Below I'm going to show you behind the scenes of one of the biggest frauds of our time. I'm also going to show you why crypto is a very flawed side hustle, and 2 side hustles that are much safer and where you don't lose all your money unless you do something totally bananas.
Jordan Belfort has described the crypto industry as being rife with classic "pump and dumps." When I took a closer look at the Sam Bankman-Fraud case, I didn't anticipate how right good ol' Jordan Belfort would turn out to be. I see myself as a tech-progressive guy and am in support of Bitcoin and crypto, but I was in to have my guts ripped. The level of fraud here was shocking to uncover.
Turns out SBF had a hedge fund, Alameda, and a crypto exchange, FTX, which comingled and misappropriated client funds to cover up losses on either balance sheet. To cover losses, he carried out classic pump and dump ops on crypto coins like FTT, Solana, and others, with many ordinary investors losing their shirts. Total losses amounted to billions and billions.
Long story short: while I like the crypto markets and hope they'll be safe to invest in one day, they're not something an average investor should be dabbling with in 2024. Leave it to the gangstas like SBF and his ilk.
How Sam Bankman Fried And Other Frauds Manipulated The Crypto Markets
How Sam Bankman Fried And Other Frauds Manipulated The Crypto Markets
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