FTX: The Legend of Sam Bankman-Fried (A Financial Times Film)
~ Sunday, October 15, 2023 Blog Post ~
Besides “Ruin: Money, Ego and Deception at FTX — The Sam Bankman-Fried Story” which streams on Wednesday, October 25, 2023, “FTX: The Legend of Sam Bankman-Fried” is another short film about the disgraced cryptocurrency exchange founder. It premiered online seven months ago on Monday, March 6, 2023.
Here is the film uploaded on the Financial Times’ YouTube channel:
This Financial Times’ presentation tackled the life of Bankman-Fried from being engaged in sheer mathematics nerdery to being the culprit behind one of the biggest frauds in American financial history.
“FTX: The Legend of Sam Bankman-Fried” features cryptocurrency and finance journalists, professionals, and investors who viewed Bankman-Fried as a completely different animal. They described FTX as having a balance sheet that is so large that its operators can afford to take risks.
Considerable Fear, Uncertainty, and Doubt or FUD are what the feature presentation’s speakers confirmed to have gripped FTX’s investors. After all, Bankman-Fried exhibited that, after investors pour their hard-earned money into a virtual asset that has an intrinsic value of zero, their investment funds can disappear in a fortnight.
“FTX: The Legend of Sam Bankman-Fried” is a cautionary tale for investors interested in jumping into cryptocurrency exchanges peddling Fear Of Missing Out or FOMO. It should warn investors that it is highly risky to trust a virtual currency exchange founder who has not been in the financial markets industry for a fairly long period and that their investments could go down to a big, fat zero in no time.
FTX: The Legend of Sam Bankman-Fried (A Financial Times Film) — Synopsis
Monday, March 6, 2023
FTX, Sam Bankman-Fried’s cryptocurrency exchange, exploded onto the scene in just a few years. Endorsed by celebrities and accepted by the establishment, it attracted big-name investors and was valued at $32bn before it collapsed in a matter of days. Regulators fell for it, venture capitalists fell for it, celebrities fell for it — everyone fell for the legend of Sam #FTX #crypto #SBF
Produced, directed and edited by Daniel Garrahan. Filmed by Petros Gioumpasis and Gregory Bobillot. Graphics by Russell Birkett
00:00 — The legend of Sam
03:04 — FT explodes into the mainstream
07:04 — Cracks start to form
10:00 — The fall of FTX
13:58 — “I ended up losing $2.1m”
15:22 — Sam’s apology tour
17:33 — Police arrest Sam in the Bahamas
18:34 — FTX’s inner circle of power
21:09 — A failure of due diligence
23:29 — Where were the auditors? Where were the regulators?
27:49 — What FTX’s collapse means for crypto
Sources and references:
https://www.bosshunting.com.au/hustle/sam-bankman-fried-net-worth/
