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It's not so long ago that 
celebrities who wanted to make 

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money in crypto did so by simply
endorsing other people's tokens,

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NFTS, or even Ponzi schemes or 
crypto exchanges as they used to

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be called. 
People like Matt Damon, Tom 

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Brady, Larry David, and that 
little fella from the Lord of 

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the Rings movies fronted huge 
advertising campaigns for crypto

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exchanges. 
I was disappointed to learn 

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earlier this year from court 
documents that Snoop Dogg was 

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paid around $1 million to 
perform as a board ape at the 

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MTV Video Music Awards in 2022. 
I suppose it makes sense that 

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they paid him to do this, as a 
quick look at YouTube shows that

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the official music video of his 
board ape song only got 3600 

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views over the last two years, 
and at least 3500 of those views

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were me. 
It's basically been on repeat 

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play here the whole time. 
Well, that and the vacuum 

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cleaner song by Razzle Khan. 
Everything changed in 2024 when 

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celebrities like Caitlyn Jenner 
and Iggy Azalea launched their 

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own meme coins. 
Yesterday I learned that 

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launching your own meme coin had
become so mainstream that the 

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FBI even launched their own 
token called Next Fund AI, 

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which, let's be serious, is a 
terrible name for a crypto 

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token. 
What's wrong with Fed token or 

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FBI ENU? 
Maybe those ones were already 

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taken. 
According to the SEC, Next Fund 

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AI traded for only 9 hours, 
which doesn't sound long, but it

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does beat Rishi Sunak's NFT for 
Britain, which no one seems to 

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talk about anymore. 
So there's that at least. 

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Go USA. 
The FBI created this token which

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operated on the Ethereum 
blockchain along with a fake 

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company in order to ensnare 
crooks, which seems a bit mean 

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spirited of them. 
They apparently met up with 

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crypto market makers to discuss 
employing their services. 

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One of the defendants allegedly 
described himself to the FBI 

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agents as the mastermind, 
explaining that his company used

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bots to buy and sell at the same
time on centralized exchanges to

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generate trading volumes. 
This is known as wash trading 

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and is illegal in securities 
markets, according to the press 

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releases. 
As late as last week, this 

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market makers bots were still 
making millions of dollars worth

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of wash trades in crypto markets
before being deactivated at the 

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request of law enforcement. 
According to a Department of 

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Justice press release, 80, 18 
individuals and entities have 

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now been charged for widespread 
fraud and manipulation in the 

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cryptocurrency markets. 
I mean, who knew that this sort 

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of thing was going on? 
And gentlemen, you can't fight 

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in here. 
This is the war room. 

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Charges were unsealed this 
Wednesday against the leaders of

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four cryptocurrency companies, 4
cryptocurrency financial 

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services firms known as market 
makers, and employees at those 

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firms. 
Apparently, 4 defendants have 

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pleaded guilty, another has 
agreed to plead guilty, and 

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authorities apprehended three 
other defendants in Texas, the 

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United Kingdom, and Portugal 
this week. 

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More than $25 million in 
cryptocurrency has been seized 

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and multiple trading bots 
responsible for millions of 

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dollars worth of wash trades for
approximately 60 different 

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cryptocurrencies have been 
deactivated. 3 market makers, ZM

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Quant, CLS Global and Mytrade, 
along with their employees are 

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charged with allegedly wash 
trading and or conspiring to 

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wash trade on behalf of the FBI 
cryptocurrency company and token

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created as part of the 
investigation. 

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A fourth market maker got bid. 
Its CEO and two of its directors

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are also charged for 
perpetrating a similar scheme. 

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Zeke Fox at Bloomberg explained 
in an article earlier this week 

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that the investigation started 
with an SEC tip about a crypto 

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company called Setama, which 
we'll come back to shortly. 

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Investigating Setama LED 
authorities to cooperating 

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witnesses who helped them set up
the FBI crypto token Next Fund 

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AI, and in video calls and 
Telegram chats, market makers 

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offered to manipulate the price 
of this token for the FBI, which

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it turns out was a bit of a 
mistake. 

