Webinar: It’s Not Just SBF – How to Recognize and Avoid Wall Street Cons

We've been early and we've been right about everything connected with Sam Bankman-Fried and the FTX/Alameda fraud, the evolution of the crypto market into a perversion of traditional markets, and Wall Street and Washington's co-opting of Bitcoin.

On Thursday, Dec. 8 we presented a webinar to review the entire sordid tale and connect it to what we've been writing about for years now here on Epsilon Theory. Here's an intro clip. Please upgrade to Premium or Pro to view the full webinar!


Want to continue reading this and the other 1,500+ essays you won't find anywhere else?

Already a subscriber? log in here

To learn more about Epsilon Theory and be notified when we release new content sign up here. You’ll receive an email every week and your information will never be shared with anyone else.


  1. Avatar for JMac JMac says:

    Nice job Ben! I always learn so much, thank you!

  2. Avatar for bhunt bhunt says:

    You are so welcome, Jim! Thanks for being a member of the ET Pack.

  3. Well done Ben - I particularly liked two things #1 - your honest appraisal of yourself as a young man in Houston in the late 80s (I was out of college and consulting at First City Bank if you remember that disaster!) and #2 in the midst of so many bad actors, sharps, and emissaries, you took time to give Gary Gensler a positive shout out.

  4. Avatar for bhunt bhunt says:

    Thank you, Joe, on both counts!

  5. That was well worth the time to watch, well done.

    A thing I find interesting about raccoons is the way they use their physical self as part of their con, which plays on our beliefs about attractive vs. unattractive. Whether it’s the impeccable grooming as in Steve Martin/Dick Fuld’s case or the stark black turtle necks of Elizabeth Holmes or the perpetually messy hair of Boris Johnson and Sam Bankman Fried, it’s used to project a certain image for a certain reason, to inspire trust, to disarm suspicion and perhaps, even to let me believe I’m just a bit better dressed, groomed, or smarter, so not vulnerable to the con; which is when I’m likely the most vulnerable.

  6. Avatar for olowe olowe says:

    Thanks Ben. I am roughly your age and also have 3 daughters. They are all getting the link and we will have a family review.

  7. Avatar for olowe olowe says:

    Another thought: Since our pack has “superstitious” tendencies and we have been told many times that crypto is the payment system for human traffickers, drug cartels and arms dealers, why is SBF still alive if he stole all their money?

  8. Thanks for a wonderful presentation but I think the structure of the con was something different.

    IMHO FTX was double layered con. A massively scalable small con within a large con but still within the Spanish Prisoner framework. Ultimately the “Spanish Treasure” was a network of regulated exchanges where insiders could operate all the broker, trader, and exchange scams that have been made illegal over the past 100 years.

    Insider trading, bucket shop(ing), corners, raids, pump and dump, spoofing, washing, front running, churning, pumping, backstopping, last look, washing…etc. Crypto was the trojan horse. Once it was approved they could (a) securitize any asset on a blockchain and (b) extend leverage to everyone. It was similar to Robinhood and the ultimate marks were thousands of retail investors and punters.

    I don’t think the investors and enablers were conned. They were fully in… Unfortunately for them SBF was a crap risk manager and blew up Alemeda

  9. Appreciate your insight and presentation. Very helpful in gaining a better understanding of this insidious crime. I hope you can find a meaningful way to present this to the general public.

  10. Avatar for bhunt bhunt says:

    100%. Our brains are evolved to respond to visual social cues and linguistic social cues.

Continue the discussion at the Epsilon Theory Forum

20 more replies


Avatar for bhunt Avatar for Tanya Avatar for Zenzei Avatar for glarri Avatar for kmalibyte Avatar for Phyllis Avatar for olowe Avatar for josephdfeeney Avatar for anguscameron Avatar for Pferwerda Avatar for RHN Avatar for gavinjos Avatar for Saunders Avatar for 330cidriver Avatar for naiguy Avatar for JMac Avatar for jkbrinck Avatar for MFriedman007

The Latest From Epsilon Theory


This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.

Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.