Channels with Peter Kafka
Inside Sam Bankman-Fried's Rise and Fall
Sep 14, 2023
Investigative reporter Zeke Faux discusses his book on the crypto bubble, including his time with accused fraudster Sam Bankman-Fried. They explore controversies surrounding Tether, the collapse of crypto, and the eccentric behavior of an individual connected to the industry.
38:43
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Quick takeaways
- The investigation into Tether's suspicious practices highlights the importance of stablecoins and their challenges in the crypto industry.
- Sam Bankman-Fried's rise and fall exemplifies the blurred line between legal and illegal activities in the crypto world.
Deep dives
The Rise and Mystery of Tether
The podcast episode explores the story of Tether, a stablecoin in the world of cryptocurrency. Tether is designed to maintain a value of one dollar and is used as chips for trading on various crypto exchanges. However, Tether raised suspicions due to red flags like lack of transparency and lawsuits alleging lying about its reserves. Investigative reporter Zeke Fox embarked on an investigation to find the truth behind Tether's massive outstanding supply of 50 billion coins and the company's questionable practices. The story of Tether sheds light on the importance of stablecoins in the crypto industry and the challenges they present.
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