5min chapter

Plain English with Derek Thompson cover image

Why Big Tech's Jobs Bubble Burst. Plus, SBF's Scandal Deepens.

Plain English with Derek Thompson

CHAPTER

FTX Is Slash - What's the Dark Turn?

Financial journalist and puck news bill. No Cohen is back with us. Bill: I want to catch people up really quickly in case they have not been following the FTX scandal or perhaps just forgot the basics. But FTX is slash was a trading platform affiliated with a hedge fund called Olamita research, both run by crypto king Sam Bankman AKA SBF. After a series of chaotic revelations about the company, there was a run on the bank with customers demanding funds. The money was not there. And it seems very likely that customer funds were not at the bank because Bankman freed moved client cash to his hedge fund from FTX to Alameda to cover losses. He deposited

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