Episode 27: The $100M DeFi Meltdown: Inside Balancer’s Great Crypto Heist

00:00

Hey guys, welcome to another episode. This is JR, founder and CEO of Social Market.  And my name is Leon.  I’m the chief marketing officer at Social Market.  Yeah, so this is episode 27 of Social Ledger Report and we’ve actually done a lot this year.  back,  there’s 52 weeks out of a year and we usually release an episode every week.  we’ve  pretty much been halfway into our first year. That’s amazing.

00:26

Um, yeah, feels a lot longer, but also looking back, it feels really short. Like I love the logic of that sounds terrible, but I look at it I’m like, wow, a lot’s been done in a short period, but also. Wow. How long does that time feel when it’s all condensed down? Dude. Yeah. So before we jump into this, we were actually debugging the app  and there’s kind of quite a few errors, but, you know, we’ll get to that. So.

00:55

In the near future when we demo the app, it’s going to look a little bit more different,  probably next week for episode 28. So just stay tuned for that.  But yeah, man. So as far as this week’s episode, I actually want to talk to you a little bit more as to why you may want to consider using our app.  And this is not going to be like a whole sales episode. It’s just more like some  interesting things that are happening in the crypto. And  like,  did you know that the balancer protocol had an exploit just this week  and a lot of people lost about  over a hundred million dollars  cumulatively.

01:25

Okay, so I saw a little bit on Twitter where they were talking about what happened. Give me the breakdown of it other than like this is all I know is and I have a note from it is that $100 million was stolen. It was a smart contract and then something with the Dow that caused problems. probably butchering this. No, you’re fine. First of all, DOWs, which are decentralized autonomous

01:55

Um, what are, what is, what is that again? forgot. me, decentralized autonomous organization. That’s what it is. Okay. I was going to say governance, which is essentially what they’re trying to do on code or on blockchains. That should never took off, which I’m kind of interest. I’m kind of surprised. Never did. It seemed like the biggest selling point of 2022, but well, when you, when you let the insane asylum run, run the hospital.

02:24

things don’t go well i i saw like somebody bought up when these and try to run it through the dow and essentially that’s out it’s like when uh… anybody asks past that are not to be in their their thing and all of a sudden you get the most crazy off the wall like mcbodey face mcboat boat there’s like at the end of the internet internet today and i think the dow’s were just a internet internetting all the time because

02:54

people were just getting  whatever they wanted.  A lot of times they ended up just being vaporware  and some applications, some companies try to build the infrastructure  for people to create DAOs but it just never took off the same as NFTs or meme coins did.  And I think a lot of it is just how simple it is to use.  So I’m not really that surprised if I think about it or at least that’s just my theory. But anyways, back to the point you asked what…

03:22

the hell is DeFi to kind of give you the TLDR sort of thing. So Balancer is a one of the biggest DeFi protocols, believe it or not,  and it just got hit. So what happened is  hackers took advantage of a rounding error.  And what that means is it’s kind of like a bug,  excuse me. It’s kind of like a smart contract exploit.  And essentially over a million dollars, a hundred million dollars disappeared overnight from across different blockchains.

03:50

It was all laundered through Tornado Cash, which is this famous  DeFi tool that makes it so you cannot trade someone’s money, which is the whole point of crypto is you can trade people’s money, but some people don’t like that. It’s a bit of innovation of privacy, but  anyways, the money was laundered in Tornado Cash and the balancer DAO, which again, it’s kind of vapor where I feel jumped into crisis mode  and  this is

04:17

what I’m going to read from  my note. The balancer DAO jumped into a crisis mode.  It paused the vulnerable pools, offered a 20 % bounty if the attackers returned the funds,  and even posted an on-chain message,  quote unquote, we’ll take legal action if you don’t comply ultimatum.  And this kind of  ends with Barra chain ended up recovering about $12.8 million  after a hard fork. But the whole thing reignited the debate around DeFi security, which is basically just, you know,

04:48

one time audits are not enough anymore. There’s no way for people to recover their money. But I was kind reading it from my note on the last part because it’s kind of a lot to keep up with. So they got the hackers, whoever it is, stole $100, $130 million and then they only got back like $12 million on that fork? $12.8 but yes. That’s the essence of it. $12 They got away with a lot of money. They did.

