Main Street Insiders

Main Street Insiders

Share this post

Main Street Insiders
Main Street Insiders
What FTX Teaches Us About The Elites

What FTX Teaches Us About The Elites

How They Lie, Cheat, Steal, and Get Away With It

Jeff Perlot and Luke Perlot's avatar
Jeff Perlot and Luke Perlot
Nov 25, 2022
∙ Paid
Share

If it sounds too good to be true, it probably is.  

Unfortunately, we saw another example in November 2022 as cryptocurrency exchange FTX went bankrupt. The exchange was founded by Sam Bankman-Fried (everyone calls him "SBF"). The elites celebrated him as the next Warren Buffet. Investors large and small got caught up in the hype and shoveled billions into his exchange. Apparently, he's a great guy too! He encourages young people to pursue effective altruism, where you get wealthy and give it all to charity.

Sam Bankman-Fried, New York’taki Bir Etkinlikte Konuşacak
Sam Bankman-Fried (SBF)

Just kidding. It turns out SBF is a terrible guy. FTX was a Ponzi scheme, his effective altruism was a hoax, and his investors lost everything. If you're a regular reader of Main Street Insiders, you're not surprised. Bernie Madoff was arrested within 24 hours of his fraud being discovered. Here’s what SBF is up to:

Keep reading with a 7-day free trial

Subscribe to Main Street Insiders to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Main Street Insiders
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share