SET Training - Banking and Fintech

FTX has sued Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried, claiming they enriched themselves by siphoning off millions of dollars in “fraudulently transferred and misappropriated funds” from the cryptocurrency exchange their son founded.  In a court filing earlier this week, the FTX debtors said Joseph Bankman and Barbara Fried, both of whom are tenured professors at Stanford Law School, used their influence to funnel money from the business to themselves and their pet charitable causes.  Bankman, a tax lawyer, also lavished gifts upon his friends and family using FTX funds, they alleged, including, flights and tickets to the Formula One Grand Prix in France.  Fried used her influence to obtain millions of dollars in donations from Bankman-Fried and an associate for Mind the Gap, a Super Pac she co-founded to help Democrats win office in the 2020 US election cycle. She further pressured “certain FTX Insiders to unlawfully avoid (if not violate) feder...

There is some bad news for NFT fans. The digital collectibles are pretty much worthless now. Using data from NFT Scan, the crypto platform  dappGambl  found that 95% of the 73,257 non-fungible token collections (e.g., Bored Ape Yacht Club) it analyzed are worth  0 ether . In other words, if NFTs were physical objects, it’d be time to put them on the same garage shelf where your Beanie Babies went to die. The report estimates that 23 million people are now the owners of worthless digital files. The crash is mainly for one reason: There just isn’t enough demand to keep up with supply. (Culled from the  MORNING BREW )

Sam Bankman-Fried was supposed to be a billionaire genius running the world's largest Crypto exchange: FTX. In only a few weeks, his $32B empire crumbled, leading to his arrest. In this video, we unravel one of the decade's most significant cases of financial fraud.