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Hello this is Matt on the moon Lambo Channel here's a headline from coin Pedia SEC acted as a broken and failed Agency in the library case John Deon so I'm going to share with you attorney Deon's perspective on this but um you Know there's there's something that's Been in the back of my mind for a little Bit now so as everybody knows to this Point a library unfortunately uh did Lose its case against the library itself The Entity is shutting down but do you Remember not too long ago there was a a Major headline that library and again Having no actual funds library was Actually appealing the loss against the SEC do you remember that uh in fact Here's the headline this is from just Over a month ago September 8th 2023 from Coin Telegraph Library decides to fight Blockchain firm files notice of appeal Against SEC uh so that was exciting and neat It's like oh I don't know what happened I don't know if somebody gave them Funding don't know what the hell's going On on it was never publicly disclosed But they still got some fight in them That's good for the entire crypto asset Class and good for them too of course And um un fortunately we found out the Other day that library is actually still Winding down and so then the question is But what about the appeal against the
SEC is that carrying on sadly the answer Is no but I want to share with you some Spe perspective and details uh and then After that I'm going to share with you The latest in the S SPF trial uh here's A headline from coin Telegraph Uh Sam bankman freed asked FTX attorney To come up with legal argument for $8 Billion a hole now folks that is Rich Like this is so damn this guy's going to Jail uh prison rather hopefully the rest Of his life but at a minimum you would Think it would at least be decades and Decades right and so he's literally the Accusation here is he's literally saying Okay well here's the 8 billion hole and He knows it's because his his firm stole Customer funds but he's like uh just Just come up with a legal argument for Why that hole might be there you know Something that does not to be in line With reality but that's obviously what The assertion is that he's trying to get It but before going further I do want to Be clear I do not have a financial Background of any kind I am not offering Financial advice and you definitely Should not buy or sell anything because Of anything I say or right I'm just an Enthusiast who enjoys making YouTube Videos about crypto related topics but Just as a hobby and just for fun and so Here we go here's the post from uh well This was actually on the Odyssey website
But this comes from library uh the end Of Library Inc and this is from a couple Days ago here Library Inc must die there is no Escaping this it has lost a judgment to The federal government has several Million dollar in debts and has pledged To shut down this will be our last Post Library Inc has debts to the SEC Its legal team and a private debtor that It cannot pay its assets including Odyssey are being placed into Receivership as of this post all Library Executives emplo employees and board Members have Resigned all will be doing what is Required to satisfy any outstanding Legal requirements but no more so that's It it unfortunately is empty so then When I started reading that I was like Okay well what about the appeal the Appeal is going on what's what's Happening well they do address that uh Unfortunately with just one word though So here's the question they wrote it on On your screen right here Will Library Inc be continuing its appeal against the SEC and the answer is one word no So this leaves some question marks Because we still don't know why they Appealed after committing to shutdown Because they committed to shutdown way Way way before they ultimately appealed The decision with the
SEC uh but then the appeal happened no Idea why that happened I haven't seen Any public explanation I'm glad they did I was glad that they did uh and here now That they're not doing it the answer is No they're not doing it with no Additional information so maybe we'll Never know I'm not sure if it ever comes Out I'll talk about it because I'm just As curious as the next guy but right now We do not unfortunately know why uh it It is what it is there's just stuff Happening behind the scenes and and That's all I can really say about that Here's what Attorney John Deon had to Say the library case should be taught in Law school schools across the country And not just regarding the application Of the Howie test to mod modern day Blockchain Technologies in crypto but Also to specifically highlight SEC Overreach with FTX Celsius Voyager Luna Genesis pump and dumps and all the other Bad stuff to go after the SEC picked a Small American company based out of New Hampshire threatened to bankrupt it During the investigation and then Proceeded to bankrupt it in a case where No fraud or misrepresentation occurred And the vast majority of LBC holders are Actual users of the platform and not Investors after millions of dollars was Wasted the SEC got a $130,000 fine this case alone proves the
