FTX Bankruptcy Fallout Continues to Cause Crypto Chaos
Bloomberg Crypto15 Nov 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.

Episoder(223)

Is Web3 Really Going That Great?

Is Web3 Really Going That Great?

Perhaps you’ve heard of Molly White. The software engineer and crypto skeptic has been profiled in numerous publications.  She has more than 80,000 followers on her personal Twitter, and more than 100...

3 Okt 202219min

Bonus: QuickTake’s Crypto IRL Dives Into the Market’s Downturn

Bonus: QuickTake’s Crypto IRL Dives Into the Market’s Downturn

This special bonus episode features Bloomberg QuickTake’s Katie Griefeld and Tim Stenovec. The pair have created a new video series called Crypto IRL. It takes us behind the scenes of this current cry...

1 Okt 202227min

Why September is Crypto’s Cruelest Month

Why September is Crypto’s Cruelest Month

With apologies to TS Eliot - in finance, September is commonly held to be the cruelest month of the trading calendar. This extends to the crypto markets, too: Almost every year since 2013, Bitcoin pri...

30 Sep 202218min

The White House's Position On Crypto's Climate Impact, Explained

The White House's Position On Crypto's Climate Impact, Explained

On Tuesday September 27th, Bloomberg reporters Allyson Versprille and David Pan participated in a Twitter Spaces with Costa Samaras. Samaras is the White House’s chief advisor for energy policy in the...

29 Sep 202215min

ICYMI: There’s a Dedicated Conference for Crypto Skeptics

ICYMI: There’s a Dedicated Conference for Crypto Skeptics

If you’ve ever found yourself on Crypto Twitter, you’ll be familiar with the hype machine that keeps the industry’s thousands of projects going. Rallying cries of “WAGMI” — an acronym for We Are All G...

28 Sep 202214min

What do Alameda, FTX, and Sam Bankman-Fried Have in Common?

What do Alameda, FTX, and Sam Bankman-Fried Have in Common?

You may have heard of cryptocurrency exchange FTX and you may have heard of its CEO and Founder, Sam Bankman-Fried. But have you heard of Alameda Research?  It’s not a Silicon Valley robotics lab but ...

27 Sep 202215min

What's a Crypto ETF, Anyway?

What's a Crypto ETF, Anyway?

For investors trying to get exposure to crypto, there are many different options available these days. Products like crypto ETFs, or exchange traded funds, are one of the most popular alternatives to ...

26 Sep 202214min

China Banned Crypto One Year Ago. What's Changed?

China Banned Crypto One Year Ago. What's Changed?

This September marks the one-year anniversary of China declaring that crypto transactions were effectively illegal. The decision wasn't entirely unexpected: China has been trying to crack down on cryp...

23 Sep 202219min

Populært innen Politikk og nyheter

giver-og-gjengen-vg
aftenpodden
stopp-verden
forklart
aftenpodden-usa
i-retten
popradet
nokon-ma-ga
det-store-bildet
lydartikler-fra-aftenposten
dine-penger-pengeradet
rss-ness
aftenbla-bla
rss-gukild-johaug
fotballpodden-2
hanna-de-heldige
frokostshowet-pa-p5
rss-penger-polser-og-politikk
e24-podden
rss-dannet-uten-piano