Economics/Class Relations

How Coffeezilla Exposed SBF’s Scam

Episode 103 with Coffeezilla

This episode gives us not only an in-depth view of the major upset in the crypto world with the fall of FTX, but also the opportunity to get to know Coffeezilla, YouTube commentator extraordinaire who’s built a platform around digging into scams (medical, financial, all the way up to SBF). We think you’ll enjoy this conversation about the scam that’s rocking national news and changing the way we think about cryptocurrency — and the role that government regulation should play here. Watch below:

Want to get rich quick? In a country with massive wealth disparity and intense precarity caused by expensive housing, healthcare, and education, scams and schemes profiting off of everyday people are literally all around us. Coffeezilla has made it his focus to analyze modern-day scams, to understand how their messaging plays into social and financial concerns and gets the buy-in of people who might otherwise be skeptical. He makes the excellent point that today’s hucksters are able to “sell the dream tailored to the specific person,” understanding what kinds of struggles and goals different people have — and convincing them that you have the product to make their problems go away.

How does this fit into the context of the FTX scandal? Understanding the importance of this issue requires understanding who it affected — who got hurt, who bought what SBF was selling, and who’s going to pay the price. One of the most troubling takeaways from this case is the fact that its impact, though seemingly distant from the crypto world, is wide-ranging. Tens of millions of dollars illegally changed hands to back SBF’s political agenda, pouring into political campaigns in direct violation of campaign finance law. This is a scam pulled on the American political system itself, and many members of our government are actually cooperating. In this conversation, Coffeezilla fills us in on the FTX case as a path into the rockiness of the crypto world, but also as a path into the reforms on our political system that desperately need to be made.

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