SEC is is is a broken failed and inept Agency it's about now if that doesn't Make your blood boil then you just got To wake up because look at all I mean They were literally meeting with SBF That little ass hat with a fro like Little Cucumber loveing son of a They're meeting with him and then with All of these Bad actors and with every That went down and all the fraud and all The Scams and then they go after a Library which is obviously a goodfaith Company they're not doing there's no Fraud there's no allegations of fraud Even the only reason they went after Libraryies because Library uh Proactively spoke with the SEC so then They had all this information they Didn't have to do research it's just Handed to the data is handed to him on a Silver platter yes that does make them More likely to sue you if you do that And so Library Opera in good faith Just it ended up biting them on the rear Side and had that not occurred Library Would still exist today now the coin Since it's decentralized it still exists But Library The Entity it's gone that's Disgusting and so attorney Dean's Correct this should be Studied like Endlessly you know with with because What he what he stated here in terms of
Being analyzed in law schools yes and Fine for the how test Sure but what about as a case study and What it means for you know bad faith Government agencies you know never let That never let that story cease to be Told that's for Sure and then there's this from coin Telegraph Sam bankman freed asked FTX Attorney to come up with legal arguments For8 billion whole and this is just Outrageous check this out man it's Just and so to know that like with all Of this happening they went for library And then they went after Ripple and they Attacked all of us as xrp holders Effectively while all of this crap was Was going on they couldn't figure this Out but they sure as hell can go after a Kardashian that literally happened I Just think about they went after Kim Kardashian for for uh for advertising Ethereum ax and by the way in the post Where she did that she she she wrote Down that it was an ad I think it might Have been hashtag ad or something like That she she did indicate in the post in Question that it was an advertisement And then the SEC suit her anyway because She didn't disclose what the dollar Figure of that was and so rather than Fight the SEC which she probably could Have successfully done it's not worth The hassle then he'd spend more money in
Legal fees anyway so they it's just it's Just like it's like the bully you know Picking on a kid in school trying to get Their lunch money that's basically it That that's what the that the SEC is Here but anyway this piece reads as Follows former FTX CEO Sam bankman freed Instructed former general counsel Ken Sun to come up with any legal Explanation for the 8 billion hole in Alamer research's books according to Son's testimony in court on October 19th Sun flew from Japan to testify in the Ongoing trial as part of his Non-prosecution agreement with the United States Department of Justice During his testimony Sun revealed that He learned of the billion dooll hole Between the two companies on November 7th after receiving a spreadsheet Indicating the debt I was shocked he Told Jurors asset manager Apollo Capital was Intended to receive the spreadsheet as FTX attempted to raise new funding During the liquidity crunch of early November in response to Apollo's inquiry About the $8 billion hole bankman freed Allegedly asked sun to come up with a Legal Justification as Sun admitted in his Testimony he had considered some legal Options among them were dorcy fees and Collateral liquidations during the
Market downturn but the missing amounts Were too large to ignore also ftxs terms Of service were clear that the funds Belong solely to users quote and this Again from FTX X's own terms of Service none of the digital Assets in Your account are the property of or Shall be or or or or shall or may be Loan to FTX trading FTX trading uh does Not represent or treat digital assets um Under users accounts as belonging to FTX Trading end quote it's it's in the terms Of Service pece continues bankman freed Wasn't surprised at all with the Circumstances some claimed while former Engineering director Nasheed sing was Gray like his soul was taken from him That was a quote later that same day sun Learned from Singh about alam's $65 Billion line of credit with FTX he Resigned the next day over a year after Joining The Exchange during his time at The company Sun relied on bankman Freed's assurance that funds were Segregated to produce legal documents For FTX and answer inquiries from Regulators he told jurors I'd never Approve anything like that which is Another quote so again this isn't Surprising but I want to keep reporting On these developments that are unfolding Because this is going to go down in History this particular case you're
Gigantic Ponzi scheme we're living Through it in real time here and it it's Just it's it's it's hard to believe that This is real life like Ponzi schemes They always fail but people just do them Anyway the Ponzi scheme will never cease To exist just in in general like Somebody's always going to try this Thing I just I it's hard to get in the Heads space of people that do this stuff Here other than I know you can say that Basic stuff like greed this or that but But then are they really not thinking Step down the road like everybody that's Ever tried this has failed like is what It is I I just I can't get in that heads Space I'm not one of those people um you Know But just from the outside looking it's Just it's so absurd so I'm just glad That we have a front row seat to watch This uh this go down because like I said At the outside of the video I'm very Confident he's either going to be in Prison the rest of his life or for the Vast majority of it that's what I Believe firmly what's most probable Anyway not guaranteed but what's most Probable is Justice will be done here I'm not a financial adviser you should Not buy your sell anything because of Anything I say or right that would be a Very very very bad idea until next time To the Moon
Lambo