05:17

Okay, so I’m like reading it. It was a zero day hiding in some obscure protocol. like they’ve been audited and like  they’ve been audited, right? Like they had security in place.  Pretty much. So I found this tweet when I was looking more into this story.  I don’t know if you can see my screen, but this is from TWJ news. It says balancer dialed demands return of a hundred million stolen in V2 composable stable pool hack.

05:43

So that’s kind of like the essence of it. And you know, if you are watching this on YouTube, we’ll add the link to the article on the description, but ah they were able to recover some of it. But I mean, when it comes to crypto, there’s really no safety net like an FDIC insurance type of safety net. If you’re  investing, if you’re holding. And what’s interesting is that DeFi protocols, these are enterprises who build these systems. You would think  they can ensure that,  but they don’t.  So.

06:12

We have a trustless finance finance system too. Like it really is. You know, you don’t you don’t need to trust the middleman. You know, you like before you had to trust like a bank, a broker, a payment processor, all of that. But like these defies, you end up trusting auditors, like governance forks and you know, all that. And then like chain level interventions when things blow up, like there is no protection for most right now. Like

06:40

You lose your money, you lose your money. That’s the hard part for people. Yeah, dude. And I mean, it sucks. It happens all the time. And this is why I tell people, at least with social market, like all it takes is one mistake. know, all it takes is one fuck up along the way for you to lose all your money. And it sucks because, you know, crypto is the future and I’m a whole hard believer on it. But, you know, no one’s really addressing this gap or it’s like, you know, there needs to be a safety net.

07:08

If you’re holding long term, you’re  possibly on the ledger  or on  a cold storage,  you’re storing for the long term. You want to create generational wealth with Bitcoin.  There needs to be some sort of insurance that is accessible or even just coverage. It doesn’t have to be insurance.  But this is what we’re offering. We’re offering coverage as a service. You apply with us for less than a Big Mac meal at McDonald’s and you get coverage and peace of mind.

07:38

So if you want to learn more, can look more on socialmarket.tech. So if you like what we’re talking about, make sure to like and subscribe to the channel. It costs you nothing and it helps us push more of this type of content. So, all right. Shameless plugs out of the way kind of late, but otherwise let us know what you think on the comments. Yeah, so that’s pretty much the essence of the DeFi protocol. mean, that’s as far as we know, as far as what we could find on Twitter, but there’s a couple more things that I do want to talk to you, Leon, about. So,

08:07

There were a few development stories  on  Trump  and the pardon of CZ. Have you heard of anything?  Yeah, so  I watched the clip on uh Twitter and I saw where Trump was like, don’t even know who it is. Like essentially acknowledging that. Like I looked into it much more like CZ.  Some claim that he helped  terrorist organizations launder money. uh

08:37

That was like kind of fundamental, like what happened. um Um, it’s essentially AML and like sanction failures that like CZ was convicted on.  Um, and then, you know, Trump issued that full pardon frames as a fixing over prosecution of crypto.  Um, also at the same, the same time, like the Trump world is playing with uh flirting with, um,

09:05

a two billion dollar stablecoin deal involving uh Binance and  I don’t know one of their crypto companies. ah It’s very fascinating. CZ says they’ve never met Trump directly but  he did meet Eric Trump  and associates.  More and more that looks like uh Trump scratching his own back  and not really knowing who  is there. uh It’s like a pay for forgiveness.

09:35

given this sort of thing. then it’s also like,  systematically, you know, we want people to trust in crypto. And this gives it a little of a hard one where it’s like, hey, finance didn’t follow these rules. And some of these rules are here for a fact, because a lot of people say bitcoins for money laundering. And, know, that’s that’s what it’s only used for. Yeah. So,  well, I mean, there’s

10:04

several use cases with crypto beyond just money laundering, is what  that’s one of your uses.  It really is, unfortunately, just how the Internet has the use case of porn being available and gambling being available. But you can also start a business  in this  age, which is having Internet access. So everything has its pros and cons is what I’m trying to say. But  you mentioned  most of what I was going to mention. So  the one thing is,  and I don’t know if you mentioned this, but  the

10:33

There is actually a $2 billion business deal with Binance and World Liberty Finance, which we did cover a little bit last week.  you know,  based on that, the White House actually came forward this week and said the quote unquote over prosecution  is the main reason why ZZ was pardoned, which,  you know, the president himself said he didn’t know anything about it, but the White House and his staff were the ones who came forward and clarified. So I think that’s a little.

