Hey guys, it's Sasha Last night FTX The world's second largest crypto exchange collapsed. Although FTX is approximately the 69 millionth large crypto exchange to have collapsed Crypto Bros around the world seem to be genuinely surprised that a giant off Ponzi scheme happened to fall apart when the money ran out because the precise reason this garbage company fell apart is because they ran out of money, not their money. They ran out of their customers money. a problem that eventually does tend to occur in roughly 100 of all Ponzi schemes. And no doubt you saw the usual scumbags all over YouTube actively promoting this Ponzi scheme to their millions of subscribers The Graham Stair Fans meet Kevin's Andre Jackson everybody else I Will tell you exactly what I think of these degenerate wastes of space in just a minute. But first, let's talk about what happened with FTX The CEO of FTX is a guy called Sam Bankman freed. He graduated with a Physics degree from MIT in 2014 and then worked for three years as an intern and then a junior Trader at the trading firm called Jane Street Capital And after that extensive work experience, he went and set up a company called Alameda Research, a hedge fund, an FTX a crypto trading platform and then miraculously his companies went from zero to apparently owning many billions of dollars in Assets in just three years. In case you're sitting there scratching your head wondering how a magically created billions of dollars in just three years. it's a system that used to be called Pump and Dump Securities Fraud, but it's now been rebranded as Invest In Crypto. Bro, it works Something like this: You go and create completely pointless crypto tokens or team up with some other lowlife who is a CEO of a crypto business typically some kind of dimwit living in his mom's basement. and then you dish out a ton of these crypto tokens to yourself. Then you go and promote this to gullible investors. Those gullible investors go and start buying your token because they think that they're going to get rich quick. That's what you tell them. And then as they get rich quick, fever gets hot, the price of your crypto token suddenly explodes by 10 bazillion percent. And because you just happen to own a ridiculous number of these tokens right from the beginning, you go and quietly sell them to these idiots queuing up to buy them from you at ridiculously inflated prices. Or if the pump goes exceptionally well like what happened with FTX, you can just keep hold of them tokens that are exceptionally High worth, keep going up on price and make you a billionaire on paper, which is approximately what Sam did at FTX by creating the Ftt token. And a few days ago, a report from Coindesk published the balance sheet of Alameda research that they somehow got hold of and this hedge fund remember, owned by this guy apparently had 14.6 billion dollars in assets under management. And if you're wondering what kind of assets a hedge fund happens to earn that are worth 14.6 billion dollars? Maybe it's stocks, Maybe it's stock based instruments, Maybe it's bonds. You know, yields are up at the moment? Maybe it's cash. But no, of course, the entire balance sheet is made up of crypto tokens. 5.8 billion dollars is just sitting in one of them Ftt token of the Ponzi scheme that FTX created. and although all of the rest is in other dog tokens and crypto like Solana Serum Oxygen and whatever, only 134 million dollars, less than one percent of the total assets were in cash. What was even worse is that Alameda research managed to collect 8 billion dollars in loans from Banks against their balance sheet. I'm not sure which banks gave a crypto Ponzi scheme loans worth 8 billion dollars, but I Guess crypto is popular now and Banks want to pretend that they are trendy and actually know what the it is that they are doing. So when this news came out, some crypto investors suddenly realized that the value of the Ftt token was being pumped artificially by Alameda research and FTX and all the crypto Bros formed a very big cue to try and get their money out of FTX before the whole thing collapses. The problem is that FTX didn't have the money. They took customer deposits, but it appears that those deposits magically disappeared. Into The Ether Maybe FTX is going to get bought out by Binance. Maybe they won't. Maybe investors are going to get some of their money back. Maybe they would. and it would be pretty bad if FTX The company that apparently is regulated by the FTC would have taken their customers cash that should have been protected and sitting there as cash and invested it say in other Ponzi schemes other crypto tokens which would make it incredibly difficult to quickly withdraw it when there is a bank run. But it's actually a lot worse than that because Sam Bankman Freed was apparently Worth 16 billion dollars just three years after he started this. Con And here is the Twitter feed of FTX. You can see the messages at the top saying that the team is working tirelessly to try and deal with a Fallout from running a Ponzi scheme. But what were these guys doing yesterday? You know, the day before all of this happened. Ah, they spend a huge amount of money on a brand new office in Tokyo Okay, that was just a one-off I'm sure what did they do the day before that? Oh, they spend a boatload of money on a brand new, expensive