You’ll Still Hate Your Manager in The Metaverse

Coinbase released quarterly earnings this week, providing an etch-a-sketch road map of what’s ahead for digital asset investors. Regardless, the darkening outlook for Coinbase’s business of stablecoins and staking is having an impact. The company had been counting on these business threads to help jump-start growth. But regulators are pushing for increased scrutiny of these offerings.  Also this week: A lot of action is happening on Bitcoin. Plus, FTX Japan has resumed withdrawals. Bloomberg Senior Editors Beth Williams & Anna Irrera join this episode to unpack the news of the week. Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

24 Helmi 202315min

Want to hear a big number? How about $3.8 billion. That’s the amount of crypto that hackers managed to steal last year. That’s a new record. The company behind that report, Chainalysis, also found that one specific hacking group was responsible for a huge chunk of that stolen crypto. If you guessed that hacking group was Lazarus, connected to North Korea, you’d be correct.  Lazarus allegedly stole $1.7bn in 2022, compared with only $400 million worth of crypto the year before. It further solidifies the notion that North Koreans are likely using the cryptocurrency sector as a way to raise funds in the face of international sanctions.  But what does all of this mean for the crypto market? And what can we do to prevent more hacks from happening? Bloomberg reporter Jeff Stone joins this episode.  Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

23 Helmi 202314min

Over the course of the crypto winter we’ve seen companies falling like dominos. Several have filed for bankruptcy, with consequences that continue to reverberate across markets. In July 2022, Celsius became the first of the major crypto companies to seek bankruptcy protection, but it would be far from the last. Now, consumers and courts alike are grappling with what these collapses mean. Regulators have sharpened both their rhetoric and their actions against crypto companies and individuals in the market.  How are these bankruptcies informing their thinking? What precedents are they setting and what are the potential consequences for crypto?  Joining this episode to discuss the growing power and importance of bankruptcy court judges is Bloomberg reporter Steve Church. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

22 Helmi 202316min

Bitcoin “evangelist” Roger Ver has said in at least one interview ... when he was a little boy, he wanted to be a garbage truck driver. That way, he  could drive heavy machinery around his neighborhood and get to talk to everyone. Fast forward, to the recent past and Roger Ver actually DOES, talk to a LOT of folks…Just not  while collecting their trash. He was instead promoting Bitcoin as the future of money and finance so much so that people started calling him “Bitcoin Jesus.” According to his website, he’s one of the early investors in several BTC projects -  including Kraken, purse.io, Blockchain.com, and Ripple.  But in 2017, Ver switched his enthusiasm away from Bitcoin and more toward something called Bitcoin Cash - an offshoot of the original currency. Recently, Ver became entangled in the bankruptcy of crypto lender Genesis that says BTC Jesus owes millions of dollars on trades. So, what happens when Bitcoin Jesus speaks? Do people say ‘Hallelujah’ or ‘deliver us from evil.’ Bloomberg Reporter Olga Kharif joins host Vildana Hajric to discuss. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

21 Helmi 202314min

It's a holiday in the US, an opportunity to look back on one of our popular episodes. It was recorded with Joe Weisenthal from the Bloomberg Odd Lots podcast shortly after FTX declared bankruptcy and Sam Bankman-Fried was arrested. We talked to Joe about “the box." Back in April 2022, long before Sam-Bankman Fried was tweeting threads about the collapse of his FTX empire, he joined the Odd Lots podcast and talked about this "box" - his metaphor for describing the crypto practice of “yield farming." SBF's description at the time raised many an eyebrow because it seemed too good to be true. Enjoy! Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

20 Helmi 202317min

After years of inaction, regulators appear to be coming for crypto. State regulators in New York this week took aim at stablecoin issuer Paxos and its relationship with crypto exchange Binance.  The Securities and Exchange Commission is also pushing ahead with a plan that would make it harder for investment firms to work with cryptocurrency companies.  Bloomberg reporters Allyson Versprile & Emily Nicolle join this episode with the latest. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

17 Helmi 202318min

Over the past several months, regulators have watched crypto company after crypto company file for bankruptcy. Some crypto founders have become fugitives from the law, and others have been arrested for allegedly breaking laws. Some customers have lost a lot of money, and the prospects for recovery are in some cases, bleak. And after months on the sidelines, now, regulators have begun fighting back. In the first two months of this year alone, we’ve seen a couple of really significant escalations. In this episode, a look at what’s happening with stablecoins – the crypto tokens that are supposed to hold their value, and that are typically backed by some real-world financial asset like the US dollar or US treasuries. Binance is the largest crypto exchange in the world, by any measure. And it’s been particularly affected by some of these regulatory moves. So, what’s at stake for Binance and what could all of this mean for the industry? Bloomberg reporter Emily Nicolle joins. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

16 Helmi 202317min

The best known figure of the FTX bankruptcy is - of course - its notorious former CEO Sam Bankman-Fried. But there were dozens of other top executives at the firm. Some of them with titles ranging from Chief Technology Officer to Business Development.  Prosecutors are likely scrutinizing them to better understand what role they played at Alameda.   At issue is the alleged illegal transfer of billions of customer dollars from FTX to its sister company Alameda Research. So any employees associated with Alameda may likely be under review…  So who are the power players most closely associated with Alameda and FTX? And what’s next for them? That’s what we review with Bloomberg reporter Hannah Miller.  Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

15 Helmi 202319min