11:03

That’s a little fishy there just because Trump is lying, it seems. But, you know, to his credit, know, Eric Trump and Donald Trump Jr., the ones who mostly handle the front end or the most of the business side on the Trump enterprise or, you know, his whole holdings company, like the real estate, the crypto, everything else, they kind of took over. So.

11:30

eric trump actually can’t afford to say that actually had a meeting about it so it was a little bit a like that i think this is also you know a narrative the macro of it is trumps pushed to make the u.s. a crypto superpower and rollback to forcements is important like it is the right thing uh… he’s using cryptos of geopolitical tool so private stable points and then like bitcoin or sorry private stable point plus bitcoin

11:59

uh End up extending dollar influence to the world like  they’ve they’ve realized how to make crypto a dollar influence extension to the world  like that that’s reason there ah but  it  is Just bringing the question like, know, is this actually justice, you know for CZ in the crypto world or is it a bell out for you know, a strategically important and useful billionaire at the moment like

12:28

More and more, looks like a bell out for a strategically important one. And traditionally, the United States hasn’t done that. You they don’t negotiate with terrorists, all those sorts of things.  Essentially, Trump said the quiet part out loud. We do negotiate with terrorists. We do negotiate with everybody. We just do it in varying types of ways. um And  I think this is like important. It also does worry me about like stable coin centralization.

12:57

more than ever like banks  and these folks are going to control  the stable coin market more and more  and it’s going to centralize harder and harder and that’s going to be an interesting thing because it fundamentally goes against crypto  at its core. really does.  And  man, I wish I the meme with me, but  I don’t know if you can find it, Leon, just on Google crypto memes. But  while you’re doing that,

13:26

There’s this meme that I like where it shows crypto  users  just 2014, 2012 time period and they were all about no government,  no governance, know, borderless payments,  you know, them using crypto because of what it was made to be used early on when the white paper was still  widely regarded and the Bitcoin white paper was widely regarded.  Now.

13:54

A lot of people are on crypto because they like meme coins, like prediction markets,  they like how a coin has a dog face in it  and it’s gonna go to the moon. That’s  a lot of what we’re seeing right now, which,  you know,  they say comedy mimics life  or resembles life.  So  I think memes resemble a lot of what’s happening in real life  as well. found it. Crypto then. I built a privacy protocol.  Cyberpunk bro. Code is law.

14:24

Disrupt middleman  that was then and now  please buy my bags black rock American DeFi OMG strategic crypto reserve centralized stable coins are the only use case

14:37

Yeah, this is the…  More and more  of this is happening, like,

14:45

I sent you  the one today and I think I sent it the other day. I’ll share it real quick. um There’s a critique of crypto right now that’s happening and  from an outsider looking in, it does to some degree look like this. It’s like hot take crypto has mostly lost the plot. We’re promising the future of finance  and what  got mostly ACERM.  We won’t mostly got was ACERM. ACERM. Wow.

15:15

a  and i thought i was the model here is simply not in language what what how do you pronounce that word asymmetric asymmetric  wow  gambling games the ironic part is trade five sees the value of blockchain is about to commandeer at all thanks kids we’ll take it from here like  i don’t know his background  um you know like

15:40

Oh, I know who they are. but this critiques happening more and more. You know, like poly markets, a big one, like they’re bedifying everything. You have CZ getting pardoned. It’s sowing a very like outsider looking in of like, oh, there’s just a bunch of crypto bros making a lot of money, gambling it away, making mean coins like

16:07

There this is the wild wild west of crypto the same thing happened on the internet in the early days like everybody was like Oh, it’s a cesspool. It really was Still is a little bit of cesspool Just a more fun cesspool and I think crypto is the same way like we’re The game like the internet was built off a porn the internet was built off a gambling the internet was built off of the skee the underside of of everybody’s world and

