Number Go Up: A Conversation with Author Zeke Faux
Oct 1, 2024
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In this engaging talk, Zeke Faux, an investigative reporter and author known for his insightful work on crypto, shares his captivating experience writing about the rise and fall of cryptocurrencies. He discusses the intriguing inconsistencies in Sam Bankman-Fried's story, reflective anecdotes from investors caught in scandals, and the murky world of Tether’s operations. Faux also sheds light on the dark underbelly of crypto, including scams and links to human trafficking, providing a sobering view of the industry’s complex landscape.
Zeke Faux's experience with Sam Bankman-Fried showcases how personal stories intertwine with the broader narrative of cryptocurrency's rise and fall.
The duality of cryptocurrencies is highlighted by their connection to scams and human trafficking, revealing the exploitative nature behind the technology.
Regulatory scrutiny is increasing in the crypto sector, reflecting concerns over accountability and the speculative nature of its rapid growth.
Deep dives
The Unique Encounter with Sam Bankman-Fried
Zeke Fox recounts an unusual experience where a book he authored was read in court by the very person it detailed, Sam Bankman-Fried. This incident occurred during a criminal trial following the downfall of FTX, the cryptocurrency exchange Bankman-Fried co-founded. Fox describes interviewing Bankman-Fried extensively just before his legal troubles began, capturing his perspective on FTX's collapse. The subsequent courtroom use of Fox's book served as a pivotal reference point, revealing discrepancies between Bankman-Fried's earlier statements and his trial testimony.
Bankman-Fried's Impact on the Crypto Landscape
Sam Bankman-Fried's actions have become emblematic of the cryptocurrency industry's tumultuous period, particularly following his conviction for fraud in late 2023. He orchestrated a scheme that misappropriated billions from customer accounts to fund various endeavors, showcasing the ethical dilemmas and risks associated with the crypto boom. Despite his downfall, the broader crypto market has shown resilience, bouncing back from the nadir following FTX's failure. This resurgence contrasts with deteriorating public perception, as many now associate cryptocurrency with fraudulent activities.
The Role of Zeke Fox's Book in Economic Narratives
Zeke Fox's book, 'Number Go Up', has quickly become an essential narrative capturing the explosive rise and rapid decline of the cryptocurrency landscape. It explores not just the technological aspects, but also the human stories behind the crypto boom, including the emotional and psychological factors driving investor behavior. This book has made its mark on multiple best-seller lists and is regarded as a must-read for those involved in financial technology. Furthermore, its recent paperback release includes additional content reflecting on the ongoing developments within the crypto sector.
Emerging Crime Trends Linked to Cryptocurrencies
The investigation reveals troubling trends of human trafficking and scams linked to cryptocurrencies, particularly the phenomenon known as 'pig butchering'. Victims of these schemes often find themselves lured into scams that exploit their trust, leading to significant financial losses. Additionally, many of the scammers are themselves victims, trapped in exploitative conditions under duress. This duality highlights the darker implications of cryptocurrency usage, showing how it can facilitate illicit activities while drawing in willing participants under false pretenses.
The Future of Cryptocurrency Amid Regulatory Scrutiny
As the cryptocurrency landscape evolves, regulatory scrutiny is intensifying, particularly following high-profile failures like FTX. Many in the industry advocate for clearer regulations to establish accountability and protect consumers while retaining the innovative spirit of the technology. However, skepticism remains, as the explosive growth was often fueled by speculation rather than substantial utility. The echo of previous scams still resonates, leading to ongoing debates about the legitimacy and future role of cryptocurrencies in the broader financial ecosystem.
We think Zeke Faux’s Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall is one of the best modern books about crypto. It’s a globetrotting adventure and a great piece of reporting. To celebrate the paperback release, we sat down with Bloomberg investigative reporter and author Zeke Faux to dig into his experience writing it, what he learned, and what he thinks happens next.
Number Go Up is now available in paperback wherever you get your books.
