FTX Bankruptcy Fallout Continues to Cause Crypto Chaos
Bloomberg Crypto15 Marras 2022

FTX Bankruptcy Fallout Continues to Cause Crypto Chaos

The crypto industry descended into chaos last week after a series of fast moving events. The trouble purportedly started after Binance CEO Changpeng Zhao tweeted that the crypto exchange would sell off some of rival exchange FTX’s native token, FTT, due to ‘risk management’ issues. That drove the price of FTT down and fueled a selloff. Soon after, FTX was forced to halt withdrawals from the exchange. CEO Sam Bankman-Fried -- or SBF as he’s known -- started shopping around for a bailout. Then Bankman-Fried tweeted that the company had found a savior in its former rival, Binance.

But within a day the deal was off. Binance backed out citing due diligence concerns and FTX’s questionable handling of its customers’ funds. Documents were leaked showing FTX was dealing with significant financial difficulties and appeared close to collapse, which apparently it was: FTX soon filed for bankruptcy and Bankman-Fried resigned as his $16 billion dollar fortune evaporated. A spectacular outflow of money from crypto exchanges ensued and Bloomberg reported that federal probes of FTX and SBF were underway.

How did it all go so wrong for FTX and what does this mean for the future of digital-assets? We have the latest updates with Bloomberg reporters Katie Greifeld and Vildana Hajric.

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.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

See omnystudio.com/listener for privacy information.

Jaksot(223)

The Democratic Nature of DeFi

The Democratic Nature of DeFi

There’s a fascinating tension in crypto: there's the prevailing belief in the necessity, indeed the superiority, of decentralization. Then, there’s reality: when things hit the fan, folks respond by s...

27 Heinä 202218min

Who Is Kirkland + Ellis LLP?

Who Is Kirkland + Ellis LLP?

There’s an old joke in finance: when companies fight, lawyers win. And right now in crypto, lots of companies are fighting - some for their corporate lives. Kirkland + Ellis, one of the biggest law fi...

26 Heinä 202217min

From Blackrock to Uniswap

From Blackrock to Uniswap

Mary-Catherine Lader has a story to tell. She was a rising star at Blackrock when she left Wall Street and TradFi for crypto and DeFi. She's now chief operating officer at Uniswap Labs, creator of the...

25 Heinä 202218min

DeFi versus TradFi

DeFi versus TradFi

While there’s a perception that ideas like the blockchain are novel and groundbreaking, the reality is there’s lots of precedents for concepts like DAOs, or Initial Coin Offerings. This is particularl...

22 Heinä 202218min

Temperatures Rise at Celsius

Temperatures Rise at Celsius

The crypto winter of 2022 has claimed several casualties so far, but as of late, there’s one name that’s on everyone’s lips: Celsius Network, the crypto lender that’s now trying to save its skin throu...

21 Heinä 202215min

The Price of Crypto Admission

The Price of Crypto Admission

What do Rapper Jay-Z and former CEO of Twitter, Jack Dorsey have in common? No it's not music... It’s Bitcoin.  If you spend enough time around people who believe that crypto can transform society, yo...

20 Heinä 202213min

Analyzing The CeFi Wipeout

Analyzing The CeFi Wipeout

As investors around the world grapple with the reality of sustained declines in prices across crypto markets,  stakeholders are asking the question: what’s next? And in some cases, who’s next? In this...

19 Heinä 202215min

Cloudy With A Chance of Crypto Winter

Cloudy With A Chance of Crypto Winter

You could argue that crypto is no stranger to a recession: in fact, it was the financial crisis of 2008 that birthed the idea of Bitcoin In the first place. But this recession is a little different: i...

18 Heinä 202212min

Suosittua kategoriassa Politiikka ja uutiset

aikalisa
rss-ootsa-kuullut-tasta
tervo-halme
ootsa-kuullut-tasta-2
politiikan-puskaradio
rss-podme-livebox
viisupodi
rss-asiastudio
et-sa-noin-voi-sanoo-esittaa
otetaan-yhdet
rikosmyytit
rss-vaalirankkurit-podcast
linda-maria
the-ulkopolitist
rss-mina-ukkola
rss-merja-mahkan-rahat
popcorn-with-esko
rss-pykalien-takaa
rss-polikulaari-humanisti-vastaa-ja-muut-ts-podcastit
rss-50100-podcast