16:36

Many, many times industries often are built off of that. I think gambling is going to build the crypto, make it really useful and more industries are in adopt it.  they just don’t like people don’t often see the skeevy undersides  of, what happens. Like a lot of hosting companies when they got started early internet, we’re hosting adult websites. Look, only fans, you know, is, is making millions and billions of dollars. Like  it’s no different than

17:06

You know what what happened in the early internet days even so I’m not too worried. I think the CZ part is like he’s going to have to pay attention now. He’s going to have to follow the rules because if he wants to play with Trump, he’s going to have to look like he’s following the rules and that’s why I should be everything. If you’re serving the country and if you’re well, not necessarily the country, but if you’re serving people, you need to you need to.

17:34

have their best interests in mind. At least that’s what I think when I’m  social market. When I’m building a company, I want to help people.  I’m not just here to get rich off of their  business.  But  you mentioned Polymarket.  And  just to put aside from ZZ, I actually wanted to talk about this and then I just remembered. um Did you know that Polymarket’s traffic is mostly fake?  What?

18:00

Yeah, like, utter shock. I hope you got that on my reaction. So I found on Twitter and I cannot find the tweet right now, but I’m still calling it Twitter, Twitter interchangeably with X. But I found a post that said that there were studies by like MIT and such that found out that polymarkets traffic as of the last quarter and even in the elections quarter of 2024 was actually fake.

18:29

A lot of it was like fake  and I’m like, okay, that’s actually insane.  I love polymarket. So how are they going to diss my boy even more?  But no, so it’s actually kind of legit.  And I say my boy isn’t Shane Copeland because I really admire that guy anyways.  So I’m going to kind of read this article real quick  and kind of give you the, the genesis of this. So this is from Gizmodo. If you’re tuning in on audio, says  study finds around a quarter of polymarket traders are fake.  Surely there’s no potential for market manipulation here.

18:59

And then the first sentence it says, if you have the over on the beat that over 10 % of traders on the predictions market, polymarket are inauthentic, go ahead and cash that in ticket. I’m not sure what kind of analogy that we’re trying to go there. Yeah, that’s a terrible writing, but it’s also gizmodo. So I’m not surprised. Okay. I don’t know shit about them. So you actually have an advantage on me here. So it says, according to a recent study from a researchers at Columbia university,

19:28

As much as one quarter of all trading volume happening on the platform is artificial trading. The researchers looked at three years worth of buying and selling activity on Polymarket, because mind you, they’ve actually been around since 2020,  which allows people to trade the contracts related to real world events based on the  probability of a given outcome. What they found was that about 25 % of those contracts were wash trades,  which happens when a person  or entity

19:57

buys and sells the same contract to create fake levels of trading volume that can manipulate the market.  How about them apples?  Yeah, that’s so is it it polymarket playing the market or is it investor or know gamblers investors what we to call them  playing the market like  probably people who have some sort of uh

20:26

involvement with the company is my guess.  But mind you, we’re reading this in real time because I haven’t read the full story yet. But it says, it’s important to note that the researchers don’t accuse Polymarket of participating in these transactions  to artificially create apparent interest  in an event. But they do suggest that the fact that the platform is using a cryptocurrency stablecoin  as its medium of exchange  may make these types of transactions easier to trade for execution.

20:55

Traders to Execute, mean. The researchers developed an algorithm that helped to identify accounts that were only engaging with a small subset of the other accounts. Regularly buying a contract, one of those other accounts was selling or vice versa. They revealed networks of traders  who appeared to be performing watch trades that artificially created additional volume and interest  where  there otherwise was none. So,

21:24

Here’s the thing, as much as I love Polymarket, I think a lot of insider trading happens there because it’s just easy money. If you know stuff like government um insider trading happens with stocks, with Danzi Pelosi  famously doing that, um when you know shit, it’s so much easier to make a lot of money,  And I think it  may not necessarily be Polymarket as the platform who does it, but people who know how to use the platform,  people who know how to use…

