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Zeke Faux, author of 'Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall,' joins to discuss FTX's decline, meme coins, and the side effects of creating cryptocurrencies. Topics include the resurgence of meme coins, smaller stories in the crypto space, and the impact of creating cryptocurrencies.
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Quick takeaways
- FTX's fraudulent activities led to Sam Bankman-Fried's 25-year prison sentence, highlighting unethical practices in the crypto world.
- Tether's use by a Russian smuggler exposed loopholes in cryptocurrencies, demonstrating unintended consequences beyond financial transactions.
Deep dives
Sam Bankman Fried and FTX Fraudulent Activities
Sam Bankman Fried, a central figure in the crypto world, received a 25-year sentence for fraudulent activities at FTX. The trial revealed how the hedge fund associated with FTX utilized customer money to cover trading losses without the knowledge of those on the trading arm, leading to convictions and a harsh sentence. Despite attempts to maintain innocence, evidence uncovered a history of schemes and unethical practices.
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Listen to the best highlights from the podcasts you love and dive into the full episode