Fintech, short for financial technology, has emerged as a transformative force in modern finance, revolutionizing the way we manage, invest, and interact with
it does not change the fact. the fact is he spent money that was not his while at the same time he lied about it. the user funds are safe. what is he getting? he s not in jail. he s not behind bars. he s getting a standing ovation in the new york times. this businesses me off. this is the media abled him. all the trust placed him came because of these credible organizations backing him up. they re still doing it today. this is not what should be the case. charles: there s this element of elitism out there. a lot of these folks looked down on crypto investors to begin with. it s sad that there s no sympathy. but we want everyone to be safeguarded. are you confident at all that ultimately some form of justice will come out of this? starting with congress that will start their investigation. representative maxine waters put out a tweet today. again, sort of like lauding him. hey, you ve been great and straightforward. we ll see you on the 13th.
so there is no way i can tell. lawmakers if they are able to crawl back the funds from the funds from the democrats on the house in the bahamas. and the rest of the billions of dollars, $16 billion user funds but now $1 billion left. so it is very hard to say if i will get it back or not. i hope the lawmakers come in here and starting with the donations they got and going for the funds that earth being spent wildly. todd: clawed back and happens every bankruptcy, but how do you claw back something as vague as crypto? i don t imagine there are too many claw back provisions in the bankruptcy code? at the end of the day crypto is value, right? and the good thing about crypto, you can see where the funds went. at least it is open. the last few days, we can see
pete: and the binance ceo, i can t pronounce his name, let s go with cz, they were going to bail out ftx, hey, we ll buy you while you re down. he had a day to look at the financials will: look under the hood. pete: there s no way we can absorb company, it s a total disaster, so that deal fell apart which led to the bankruptcy proceedings not just of alameda, but ftx as well. will: cz, the man behind binance, who took a look at the books, he spoke to fox business susan li this week. as soon as we discovered that he actually moved user funds without disclosing that and basically was lying to everyone, i said, look, this guy is probably going to be in a lot of trouble, most likely going to jail. [laughter] pete: he looked at the books and realized he s going to jail, we re not buying the company. will: well, we ll see, will he go to jail? because there was something else sam bankman-fried was doing, he was donating to politicians, in essence, buying an insurance policy. he donated i
90% of his money was spent for democrats. that contributed to the republicans, i m confident in the ability of congress to conduct oversight. people will see the hearings and cross examination and judge for themselves. he s extradited from the bahamas to answer to a class action lawsuit named ftx and s celebrities. shaq and larry david all promoted ftx and commercials like the one you see here. we heard from one who says he lost $2 million in this alleged scheme. this was a con man, he fooled everyone. he was the closest to being regulated by anybody else but was intentionally done, a calculated plan for crime has taken place. there were questions about nearly half a billion dollars in user funds ftx possession that