The Other SBF: How a Wall Street Hedge Fund Hid $500 Million in Losses

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A New York hedge fund that claimed to be “diversified and protected” just got caught running one of the biggest TradFi cover-ups in years. Prophecy Asset Management and its CEO, Jeffrey Spotts, allegedly funneled hundreds of millions to a single trader — Brian Kahn — who then lost it all and hid the truth behind fake documents and sham transactions.

In this episode, Chip Mahoney breaks down how this echoes the same arrogance that took down Sam Bankman-Fried — and why the future of finance isn’t about trusting fund managers, but verifying everything on-chain.

Listen to why Prophecy’s collapse is another warning for the old system — and how verifiable transparency is becoming the new definition of trust.

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