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.

Avsnitt(223)

An IRL Store for a Digital Blockchain

An IRL Store for a Digital Blockchain

Solana is one of the newer blockchains in crypto, and for a while was positioned by its fans as a challenger to the dominance of rival Ethereum. Solana’s developers say their blockchain is a faster an...

18 Aug 202213min

The Pursuit of Crypto Happiness: Wen Lambo?

The Pursuit of Crypto Happiness: Wen Lambo?

For years, many crypto investors have been consumed by a single, persistent question as they’ve watched the prices of coins rise and fall, especially as of late: Wen Lambo?  Bloomberg reporter Hannah ...

17 Aug 202217min

How North Korea Became A Crypto Hacking Powerhouse

How North Korea Became A Crypto Hacking Powerhouse

The latest alleged hacks by some North Koreans entail plagiarized resumes placed on job sites and theft of proprietary intelligence. How did North Korea get so good at tricking crypto employers? And w...

16 Aug 202218min

Bitcoin Miners Are In Distress

Bitcoin Miners Are In Distress

In late spring of 2021, China banned all bitcoin mining as part of an ongoing crackdown on crypto in the country.  In response, many Chinese miners packed their bags, and headed to the Lone Star state...

15 Aug 202217min

We Just Don't Sleep

We Just Don't Sleep

The crypto universe can be complex, and it can be unpredictable. But the job of crypto editors and reporters is to track every development, and translate the most interesting and important of them int...

12 Aug 202219min

Actually Interesting NFTs

Actually Interesting NFTs

Nonfungible tokens, or NFTs, leapt into pop culture prominence in 2021, but they’ve been around since at least 2014. Despite current market conditions, new tokens and collections are still being launc...

11 Aug 202220min

Don't Believe the [NFT] Hype

Don't Believe the [NFT] Hype

At the height of NFT mania, everyone from athletes like Tom Brady to celebrities like Justin Beiber seemed to be buying (or talking about) collections like Bored Ape Yacht Club. Non-fungible tokens ar...

10 Aug 202217min

Why Do Artists Need Labels When They Have NFTs?

Why Do Artists Need Labels When They Have NFTs?

Venture capitalists and certain people in the music industry are enthusiastic about the potential for artists to benefit from technology like the blockchain and NFTs. But there isn’t universal agreeme...

9 Aug 202219min

Populärt inom Politik & nyheter

motiv
p3-krim
aftonbladet-krim
rss-krimstad
rss-viva-fotboll
flashback-forever
spar
svenska-fall
fordomspodden
aftonbladet-daily
rss-vad-fan-hande
rss-sanning-konsekvens
rss-krimreportrarna
olyckan-inifran
rss-frandfors-horna
svd-ledarredaktionen
rss-flodet
kungligt
krimmagasinet
rss-expressen-dok