Originally aired on November 6, 2023
In episode 701 of the Bad Crypto Podcast, hosts Joel Comm and Travis Wright discuss various topics in the world of cryptocurrency. They begin by sharing the news of Sam Bankman-Fried’s guilty verdict on seven counts of fraud and conspiracy. They also discuss the anticipation of Grayscale’s Bitcoin Trust ETF and its potential impact on the market. Additionally, they touch on the recent indictment of the founders of SafeMoon for fraud, as well as the SEC’s scrutiny of PayPal’s stablecoin. The hosts also share personal updates, including Joel’s recent trip to Spain, Turkey, and Egypt.
Sam Bankman-Fried Found Guilty
- Sam Bankman-Fried, founder of FTX, has been found guilty on seven counts of fraud and conspiracy.
- The sentencing will take place in March 2024, and Bankman-Fried could face up to 115 years in prison.
Anticipation of Grayscale’s Bitcoin Trust ETF
- The anticipation of Grayscale’s Bitcoin Trust ETF has caused the market to rally, with Bitcoin reaching new highs.
- The tripled price of Grayscale’s Bitcoin Trust this year reflects investor confidence in the future of Bitcoin ETFs.
Indictment of SafeMoon Founders
- The founders of SafeMoon have been indicted for fraud, allegedly diverting investor funds for personal gain.
- This serves as a reminder of the risks associated with investing in cryptocurrency projects without thorough research.
SEC Scrutiny of PayPal’s Stablecoin
- PayPal’s issuance of its stablecoin, PYUSD, has come under scrutiny from the SEC.
- The SEC is likely to investigate whether PayPal’s stablecoin poses any regulatory concerns.
Personal Updates: Joel’s Trip to Spain, Turkey, and Egypt
- Joel shares his recent trip to Spain, Turkey, and Egypt, discussing the highlights of his travels.
- The trip included visits to historical landmarks such as the Great Pyramids of Giza and a Nile River cruise.