Episode
The Man Who Was Supposed to Save Crypto
33:35
Published: Fri Nov 18 2022
Description
Earlier this year, much of the crypto industry imploded, taking with it billions of dollars. From that crash, one company and its charismatic founder emerged as the industry’s savior.Last week, that company collapsed.Who is Sam Bankman-Fried, how did he become the face of crypto, and why did so many believe in him?Guest: David Yaffe-Bellany, a reporter covering cryptocurrencies and fintech for The New York Times.Background reading: Here’s what to know about the collapse of FTX.In an interview with The Times, Mr. Bankman-Fried said he had expanded too fast and failed to see warning signs. But he shared few details about his handling of FTX customers’ funds.For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Chapters
Lulu Garcia Navarro hosts the second season of First Person, a show dedicated to talking to regular people about their beliefs, lives, and perspectives on current events.
00:00 - 01:59 (01:59)
Summary
Lulu Garcia Navarro hosts the second season of First Person, a show dedicated to talking to regular people about their beliefs, lives, and perspectives on current events. Featured in the new season is a sheriff who trains teachers who want to carry guns to school.
EpisodeThe Man Who Was Supposed to Save Crypto
PodcastThe Daily
This podcast episode discusses the recent crypto crash involving FTX, a $32 billion crypto exchange, and explores the idea that making as much money as possible to later give away is a better way to do good in the world.
01:59 - 06:33 (04:33)
Summary
This podcast episode discusses the recent crypto crash involving FTX, a $32 billion crypto exchange, and explores the idea that making as much money as possible to later give away is a better way to do good in the world.
EpisodeThe Man Who Was Supposed to Save Crypto
PodcastThe Daily
An individual investor can borrow money from the same exchange so that they can invest more money into the market which can potentially create greater losses as well as greater returns.
06:33 - 11:34 (05:01)
Summary
An individual investor can borrow money from the same exchange so that they can invest more money into the market which can potentially create greater losses as well as greater returns. A trading firm named Alameda Research has participated in high leverage trading on the FTX platform, which they have invested in, and one of the founders has caused controversy by making insensitive jokes and distributing condoms with the FTX logo at a crypto conference.
EpisodeThe Man Who Was Supposed to Save Crypto
PodcastThe Daily
Brock Pierce is known to be the last support between the crypto industry and total collapse, and envisions a landscape where risky operations can be done even in the United States.
11:34 - 17:56 (06:22)
Summary
Brock Pierce is known to be the last support between the crypto industry and total collapse, and envisions a landscape where risky operations can be done even in the United States. He is seen as a less scammy, more respectable version of a crypto tycoon.
EpisodeThe Man Who Was Supposed to Save Crypto
PodcastThe Daily
Sam Benkman Fried, founder of the FTX cryptocurrency exchange, discusses his company's decision to take out loans and invest in other risky crypto companies, as well as using money from the exchange to pay debts of other firms.
17:56 - 24:32 (06:35)
Summary
Sam Benkman Fried, founder of the FTX cryptocurrency exchange, discusses his company's decision to take out loans and invest in other risky crypto companies, as well as using money from the exchange to pay debts of other firms.
EpisodeThe Man Who Was Supposed to Save Crypto
PodcastThe Daily
The new CEO of FTX came to bankruptcy court and said he had never seen a mess like this in his career.
24:32 - 31:13 (06:41)
Summary
The new CEO of FTX came to bankruptcy court and said he had never seen a mess like this in his career. The hole that FTX was facing was about $8 billion, and investors and politicians saw dollar signs in Sam Bankman Fried.
EpisodeThe Man Who Was Supposed to Save Crypto
PodcastThe Daily
Three men with links to the Russian security services have been found guilty of shooting down Malaysia Airlines Flight MH17 over eastern Ukraine in 2014, killing all 298 people on board.
31:13 - 33:27 (02:13)
Summary
Three men with links to the Russian security services have been found guilty of shooting down Malaysia Airlines Flight MH17 over eastern Ukraine in 2014, killing all 298 people on board. The Dutch court has sentenced them to life in prison.