created their own crypto token called NexFundAI as part of an investigation into price manipulation in crypto markets. As a result of the investigation, the SEC charged three “so-called market makers” and nine individuals for allegedly engaging in schemes to boost the prices of certain crypto assets. The Department of Justice charged 18 people and entities for “widespread fraud and manipulation” in crypto markets. Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https://amzn.to/3fn3rvC Ways To Support The Channel Patreon: https://www.patreon.com/PatrickBoyleOnFinance Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle Visit our website: https://www.onfinance.org Follow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle Additional Links: SEC Press Release: https://www.sec.gov/newsroom/press-releases/2024-166 U.S. Attorney's Office, District of Massachusetts: https://www.justice.gov/usao-ma/pr/eighteen-individuals-and-entities-charged-international-operation-targeting-widespread Link To Report Losses: https://forms.fbi.gov/seeking-information-in-cryptocurrency-investment-fraud-investigation Business Inquiries ➡️ sponsors@onfinance.org Patrick Boyle On Finance Podcast: Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0b Apple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313 Google Podcasts: https://tinyurl.com/62862nve Join this channel to support making this content: https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join
Transcript
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| 0:30.0 | It's not so long ago that celebrities who wanted to make money in crypto did so by simply |
| 0:35.4 | endorsing other people's tokens, NFTs or even Ponzi schemes, |
| 0:39.7 | or crypto exchanges as they used to be called. |
| 0:43.8 | People like Matt Damon, Tom Brady, Larry David, and that little fellow from the Lord |
| 0:48.4 | of the Rings movies fronted huge advertising campaigns for crypto exchanges. |
| 0:54.1 | I was disappointed to learn earlier |
| 0:56.2 | this year from court documents that Snoop Dogg was paid around $1 million to perform |
| 1:02.8 | as a bored ape at the MTV Video Music Awards in 2022. I suppose it makes sense that they |
| 1:10.0 | paid him to do this. |
| 1:11.6 | As a quick look at YouTube shows that the official music video of his Bored Ape song only got 3,600 views over the last two years. |
| 1:21.6 | And at least 3,500 of those views were me. |
| 1:25.6 | It's basically been on repeat play here the whole time. Well, |
| 1:30.3 | that and the vacuum cleaner song by Razlcan. Everything changed in 2024 when celebrities |
| 1:38.3 | like Caitlin Jenner and Iggy Azalea launched their own meme coins. Yesterday I learned that launching your own |
| 1:46.8 | meme coin had become so mainstream that the FBI even launched their own token called NextFund |
| 1:54.5 | AI, which let's be serious is a terrible name for a crypto token. What's wrong with Fed token or FBI Enu? Maybe those |
| 2:04.1 | ones were already taken. According to the SEC, NECS fund AI traded for only nine hours, |
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