Unchained

In a courtroom drama minus the jury, Sam Bankman-Fried (SBF) took the stand for what can be best described as a “test run.” The hearing aimed to help the judge decide what evidence will be admissible in the actual trial. SBF's performance under Assistant U.S. Attorney Danielle Sassoon's questioning was less than stellar. His verbose answers and frequent apologies contrasted sharply with Sassoon's pointed questions, at times making him appear evasive. The hearing also touched on SBF's use of encrypted messaging app Signal and his company's data retention policy. Catch up on Unchained’s previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

27 Okt 20238min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the four discuss Bitcoin’s price surge over the past week amid growing optimism that a spot BTC exchange traded fund would win regulatory approval, an erroneous Wall Street Journal story about crypto funding to the terrorist group Hamas and AI and crypto illiteracy among leading U.S. lawmakers.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:  the reasons why the price of Bitcoin has gone up so much in the last week whether Bitcoin is decoupling from the traditional stock and equity markets  why Robert is convinced that Bitcoin pumped this much due to the BlackRock ETF news what an ETF is and why it could be a big deal for Bitcoin whether the analogy to the gold ETFs works for Bitcoin how an inaccurate report from the Wall Street Journal about Hamas' usage of crypto sparked so much criticism within the crypto community why that crypto is not a good venue for illicit financing how the US political class is 'illiterate' about AI and crypto, according to Tarun Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Disclosures Links Recent coverage of Unchained on spot Bitcoin ETFs: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Bitcoin ETFs Unchained:  Bitcoin Soars Past $35,000 Amid Spot ETF Optimism Bitcoin ETFs Explained: What Are They & How Do They Work? South China Morning Post: China’s stock market fund outflows add to biggest capital flight since 2016: Goldman Regulation: Reuters: US lawmakers urge White House crack down on Hamas use of crypto after Israel attack Forbes: Elizabeth Warren Is Building An ‘Anti-Crypto Army’—Feeding Serious U.S. Bitcoin Ban Warnings WSJ: Hamas Militants Behind Israel Attack Raised Millions in Crypto Cryptoslate: Crypto community accuses WSJ of exaggerating Hamas crypto funding by 99% Learn more about your ad choices. Visit megaphone.fm/adchoices

26 Okt 202335min

James Seyffart, market analyst at Bloomberg Intelligence, and Matt Hougan, chief investment officer at Bitwise Asset Management, feel quite certain a spot Bitcoin ETF will launch in the next few months.  First, the SEC decided not to appeal a court’s rejection of Grayscale’s application to convert its bitcoin trust to a spot ETF. Second, there’s been a change in the way the SEC has been treating the many other spot Bitcoin ETF applications—requesting miniscule tweaks in disclosure language. And even though other legal hiccups are occurring—the NY Attorney General’s lawsuit against Grayscale parent company, DCG, the SEC’s potentially renewed vigor in the Ripple case, and Cointelegraph’s incorrect tweet about a bitcoin ETF—the SEC needs a PR win right now. According to them, this means good things not just for spot Bitcoin ETFs but also, shortly thereafter, Ethereum ETFs.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: why the SEC did not appeal a decision in the Grayscale case whether the NYAG lawsuit against DGC, the parent company of Grayscale, will affect the prospects for GBTC being converted into an ETF how likely it is that GBTC will be converted into an ETF and what needs to happen for that to occur why the SEC probably wants Grayscale to "completely refile," according to James why the recent changes in the ETF applications are "relatively modest," according to Matt whether the incorrect Cointelegraph tweet about a spot bitcoin ETF will be used by the SEC to bolster its market manipulation argument an overview of the deadlines of the different applications what happened at the launch of Ethereum futures ETFs and how it was different from the launch of Bitcoin futures ETFs whether the approval of a spot Bitcoin ETF will pave the way for a spot ether ETF what the impact is of all the negative PR for the SEC and Chair Gary Gensler after losing many cases what the differences between the various ETFs are and how they will compete in the market Lightning round questions: volumes after launch, inflows in the first year, projections for BTC price Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guests: James Seyffart, Research analyst at Bloomberg Intelligence Previous appearance on Unchained: Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Matthew Hougan, CIO of Bitwise Previous appearances on Unchained:  The 2 Types of Investors Driving Interest in Crypto Bitwise’s Latest Plans to Get a Bitcoin ETF Approved Links ETFs: Previous coverage of Unchained on ETFs: Does Grayscale’s Win Against the SEC Mean a Spot Bitcoin ETF Will Be Approved? Grayscale v. SEC: Who Won This Week’s Hearing? Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF $5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter Bitwise’s Latest Plans to Get a Bitcoin ETF Approved DCG’s Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini? Unchained:  Bitcoin Surges to $30K After False Spot ETF Approval Tweet Ethereum Futures ETFs See ‘Average’ First Day Trading Volumes Cointelegraph: Clarification on sharing false spot Bitcoin ETF news Redeem GBTC 🌽 Campaign Ripple: SEC Drops Charges Against Ripple CEO and Chairman - Unchained Crypto Market manipulation CNET: 23-year-old arrested in Emulex hoax SEC Charges Avraham Eisenberg with Manipulating Mango Markets’ “Governance Token” to Steal $116 Million of Crypto Assets NYAG lawsuit: NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud Learn more about your ad choices. Visit megaphone.fm/adchoices

