When Does the FTX Netflix Documentary Come Out?
On this episode of The Wiser Crypto Investor Podcast, Casey Smith and Robert Swarthout talk about the downfall of FTX, FTX filing for bankruptcy, crypto regulation, and other current events in crypto. Which has us wondering… when the Netflix documentary will come out?
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Current Events in Crypto
Within the last few weeks, there has been a lot of news surrounding crypto that is truly Netflix-worthy. Towards the end of October, it was announced that 24,000 ATMs across Brazil now have access to withdraw funds for the USDT network. This was launched on November 3rd, 2022. This is good news for crypto because it shows it is becoming more mainstream.
There has also been some movement in the SEC v Ripple case. Ripple has been trying to get information surrounding Bill Hinman’s speech from June of 2018 for a while now, after 18 months and 6 court orders later, the SEC finally turned over all the emails and speech drafts. Unfortunately, this is still confidential information, so the public won’t be able to see anything, but it is good news for Ripple. It was also recently announced that Coinbase filed for an amicus brief on the SEC vs Ripple case. This is big news because the court can take the amicus briefs into consideration.
90% of central banks are now exploring CBDCs, which is up from 80% in 2021. This is basically them trying to figure out the positives and negatives of taking these on. Along with this, JP Morgan accounted that they did their first DeFi trade on a public blockchain.
Sam Bankman-Fried, the founder of FTX dgoes by “SBF”. He became a billionaire in his 20s after doing arbitrage trading of Bitcoin. He was able to do this with his original trading firm, Alameda. They exploited the Kimchi Premium by buying Bitcoin for $10,000 in the US and selling it in South Korea for $15,000. After this, he decided to start FTX in May 2019 with Gary Wang. Binance, the largest crypto exchange in the world, was an early investor in FTX. However, in 2021 they became true competitors, and FTX bought out Binance valued at around $2.1B.
Currently, FTX is essentially going out of business. They had a relationship with another trading firm, Alameda, and they were taking customer funds out of FTX and transferring them behind the scenes to Alameda to take bets with.
FTX Fallout Timeline
On November 6th, 2022 is when the FTX fallout started happening. It was all prompted by a tweet from Changpeng Zhao, CEO of Binance, stating they were going to start selling their FTX token holdings. This essentially started a public feud between Changpeng Zhao and Sam Bankman-Fried. On November 8th, Binance announced they were going to do due diligence on purchasing FTX which prompted Sam to reach out and say there was a liquidity issue and asked for help. At this point, no one really knew how bad everything was. When Binance came in, they realized how bad it was and decided to pull out all their stock.
On November 11th, Sam Bankman-Fried resigned as CEO and FTX filed for chapter 11 bankruptcy. There are about 13o entities involved that either FTX, SBF, or Alameda owned. The next day, November 12th, there was news that FTX was hacked. It looks almost like it could be an internal thing, but at this time it’s uncertain.
FTX Bankruptcy Interesting Findings
Since the bankruptcy was announced, a lot of interesting things have come out. One thing interesting to note is that the SEC missed this completely. Because FTX was outside the US, the SEC had no right to audit them, but this is just one example of why regulations are so important. This fallout might cause a contagion to spread and more crypto companies to fall, especially if more regulations come out because of this incident.
Now the main question we’re asking is, when does the FTX Netflix documentary come out?
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0:32 Current Events in Crypto
9:24 FTX Fallout
17:00 FTX Fallout Timeline
40:30 Interesting Findings
Learn more about Casey Smith and connect with him on Twitter.
Learn more about Robert Swarthout.