SBF funnelled hundreds of millions to his father, and now that money is used to pay for his legal fees.
At this point, we can't deny that SBF was pretty smart and savvy. Just not in the righteous manner he was presenting.
In November, SBF claimed to have only $100,000 in his bank account. If that were the case, he would not be able to afford any lawyers or at least any lawyers worth their salt. We should remind you that SBF's lawyers are Mark Cohen and Christian Everdell from Cohen & Gresser.
In 2021, SBF sent a large gift to his father in the hundred million dollar range as reported by Forbes. His ongoing defense is going to cost somewhere in the millions, most likely single-digit millions but still a pricey endeavor. This always begged the question, where the funds are coming from?
Well, now we know. It's coming from Alameda and FTX's investors. It's the gift that keeps on giving.
SEC wants $2.4bn to crack down on crypto
Let's hear it from the main man himself, Gary Gensler, in his prepared testimony for the March 29 budget hearing with the House Appropriations Committee:
“Rapid technological innovation in the financial markets has led to misconduct in emerging and new areas, not least in the crypto space. Addressing this requires new tools, expertise, and resources.”
Big G is planning on using these funds to hire 170 staff within the enforcement and examinations division. Even though he has some odd ties with players in the sector, he is insistent that the crypto market is 'rife with noncompliance.'
A lot of this feels like the movie, The Departed, where we can't be sure who is playing both sides and who really wants justice and a clean operating environment. As all things in crypto, only time will tell.
BTC to $1m?
BTC almost hit $30k this week despite the headwinds from Binance's lawsuit, a brief pause in spot trading, or additional regulatory pressure from the FTC.
It could be that the markets' faith in our regular financial system is pushing BTC higher. The currency is a potential safe haven for investors who may not trust their banking partners.
The crypto fear and greed index has skewed towards greed recently and Balaji's $1m bet is getting closer and closer.
What do you guys think? Will we pass $30k? What about $100k? What about $500k? And if you say yes, do you think it will be in 2023, or is that a pipeline? We can start a community bet.