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If they would only have 
implemented some sort of know 

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your customer type rules, maybe 
they wouldn't have all of these 

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problems right now, there are a 
number of court cases to look at

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here, but according to the 
documents, the defendants are 

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accused of making false 
statements about their tokens 

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and executing wash trades in 
those tokens to create the 

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appearance of trading activity 
that would make the tokens look 

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like good investments. 
Now of course that's playing 

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fast and loose with the meaning 
of the term investment, but 

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we'll keep going. 
There are dog teamed 

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cryptocurrencies coming up and 
for some reason that's always 

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where these stories end up. 
According to the court 

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documents, the deceptive tactics
employed attracted new investors

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and purchasers and resulted in 
an increase in the tokens 

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trading prices. 
The defendants are alleged to 

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have sold their tokens at the 
pumped up prices and the largest

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of these tokens, Satama, at one 
point had a multi billion dollar

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market value value. 
I did a quick check and it might

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surprise you to learn that the 
price of that token was up 17 

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1/2 percent yesterday, a full 
day after the announcement of 

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these charges. 
With a market cap of just over 

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$11 million, these guys don't 
seem awfully smart to me. 

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The same people appear to have 
another coin called SATA Chain 

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Coin, and it's not a star 
performer either. 

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It seems to be down 98.77% since
it was first launched, which 

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means that if you buy it now, it
can only fall by an additional 

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100%, which is the worst case 
scenario. 

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There is, of course, a website 
and a Twitter account. 

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We we should probably check 
those out right on Twitter, they

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have a pin tweet that says 
something, something innovation 

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and then a little spaceman 
animation with logos on all of 

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the planets. 
And this is all important stuff.

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You're not going to hit a multi 
billion dollar market cap 

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without a decent space themed 
animation. 

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If we Scroll down, it says that 
business operations will 

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continue as usual, which is 
great stuff. 

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It then says that we're aware of
the allegations. 

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Thank you for your patience. 
That's never really a good sign 

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is it? 
I guess it's better than when 

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that little fella from the Lord 
of the Rings started tweeting 

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out those single letter tweets 
every few hours till it spelled 

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out what happened and that 
wasn't really confidence 

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inspiring at all. 
These guys are getting much 

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better now, it says here. 
We have been advised that no 

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additional information regarding
the allegations against Manny 

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the Hit Man will be available 
until next week. 

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And that seems a bit worrying. 
Let's see who Manny the Hit Man 

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is. 
He sounds intimidating. 

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Oh look, it's a nerd. 
A nerd in a corporate logo 

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T-shirt. 
The worst kind. 

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It's really only a nerd who's 
going to give himself a nickname

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like Manny the Hitman. 
He'll come up with that one 

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himself. 
It's a bit like that guy who 

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pretends that other people call 
him Mr. Wonderful. 

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No one calls him that. 
This kind of reminds me of that 

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episode of Seinfeld where George
Costanza wanted to be given the 

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nickname T-bone, but instead got
nicknamed Coco the Monkey. 

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It's lucky that nothing like 
that happened to a money that 

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can't money the hitman. 
Anyhow, let's check out their 

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website. 
It says here that we can talk to

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an expert that might be helpful.
Oh, it says error for site 

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owner, invalid domain for site 
key. 

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I feel they misled us a bit on 
Twitter when they said that 

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business operations would 
continue as usual. 

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I don't know what to tell you 
here. 

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I wonder if they blew the whole 
corporate budget on that little 

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Spaceman animation for Twitter. 
This isn't exactly confidence 

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inspiring. 
So let's go back to the legal 

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complaints. 
So the cryptocurrency companies 

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are accused of hiring financial 
services firms, another term 

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that's being used quite loosely 
here, that they call market 

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makers to wash trade their 
tokens in exchange for payment. 

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Now one of the defendants who's 
pleading guilty described their 

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market making to a prospective 
client by explaining that the 

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objective on the secondary 
markets is to find other buyers 

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from the community, people you 
don't know about or don't care 

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about, which is a interesting 
definition of community because 

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he says we have to make these 
other buyers lose money in order

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for us to make profit. 
So that's a thing. 

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It can't all be scamming and 
manipulation though, can it? 

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Yeah, it can. 
Another crypto market maker is 

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alleged to have told potential 
clients that if you guys have 

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requirements on the price, for 
example, like pump the price 

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from $1.00 to $2.00, we'll give 
you a plan. 

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And that seems helpful, I 
suppose, but also really quite 

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illegal. 
OK, So what does a market maker 

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do in traditional finance? 
Is it the same sort of thing? 