21:52

insider information to trade stocks are the ones who are profiting  and they’re supposed to be representing us. So that’s what I think is happening here. But  even just because,  you know, Polymarket did not respond to a request for comment regarding the study’s findings. So  it’s a little bit sus, but also I know this  is not a like I saw people doing like arbitrages of uh betting where

22:18

you the odds on polymarket were different than the oh odds on Cauchy. So you could bet a thousand dollars on um Como winning  and um you would you would make a significant amount of money and then you go  essentially bet  on Mondami winning like with 10,000 and then you would you would cover your thousand dollar bet. So oh

22:47

It’s out there and this is the part is like you can’t stop that stuff like there’s the NBA gambling happening right now with the mafia, which is crazy. But yeah, dude. The hard part is when you start betting on on everything that happens as much as I love it, the bad actors happen. It’s just like the reason that, you know, the US government deals with a lot of problems is fraud. Like a lot of people are willing to scam systems and

23:17

play hard games and this is very, very hard to  deal with that.  You know, while you’re on the topic about all these internal fraud and stuff,  a little bit more on what I do on the real world,  my big boy job. So I was actually hired by the Department of Health to, and I have a security clearance, by the way,  not to brag, but ah which they’re hard to obtain. Anyways, so.

23:45

I was hired by the Department of Health to help them build an AI model that can help with different use cases. Among them was to find internal fraud.  We found out that, you know, and we, and I cannot really say a lot here just to not get fired right and continue  getting paid.  But we found out that  the, was over a hundred million dollars  being reported of internal fraud with the Department of Health.  And,  you know, I was.

24:14

largely a big contributor to  getting that outcome.  So based on that, you know, there were, there’s some efforts being done right now  as we speak to  address that, but it’s pretty shocking because when you think internally with the department of health, with people who apply for Medicare and Medicaid, they would have their shit together.  And  when I look back more and more in Doge,  which there’s wide reports about them, I’ll say the government more money than to actually save them.

24:42

I’m kind of thinking like, what are we doing as the richest country in the world to prevent these, I don’t know what to call them, but what can we do to just prevent these, you know, mediocre kind of attacks, mediocre kind of issues that we’re seeing with our country? I think it’s hard. I don’t think there’s a clean answer. think, you know, the hope and some of the stable coins help people track the money and

25:10

prevent some of that but also I’m just  I’m not sure like they can’t it kind of even takes us to like the combo that we wanted to talk about with uh FTX. uh Right. With. Man what is his name Sam Bankman Fried. Like  yes you know there’s he’s a  he’s he’s appealing his 25 year sentence  you know that the judge  he’s arguing that a judge was biased and the jury didn’t hear his full story like.

25:39

Yes.  Before we move there though, can I just mention  one more thing? We’re talking about Mamdani. So here’s the last, here’s the crux of the issue as well. While  Polymarket was not actively involved in manipulating trading volume on its platform, it sure does a lot of work to generate volume via posting bait  on social media, which I’m like, dude, when it comes to social media, you gotta sometimes play the devil’s advocate and you know,  be as loud.

26:09

be as attention driven as you can because people’s  attention span are like goldfish.  You need to be kind of loud sometimes in order to get their attention,  which is good business.  Everybody’s always critiqued on their social part, but I don’t blame Polymarket  for their push on social.  I just don’t understand because you can’t use it in the United States still.  Unless you have a VPN. Yeah, like you have to use a VPN, which is

26:37

circumventing their terms of service so they should just fucking  ban that person.  I agree. Now, on November 4th, as  we had the New York mayoral elections with Mamdani winning,  the company went all in  on trying to gin up buyers and sellers willing to bet on the outcome of the race,  posting about how Mamdani was listed twice on the ballot, a thing that is true but not malicious.  As right-wing accounts across social media tried to suggest,

27:07

and saying there was a surge of whales betting on Andrew Cuomo to win while asking, do they know something we don’t? That’s probably not technically market manipulation, but it’s pretty shameless. So I guess that we’re just lying about like the whole situation  because,  and I didn’t know this, you can actually be listed twice on the ballot because of different categories that the, you you as a candidate are supporting. And I don’t remember what Mamdani was listed there for under,  but there were things that he approved on. But

