Coindesk’s David Z. Morris: The Wild Story of FTX and its CEO, Sam Bankman-Fried
Something Ventured -- Silicon Valley Podcast
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What Are the Basic Components of the FTX Fraud?
The details of how it was actually taking place are so wild that it's just very easy to get lost if you try and catalog everything. FTX the exchange issued an exchange token called FTT, which traders often treat as sort of having equity like properties in the market. The exchange tokens do come with certain privileges for holders, which is kind of the premise on which they trade this way. But essentially, it's monopoly money at the end of the day that the exchanges print out of thin air.
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