SBF Was a ‘Pawn’ in a System Designed for ‘Money Laundering’, Says CEO Mark Yusko

CEO of investment firm Morgan Creek reveals he believes SBF was simply a pawn used to further a hidden agenda.

SBF Was a ‘Pawn’ in a System Designed for ‘Money Laundering’ Says CEO Mark Yusko
  • CEO of investment firm Morgan Creek reveals in an interview that he believes SBF was simply a pawn used to further a hidden agenda.
  • CEO Mark Yusko compares blatant money laundering with Bernie Madoff’s fraudulent activity.
  • Yusko makes links with Ukrainian war funding and references the $1 Billion in funds promised by SBF.

Mark Yusko, CEO of Morgan Creek Capital Management, revealed his suspicions in an exclusive interview with Kitco.

When asked by interviewer Michelle Makori if SBF committed fraud, Yusko said the following:

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“I’m 100% convinced, and I have evidence of it, given that I’m a large investor in one of the companies he defrauded directly.”

Yusko compares the situation to other financial fraud cases. He states that Bernie Madoff was handcuffed 24 hours after admitting his fraudulent activity in 2008.

On the other hand, SBF has been free to make a ‘media tour.’ He has generally been treated exceptionally lightly by the mainstream press. Yusko appears dumbfounded at the mainstream notion that SBF was just a ‘misunderstood philanthropist.’

“The fact that SBF is on a press tour, and not in a jail cell is incomprehensible. The extent of the fraud is clear and it is profound.”

Yusko hypothesises that the ‘light-touch’ approach by mainstream media implies that there are strings being pulled in the background of this unraveling saga. He adds:

“They are just pawns in a very large, very elaborate system that was designed to do money laundering…
“It is certainly possible that there was an intent by someone to have this be an example set so that regulators could come in and punish the industry…
This debacle is a fraud perpetrated by, I believe, someone above the useful idiots.”

Yusko believes that the promotion and consequent downfall of FTX was a set-up designed to allow those behind the scenes to launder money. It is noted that SBF promised to donate $1 billion in the next election. Yusko claims that politicians received large amounts of the $8 billion misappropriated customer funds.

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Yusko reminds us that FTX’s investments in suspicious entities, such as Farmington State Bank, are proof of blatant money laundering.  Farmington State, at one point the 26th smallest bank in the US, increased their deposits by over 700% after the FTX investment.

“If you and I pulled out our phones and we went to Wikipedia, and we typed in ‘money laundering,’ that’s the picture that would show up. Not that particular bank, but that is exactly how you do money laundering.”
Farming State Bank

Farming State Bank (pictured) received over $11.5 million in investment from FTX. Source: Twitter

Yusko also discusses the relatively unreported situation with President Zelensky of Ukraine, calling the situation ‘very odd.’ Money was allegedly transferred from the Ukrainian armed forces to FTX. These funds subsequently vanished in a ‘personal loan to SBF.’

“It’s not conjecture that Ukraine sent money to FTX. It’s fact. It’s not a conspiracy theory, it’s fact.”

Ultimately Yusko believes the FTX saga to be infinitely more complex than the media commonly reports. He is confident fraud and corruption are taking place at the highest level. All of this serves, Yusko believes, to bring down the crypto industry and eliminate it as a valid threat against fiat currency.

It’s hard to argue Yusko’s points when evidence supports his claims and international banks start to make significant moves to release their respective CBDCs.

On the Flipside

  • Despite the increasingly negative news cycles surrounding the FTX saga, Goldman Sachs seeks to invest millions in funds to firms affected by the FTX crisis. This has led to hopes for some respite amidst the drama.
  • Despite attending numerous video conferences as part of his ‘media tour,’ SBF seems unlikely to attend his US congress hearing on the 13th of December. 

Why You Should Care

Each update regarding FTX and Sam Bankman-Fried affects the markets, for good or bad. Regarded by many as a criminal, it will also be interesting to see how SBF uses his upcoming platform at the DealBook Summit. What could he say to potentially mitigate community anger?

 

Crypto firms are facing mounting pressure regarding their liquidity:

Silvergate (SI) CEO Attempts to Defend Company, Says It Has ‘Ample Liquidity’

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Zack Dadfar

Zack is a Crypto writer and trader, having been trading digital assets since 2017. Throughout time his portfolio and knowledge has grown, leading him down the writing path. With multiple project launches under his belt (NFTs and DeFi), and a degree in English Literature, Zack is excited to be combining his skills and passions to write for DailyCoin readers.