office in the Bahamas which incidentally is where the company's technically registered because nothing screams absolutely legit like a crypto exchange registered in the Bahamas. All right, they must have done something really useful the day before, right? There must have been something other than spend money. Well, no. the next tweak down is FTX Getting Nikki's to a brand new, expensive office in Miami Nice and close to the Bahamas so that the private jet can get you there very quickly. but FTX pumps their Ponzi scheme way harder than just a load of offices. They paid top Brady and a massive host of other celebrities to promote their scam and pretty much every single big YouTuber out there Graham Steph and Andre Jake meet Kevin Jeremy Lafave and the rest were all paid eye-watering amounts of money to promote to this garbage image to their viewers. Some of them like Graham Stefan have been promoting this piece of as recently as just a few days ago in this video that was watched by a cool one million people. And hey, people on YouTube have sponsors and we as content creators do not control what happens to companies to pay for sponsorship. Sometimes companies get into trouble, things happen. but as content creators, educating people and providing information about personal finance, you'd think that these creators would actually care about their viewers. But the truth is, they don't give a A crypto Ponzi scheme like FTX turns up and throws money at you and you just take it because you are a greedy rat. Who cares if the money FTX offer looks way too good to be true? Who cares if this exchange didn't exist three years ago, but there's now apparently the second biggest Exchange in the world and spending money like no tomorrow? Who cares if they make their money by selling worthless doctor tokens to your viewers? As long as you get paid, it doesn't matter, right? Remember, these are the same creators who spent the last year, whichever crypto was the flavor of the week. Andre Dick promoted it literally every piece of crypto you could think of. Graham Stefan First told you that it's a great idea to buy Shiba Inu Then he found the next Shiba Inu called Floki Inu that was definitely going to go up by 100x and I made a video at the time saying how irresponsible that was because it was obvious because its creators were actively encouraging people to invest in Ponzi schemes. All of these guys got very angry with me. Some of them contacted me directly, others wrote comments on my videos. Some of their girlfriends wrote about 100 comments on my videos because I called a spade a spade. but perhaps they should have instead got angry with themselves for being sell out and promoting any that pays the money no matter how dirty that money is. And of course, since that point Shiba Inu has gone all the way down to zero and Flokianu has gone all the way down to zero. Losing every sucker who went and bought these tokens 99.9 of their money. But when you'd think these scumbags would maybe look at what they did and I don't know, feel bad about it? Well, no. Next on the menu this year is promoting FTX another Crypto Bonzi scheme. Seriously, what the is wrong with these people? If any of you guys are watching yes you gray and Kevin Andre whoever and you're not thinking hey, maybe I did a bad thing here because I was a greedy scumbag If Instead, you're angry at me for pointing out that you up in a big way. Maybe reflect on what it is that you are doing because when you have millions of subscribers and you're making more money than you could ever imagine? do you really have to let greed make you screw over the very people who watch your channel? And Trust You who've built your business who are paying the bills, These are real people with real lives. They're not just numbers in your YouTube Studio data. Please get your head out of your ass and stop promoting scams to your viewers. You are part of the problem. You are the problem. You are enabling this by taking Dirty Money I am a tiny Channel with just 80 000 subscribers and I get a dozen emails every day asking me to promote crypto tokens, crypto exchanges, and other rubbish. and I have never taken up a single one of these offers no matter how much money was offered and sometimes a lot of money was offered. And I will never take this money because unlike you I am not okay with getting paid to scam my viewers. I Am not a degenerate imbecile I Hope that you are proud once again on what you're doing in the fat paychecks that you're getting for doing it. There are people out there who are financially desperate, they look up to you and they will jump at an opportunity to make easy money and put money that they don't have into a crypto scam. especially when times are tough like right now. These people will then not have money to pay their rent, not have money to pay for heating or money to put food on the table for their kids and you you are the reason why. But next time that you're sitting there and you're fancy house paid for by the people that you are selling out to crypto scams sipping an expensive bottle of wine. maybe just take a minute to think of how people are losing what little savings that they may be had and the bottomless misery that you are facilitating that you are promoting and encouraging. Maybe one day much too late, but one day you'll actually understand.