Bitcoin Investor Max Keizer Breaks Down the Fall of Sam Bankman-Fried’s ‘Empire of Fraud’
Bitcoin investor and co-host of the “Orange Pill Podcast” Max Keizer laid out the steps that alleged major crypto fraudsters like Sam Bankman-Fried take in cryptocurrency scams and how these scandals are negatively impacting the economy on Fox Nation’s “Tucker Carlson Today.”
The key to Sam Bankman-Fried’s “fraud empire is that he created his own play money token called FTT, and he was able to create it without any oversight or any tie to anything underlying that gave it any value whatsoever,” Keizer said.
Sam Bankman-Fried, founder and former CEO of FTX, grew up in California. After attending college, he began his career in the crypto market. The 30-year-old founded the company in 2019 in Hong Kong and then moved the company’s headquarters to the Bahamas in 2021. Before the collapse, the cryptocurrency company was worth $32 billion and according to reports from Bloomberg’s Billionaires Index, Bankman-Fried’s net worth at one point reached $26 billion.
Many individuals invested in the failed crypto company, including big names like NFL legend Tom Brady, NBA star Stephen Curry, NBA legend Shaquille O’Neal, MLB Hall of Famer David Ortiz, billionaire entrepreneur Mark Cuban, comedian Larry David and more. The celebrities are now facing a lawsuit for supporting FTX before the company went bankrupt, costing individuals billions.
FTX CEO SAM BANKMAN-FRIED denies he tried to buy influence with donations to news outlets
Labeling Bankman-Fried’s FTT (FTX tokens) as a “Ponzi scheme,” Keizer described the FTX founder and others like Ethereum, Cardano, and XRP as participating in what he described as “cryptographic fraud.”
“There are a lot of people who make these – what are called ‘alt coins’ or ‘scam coins,'” he explained to Tucker Carlson.
“These are all coins that have just been created, and then they list these coins on each other’s exchanges, and then they buy them from each other to create a price. Then they use the increased price that is now a security to buy something that— Sam Bankman-Fried did – real estate in the Bahamas.”
Keizer then went on to call out Gary Gensler, chairman of the Securities and Exchange Commission (SEC), for his ties to the former FTX CEO. He claimed that Gensler “should have called time on this a long time ago, but we’re finding out that he is actually involved and there is some – what I would call – collusion.”
After the disgraceful fall of FTX, the SEC chairman has since come under fire for meeting with Bankman-Fried and IEX to discuss matters of a new trading platform and for not catching red flags with the former chairman beforehand, leaving investors in the company. with heavy losses in the world of digital currency.
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Sam Bankman-Fried pledged large dollar grants to, or invested in, The Intercept, Vox, ProPublica and Semafor before FTX’s collapse.
(Jeenah Moon/Bloomberg via Getty Images)
Keizer reveals how these “financial” institutions use “cheap money” and “cross collateral” with each other to buy “real assets” that fundamentally “undermine” the US economy.
According to Keiser, these actions taken by these institutions contribute to problems like inflation and unemployment, even within places like the medical field.
“It all goes back to essentially the deregulations that happened 40 years ago that led to the financialization and the over-indebtedness, the handover of the economy. Now in 2022, since interest rates are going up… it’s the end of the mirage, that the bubble has popped,” he said.
“The FTX scandal and the Sam Bankman-Fried scandal were like the last moves in a 40-year bacchanal of cheap money, no regulation and crooked bankers.”
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