Intro

Earlier this year, much of the crypto industry imploded, taking with it billions of dollars. From that crash, one company and its charismatic founder emerged as the industry’s savior.

Last week, that company collapsed.

Who is Sam Bankman-Fried, how did he become the face of crypto, and why did so many believe in him?

Guest: David Yaffe-Bellany, a reporter covering cryptocurrencies and fintech for The New York Times.

Background reading: 

• Here’s what to know about the collapse of FTX.
• In an interview with The Times, Mr. Bankman-Fried said he had expanded too fast and failed to see warning signs. But he shared few details about his handling of FTX customers’ funds.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. 

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