Understood: Who Broke the Internet? cover image

The Naked Emperor Episode 1: The Hype

Understood: Who Broke the Internet?

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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.

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