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Well, no, it's not. 
Different exchanges are 

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organized differently. 
The New York Stock Exchange has 

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individual security specialists 
who work on the trading floor 

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and specialize in facilitating 
trades in the specific stocks 

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that they cover. 
Electronic markets like NASDAQ, 

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where there's no physical 
trading floor, rely on a system 

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where there are multiple market 
makers who keep an inventory of 

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the stocks that they make 
markets in, and they stand ready

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to either buy or sell securities
for Oregon from their own 

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accounts to their customers. 
The average number of market 

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makers for a stock on the NASDAQ
is 14, and market makers are 

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required to give A2 sided quote,
meaning that they must state a 

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firm bid and ask price that 
they're willing to honour. 

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Once an order is received from a
buyer, the market maker fills 

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them with shares from their own 
inventory to complete the order.

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What they don't do, which they 
do seem to do in crypto, is have

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lots of bought accounts that buy
and sell stock in wash trades, 

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slowly manipulating the price so
that it can be dumped on a 

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retail investor on a Stock 
Exchange. 

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Market makers make their money 
by capturing the bid ask spread 

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when investors trade with them 
and they compete with each other

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by giving good prices to 
investors so that they can get 

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fills and capture that spread. 
In crypto, according to the 

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Seca, token issuer pays the 
market makers to provide on 

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demand market manipulation and I
should note that the SEC press 

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release refers to them as 
so-called market makers, which I

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guess is different to a market 
maker, the US Attorney's Office 

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wrote in their press release. 
The message today is if you make

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false statements to trick 
investors, that's fraud. 

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They go on to say that the four 
crypto market makers and their 

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employees are accused of 
spearheading a sophisticated 

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trading scheme that built honest
investors out of millions of 

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dollars. 
Once again, I worry that we 

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shouldn't be calling the people 
who put their savings into 

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something called Next Fund AI 
investors. 

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There's an argument that the 
kind of person who thinks that 

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this is a good investment was 
going to lose their money 

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anyhow. 
And in a way, these so-called 

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market makers just provided 
liquidity to allow them to lose 

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their money a little bit faster,
which possibly leads to a more 

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efficient market. 
The SEC explains that the FBI 

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retained a so-called market 
maker called ZM Quant to support

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trading in Next Fund AI, which 
was sold as a way to so-called 

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invest in early stage so-called 
artificial intelligence 

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projects. 
Now look, many people would say 

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that the best way to invest in 
early stage AI projects is to 

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find some early stage AI 
projects and invest in them, not

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by a crypto token that the 
owners of these early stage AI 

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projects will not have heard of.
It seems like a convoluted 

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approach, but then again the 
comments in my videos are often 

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filled with people saying that I
just don't get crypto. 

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Employees of ZM Quant are 
accused of counselling the 

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backers of Next Fund AI on how 
to artificially drive up the 

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price of the token before 
cashing out at the peaks. 

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According to the SEC complaint, 
ZM Quant's trades amounted to 

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more than 80% of Next Fund AIS 
trading volumes. 

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And I guess the other 20% were 
so-called investors. 

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00:13:53,280 --> 00:13:56,840
All right, maybe I've been hard 
on the so-called investors. 

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Who am I to criticize someone 
who committed their savings to 

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early stage AI companies in a 
contrived manner so that they 

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could build an AI so powerful 
that we have to flee to Mars to 

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escape it's wrath? 
What else were so-called 

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investors being scammed with? 
Ah yes, Robo Enu. 

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Sorry, I feel dumb even knowing 
that this exists but yeah 

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so-called investors in so-called
robo Enu got so-called ripped 

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00:14:27,240 --> 00:14:30,400
off allegedly. 
Do you need me to even tell you 

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00:14:30,400 --> 00:14:33,840
what Robo Enu is or can you 
already guess? 

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OK, they have a website, and I'm
starting to notice that all of 

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these websites look exactly the 
same, it says. 

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Inspired by NASA's ambitious 
plan to launch robo dogs to 

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Mars, Robo Inu Finance aims to 
build an efficient, circular 

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ecosystem that brings together 
the best fintech resources. 

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Join us and be a part of 
something revolutionary. 

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And I can't help but think that 
if they said join us and be part

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of something stupid they might 
have done a little bit better. 