27:36

Polymarket came in saying oh, this is actually what’s happening  and in a very deceitful way, you know made it seem like oh, you know, there was an error  and people who bet money on Cuomo were like, oh no, this guy’s  not gonna be a mayor because like mom Donnie is not gonna be a mayor because there’s clear fraud there’s clear issue here  and They’re probably gonna report it That was not the case and mom Donnie is now gonna be the mayor in January 1st

28:05

So yeah, that’s what I wanted to cover.  was very interesting. I think, you know, the the betification of our world is it’s fascinating right now. I think it’s going to  everything swings. It’s a pendulum in each way. You know, we see it in politics all the time. I think we’re going to see this. I think the pendulum is going to swing really hard on betting. It’s going to swing back. It’s going to normalize just like the crypto markets. They swing one way. And if T’s were really big thing.

28:31

Now they’re not really, they’re more nascent. They’re still important, but you know, there you had a Dow’s swing really hard. Now they’re not really important. So  I think all of that like, um, is out there. So  on the FTX part, yes.  Um, you know,  comparative to CZ like CZ committed crimes, think Sam Bankman freed SPF.  I think objectively committed worst crime financially. You know, you hurt individuals, didn’t just

29:01

just you know like hurt hurt you know a big company hurt individuals  no victimless crime here but  they’re arguing that the judge was biased the jury didn’t hear his full story  he’s also angling for a pardon from Trump too but ooh man like  I  really think that this is like  something if anything if Trump  does anything  he shouldn’t pardon him he should just commute his sentence and let him stay a criminal

29:29

uh Kind of like what he did with that uh that that’s that what’s the the? politician from like New Jersey, New York area that um Just lied about everything To repeat that one more time  the lawyer the the politician that just lied about everything in  oh In New Jersey, New York not it’s not George Soros Santos there you go him

29:56

Like, you he just commuted his sentence and was just like, yeah, you’re a criminal, go off and do that. I don’t like that guy, which,  I don’t know.  I think that if you’re going to be in a position of power, which happens all the time, maybe this is just me being naive, but  in my ideals, you know, if you’re going to be in this very powerful position  and you’re going to be using it to  take advantage,  then you should be a criminal. You should be…

30:24

forever and ever be labeled as a criminal like in the case of Santos.  Because dude, I mean, did you know that he used some of his campaign money to  get OnlyFans?  He was gooning at the job, essentially.  He did very bad stuff and like, objectively he probably stay in prison for another year or two.  should let him sweat it out. like… Absolutely. And here’s the thing, he’s not gonna win re-election or anything. His Oh, I don’t think he can run.

30:51

Yeah, there is absolute no value to Trump  if  pardon him unless he is getting a lot of money from Santos. Maybe he is getting access to his OnlyFans account.  Is that why Trump pardoned  I don’t think so.  Anyways, so on the SBF stuff you were mentioning, there was a… Let me pull up my notes. Yeah, so  anyways, you were asking me about  SBF, correct?

31:19

Yes, just thoughts on it. Like I kind of gave the rundown. Yes, you did. You know,  let’s  see what, you know, is  going to happen, but  he could be  pardoned.  So here’s the thing. Unlike Santos,  know, SBF actually appealed his 25 year fraud sentence. He was claiming that the judge was biased  and blocked key evidence that could have shown that FTX wasn’t actually insolvent.

31:48

The appeals judge  didn’t seem too sympathetic on that because it’s basically saying, hey, dude,  you kind of like  put me in a bad position because you didn’t let me use all the evidence  to the judge that didn’t approve in the first place. And then that judge came back and said, nah, shut the fuck up. We’re not going to go through with that. So they basically said solvency doesn’t erase fraud and called his blame the lawyers defense week because that’s what he was saying. um That was the whole shtick of SBF.

32:18

um However, there is no decision yet, but rumors of a potential Trump pardon  are already circulating.  So it kind of goes back with the whole Santos thing.  His family even dropped a 64 page defense memo right before the hearing saying to sway public opinion. But I don’t know if people are so sympathetic on SBF anymore because  it is case closed what happened. There was vast amount of evidence which was  largely pushed as well by Coffeezilla on YouTube.

