%3BResize%3D(3000).jpg&w=320&h=320&output=jpg)
The Naked Emperor Episode 1: The Hype
Understood: Who Broke the Internet?
00:00
FTX, SPF, and the Naked Emperor
At the height of the mania, I remember telling people that not just FTX, but this entire industry seemed unsustainable. Even as the industry began to crack, SPF was still standing and somehow able to bail out troubled companies. Why was FTX doing so well when most of its peers weren't? It seemed like everyone was indebted to everyone. The difference between what's just a mess and what's a scam turns out to be at the heart of this story.
Transcript
Play full episode