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There's nothing about their 
so-called mission statement that

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makes any sense or would involve
anything revolutionary. 

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Just be straight up about it 
being another uninspired dog 

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teamed cryptocurrency. 
Tell the so-called investors how

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stupid you think they are and 
maybe they'll just give you 

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their money. 
Anyhow, I really should be 

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working in crypto marketing, but
that's not what I do. 

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According to the complaint, Robo
Enu was promoted by a woman 

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named Vai Pham who also helped 
launch Setama. 

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So maybe she's friends with 
Manny the Hitman. 

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I imagine at crypto conferences 
she probably told people that 

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she was mentored by Manny the 
Hitman to impress them. 

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But anyhow, Pham it seems 
contacted a so-called market 

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maker called Gotbid as despite 
having spent 250,000 and actual 

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dollars on marketing, the 
response from so-called 

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investors had not been 
satisfactory. 

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So she and her team, I mean do 
these people have teams? 

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OK. 
She and her team said that they 

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were thinking about increasing 
the volume via so-called market 

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maker. 
She explained in a group chat, 

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which the FBI have access to, 
that the purpose of hiring a 

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socalled market maker was to 
increase and maintain trading 

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volume to attract so-called 
investors to her stupid token. 

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The complaint says that got bit 
personnel confirmed that they 

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understood that this was the 
purpose and they communicated 

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with FAM and her band of merry 
men about ways to create 

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so-called investor FOMO through 
artificial trading volume. 

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A fellow in the Telegram chat 
called Vatislaw Trader stated he

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was trying to trigger organics, 
which the SEC helpfully explains

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means individuals or entities 
other than Gotbid to buy her God

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forsaken robot dog themed 
cryptocurrency. 

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So bag holders basically are 
members of the community who can

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be counted on to hold bags. 
Fam and her team allegedly paid 

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Gotbid 3 to $6000 per month to 
allegedly manipulate the trading

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volume of Robo Enu through 
automated wash trading on 

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Bitmart and Uniswap. 
The guy named Fedor Kedrov from 

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Gottbed allegedly told Pham and 
her team that he could achieve 

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any volume you want and 
recommended that Robo Enu start 

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with $200,000 in artificial 
daily volume. 

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A month or so later, Vadislav 
Trader posted that organic 

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volume accounted for less than 
10% of Robo Enu's total trading 

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volume. 
The rest was Gottbed trading 

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with itself through automated 
wash trade. 

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Waiting. 
I found an interview with Vifam 

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on YouTube where she seems to be
suggesting that small businesses

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could pay staff salaries in Robo
Enu. 

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Or small businesses who are able
to you know to pay the salary in

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in robo enu financial gain or 
even accept abif as a form of 

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payment. 
Now I can't help but feel that 

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that might be a deal breaker for
most employees, but who knows? 

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And maybe the rest of us are 
fools for accepting money that 

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we can spend a salary. 
Maybe in a few years time Robo 

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enu will be the new reserve 
currency. 

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In the comments section here 
will be filled with people 

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saying this aged like milk. 
Anything could happen. 

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Wait a minute, is this? 
Is this what FOMO feels like? 

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I don't know now the US 
Attorneys Office posted a link 

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in their press release to a form
for so-called investors in these

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so-called crypto currencies to 
fill out. 

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So I'll leave a link to that in 
the description. 

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If you lost so-called money 
trading, these so-called tokens,

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you can fill out that form now. 
Just so crypto investors don't 

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get angry at me in the comments 
section, I'll say that not all 

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crypto is fraud. 
Even in these terrible examples,

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we can still see that up to 10% 
of it is also bag holders or 

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organics. 
Thanks for tuning into this 

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week's so-called podcast. 
I recently changed podcast host 

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to Spotify. 
I told them that I wanted the 

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same deal as Joe Rogan is 
getting and they agreed, but 

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they said that because my 
podcast gets fewer listens, 

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they'd pay me $100 million less 
than him, which seems fair. 

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There are a few new features 
though, such as the ability to 

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leave a comment, and this is the
first episode where you can even

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00:20:01,640 --> 00:20:04,880
watch a video version of it on 
Spotify. 

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00:20:04,960 --> 00:20:09,560
If you want to so do leave a 
comment to say hi and I'll talk 

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00:20:09,560 --> 00:20:11,200
to you next week. 
Bye.