32:48

He kinda… He’s popping up again. What’s that? Coffeezilla’s popping up again for us. Yeah, I mean… I love his investigative work. I think we need more people like that. It sucks that we need people like that to bring justice in a country that is all about justice. know what I mean? Yep. But I’m not here trying to make it political. Like, fuck all that. But I just think it’s crazy,

33:16

Now on the SBF and ZZ stuff, since we were both, we were talking about both people. saw a tweet circle around a while ago that said that, Hey, if you’re basically in Forbes,  you’re kind of  set that you’re going to be a bad entrepreneur or you’re going to fraud people at some point or another, one or the other. I’m paraphrasing, but  I want to circle back  on this  article from Forbes about SBF  that came out in 2021.

33:45

The world’s richest 29 year old just got a lot richer thanks to new FTX funding round. I’m not going to read it all, but this is the original link. If you want to look back and you’re watching this on YouTube, you can access the link if you’d like. But this was, you know, the thing that kind of surprised everyone when, when the lawsuit happened in 22 in 2022. So that’s from Forbes and there is, you know, SBF and I don’t know if you know this, but

34:15

ZZ was also in Forbes This is way back then this is from 2018 But it says from zero to crypto billionaire and under a year meet the founder of Binance and there he is There is a there’s been like a saying if you’re under the Forbes 40 under 40 more than likely you’re gonna be a criminal. Yes, that is just like Honestly Forbes, you know, they just I don’t know if it’s a curse or you know, lot of rich people do

34:45

dumb shit. ah But it is kind of funny.  is.  And I don’t want to cut you off, but have you seen Wolf of Wall Street? I love that movie, by the way. Yeah, it’s been a long time, but I have. I think it was um Jordan Belfort. That’s his name of the protagonist, the guy who defrauded everyone. He’s still around running scams, by the way. But um Jordan Belfort was in Forbes, if I am not mistaken.  And I would be surprised.  Yeah, dude. So that

35:14

kind of tells you everything about I mean if if we ever make it big which I hope and if I’m ever in Forbes I’m gonna be like nah I respectfully decline being on Forbes  yeah I’m not living up to the  this is some final destination stuff with a criminal  like billionaires like  like  it’s funny  we’ll see like I don’t believe you know FTX founder even though you know he is crypto related should be

35:41

part of the all you know it may be that maybe there was a over sentencing i don’t know like what what other people you know that would have run felt another company that committed fraud you know felt  uh…  what was that other guy that did uh… ponzi scheme  uh…

36:22

Sentencing was compared to SPF like you know what did he get more years? know if they all got 15 years and he got 25 years with similar sort of crimes and Convictions like maybe there is an over sentencing You know, but  again, we got to bring trust to crypto. You know, we’re working on that and Partying these folks without you know any knowledge of it  is it’s really hard You know if he just says the quiet part out loud and says

36:51

You know, we need these folks for being, you know, the greatest crypto country in the world. I could get behind that more. I think that’s essentially what’s happening in a lot of times. uh I don’t think SPF is,  SPF is particularly smart and  in like a, you know, like a crypto way or something or, you know, needed at the moment.  So it’d be interesting to see the outcome of everything. There’s the whole memo about what we’re doing. We can. uh

37:19

keep letting criminals get away with it, dude. We need to help people and consumers trust Cryptomore, god damn it. Yeah, no, 100%. So I find it fascinating. We’ll see what happens. I don’t know. I think that’s it that we have on this topic though. Yeah. So we’re going to try to keep this format for the foreseeable future on our podcast. We’re trying to make some of our audiences who have goldfish brains be able to enjoy and like and stay.

37:48

Not to insult you if you’re one of them, right? we can go off on tangent something. Low key. no offense, but I’m offending you. Absolutely, No, but in all genuinely, we’re trying to make this podcast better for everyone, not just for people who can’t focus sometimes. So let us know what you think. If you like this format, let us know.

38:14

drop a like if you like it and if you get offended by I just said you can drop a dislike you have my permission but um yeah this was episode 27 so thanks so much for watching