Reveal

The Secret Story of FTX’s Rise and Ruin Part 1

38 snips
Sep 27, 2025
Jonathan Jones, an investigative reporter known for his deep dives into significant stories, interviews Sam Bankman-Fried, the infamous crypto magnate. They explore the chaotic collapse of FTX, highlighting the frantic atmosphere inside the company as panic set in. Bankman-Fried claims he never intended to defraud customers, contradicting alarming internal revelations. The episode unpacks the role of aggressive marketing in FTX’s rise, and the catastrophic effects of a single tweet that triggered a massive liquidity crisis, leading to one of the most costly bankruptcies in history.
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INSIGHT

Visibility Built Fast Trust

  • Sam Bankman-Fried built public trust by constant visibility and messaging across platforms.
  • That public persona helped FTX attract everyday investors and major partners quickly.
ANECDOTE

Everyday Users Put Life Savings On FTX

  • Lydia Favario, a life model, put her modest settlement money on FTX as a retirement nest egg.
  • She later described those funds as literally her life savings on the exchange.
INSIGHT

Legitimacy Through Acquisitions And Advisors

  • FTX used acquisitions and elite advisors to appear legitimate to regulators and investors.
  • Hiring familiar law and compliance figures smoothed rapid global expansion.
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