24 Okt 20231h 16min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the four discuss – and disagree about – Uniswap’s new fees, SBF trial week 3, and DCG potentially being taken out by the NY Attorney General.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:  What happened recently on the criminal trial against Sam Bankman-Fried, including testimonies from Caroline Ellison, Nishad Singh why Robert doesn't like the cartoonist and how Tarun is friends with a stenographer  how Nishad Singh confirmed what everyone suspected about the cross-collateral risk engine at FTX why Haseeb believes that the NYAG's lawsuit against DCG, Genesis, and Gemini is "brutal" how DCG resembles the Roman Empire, according to Haseeb what Robert thinks about the introduction of the Uniswap Labs new fees, considering he was in a similar situation with Compound Labs' how can companies that build open-source protocols monetize their efforts whether the implementation of the fees will reduce the total volume for Uniswap Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Disclosures Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges  SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Uniswap: Unchained: Uniswap Labs to Charge 0.15% Fee on Certain Tokens NYAG lawsuit:  Unchained: NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud Reddit: Unchained: Reddit to Discontinue Community Points Citing Scalability and Regulatory Issues, Sparking Community Backlash Learn more about your ad choices. Visit megaphone.fm/adchoices

21 Okt 202352min

Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that compelling evidence from Sam Bankman-Fried’s inner circle had increased the difficulty for the fallen FTX CEO to convince a jury of his innocence. Former FTX head engineer Nishad Singh said that he became suicidal after understanding the full magnitude of FTX’s misuse of customer funds, while ex-chief legal counsel Can Sun helped show how SBF allegedly lied to lawyers.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: Sam (Enzer’s) thoughts on how the trial is going for the defense  what Nishad Singh's emotional testimony revealed about SBF how Singh felt "betrayed" by Bankman-Fried, who may have been a big brother figure to him why the defense went much harder after Singh in its defense than it did the other members of the inner circle whether the jury felt empathy with Singh about his suicidal feelings  what the rationale was behind the order of the witnesses why Sam believes that the accounting professor Peter Easton's testimony was "damning" for the defense  whether the testimony of former FTX general counsel proved that SBF lied to his own lawyers why the communications between SBF and his lawyer, which are generally privileged, were divulged in court why Sam believes that it's likely that SBF will testify, although he would advise him not to Thank you to our sponsors! Crypto.com Hedera Popcorn Network Guest Sam Enzer, partner at Cahill Gordon & Reindel. Previous appearances on Unchained:  Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges  SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Good Morning America: FTX's Sam Bankman-Fried on crypto giant's collapse: 'A lot of people got hurt. And that's on me' Learn more about your ad choices. Visit megaphone.fm/adchoices

20 Okt 202349min

On the 12th day of the SBF Trial, former FTX General Counsel Can Sun testified about a $7 billion deficit in customer funds. Sun, who was responsible for crafting FTX's terms of service, expressed shock at the deficit and revealed that Sam Bankman-Fried had asked him for legal justifications. Sun also mentioned that Nishad Singh, a key witness and former head of engineering at FTX, looked emotionally drained days before the company's collapse. Sun's testimony took a dramatic turn during a meeting with Bankman-Fried and others, where it was confirmed that FTX lacked sufficient funds to cover customer withdrawals. This meeting solidified Sun's suspicions that Alameda Research had misappropriated FTX customer deposits.  The day concluded with Robert Boroujerdi of Third Point stating that Bankman-Fried had omitted significant details that would have altered the firm’s decision to invest $60 million in the now failed crypto exchange. That investment is now worth zero. The trial will resume in a week, adding more suspense to this unfolding legal drama. Catch up on Unchained’s previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

20 Okt 20238min

The courtroom was abuzz on Wednesday as financial and technical experts took the stand in the ongoing criminal trial against Sam Bankman-Fried. Accounting professor Peter Easton, a standout witness, presented a detailed analysis showing that Alameda had spent customer funds on VC investments, real estate, and political and charitable donations. Easton, who had previously worked on high-profile cases like Enron and Worldcom, said that by the end, the gap between what FTX owed to customers and what it had on hand was $8.8 billion. The defense, led by attorney David Lisner, attempted to challenge Easton's methods. Lisner questioned the accounting of the fiat@ftx internal account, which tracks customer deposits. Easton admitted to lumping amounts owed to customers from FTX’s bank accounts with what was owed to customers from Alameda's bank accounts, giving the defense an opportunity to question his accuracy. The day also saw other witnesses, including a former FTX lobbyist and a Google employee, both of whose relevance was questioned by Judge Kaplan. The judge criticized the prosecution for wasting time with witnesses who seemed to offer little to the case. Catch up on Unchained’s previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

19 Okt 202310min

On day 10 of the Sam Bankman-Fried trial, SBF’s defense team tried to discredit Nishad Singh, a key witness for the prosecution. Despite their efforts, Singh's testimony about FTX's financial mismanagement and Bankman-Fried's questionable ethics remained largely unchallenged. The defense's line of questioning focused on Singh's memory and inconsistencies in his statements, but prosecutors were quick to counter these points in their redirect. FBI Agent Richard Busick presented an analysis of Bankman-Fried's phone locations, revealing his connections to influential political figures like former U.S. President Bill Clinton and New York City Mayor Eric Adams.  Can this information impact the jury's perception of Bankman-Fried as the trial continues to unfold?  Catch up on Unchained’s previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

18 Okt 20239min