Number Go Up: Inside Crypto’s Wild Rise & Staggering Fall with Zeke Faux
Sep 12, 2023
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Investigative reporter Zeke Faux discusses the incredible rise and fall of cryptocurrencies in 2021, including the involvement of Tether coin and the questionable activities surrounding it. The podcast explores the dark side of the crypto world, the collapse of cryptocurrency prices and companies, and the intriguing mystery behind Tether's lack of records and risky investments. Faux provides an insider's perspective on the wild rollercoaster ride of crypto and the potential ramifications it may have on the future of banking and the global economy.
The podcast highlights the culture of hype and irrational belief driving the crypto mania, leading to scams, human trafficking, and financial losses for many.
The lack of transparency and credibility surrounding Tether, a stablecoin at the center of the crypto market, raises serious concerns and red flags.
The podcast sheds light on the risks and lack of transparency within the crypto ecosystem, particularly regarding Tether's operations, reserves, and potential involvement in illicit activities.
Deep dives
The Rise and Fall of Crypto: From Hype to Scams
The podcast episode explores the incredible rise and subsequent collapse of cryptocurrencies, stablecoins, and NFTs in 2021. It questions whether this will be remembered as the most significant crowd-induced event in history, surpassing previous market bubbles. Zeke Fox, author of the book 'Number Go Up: Inside Crypto's Wild Rise and Staggering Fall,' provides insights into the crypto world, revealing shady characters and events, including the controversial Tether cryptocurrency and its uncertain reserves. The narrative highlights the culture of hype and irrational belief driving the crypto mania, leading to scams, human trafficking, and financial losses for many. Despite the flaws and risks, the crypto world continues to withstand skepticism and regulatory scrutiny.
The Crazy World of Miami's Crypto Convention
The podcast episode takes us back to the Bitcoin 2021 conference in Miami, a gathering that showcased the exuberance, hype, and questionable practices of the crypto world. Zeke Fox's firsthand experience reveals the enthusiastic and fanatical nature of crypto enthusiasts, promoting meme coins and investing in dubious projects. The culture of 'number go up' prevailed, with sky-high valuations and outrageous claims about the future of crypto. However, beneath the fervor, serious red flags emerged, such as the lack of transparency and credibility surrounding Tether, a stablecoin at the center of the crypto market.
Investigating Tether: Uncovering Shady Practices
The podcast episode delves into the investigation of Tether, a controversial stablecoin. Zeke Fox explores the suspicious nature of Tether's operations, its unclear reserves, and the involvement of key figures in the crypto market. The narrative highlights Tether's prominence as a crucial on-ramp for real dollars into the crypto world and its role in facilitating potentially illicit activities, including money laundering and scams. While the true extent of Tether's reserves remains unclear, the podcast sheds light on the risks and lack of transparency within the crypto ecosystem.
Crypto Mania: Wild Parties, Astronomical Valuations, and Dark Underbellies
The podcast episode portrays the intoxicating frenzy of the crypto world, featuring extravagant parties, superyachts, and larger-than-life personalities like Sam Bankman Fried. It explores the unfettered optimism and belief that propelled crypto valuations to astronomical levels, with figures like Fried positioning themselves as visionary entrepreneurs. However, the narrative also uncovers the dark side of the crypto world, with scams, fraudulent projects, and human trafficking linked to cryptocurrencies such as Tether. The episode heightens awareness of the reckless tendencies and schoolboy errors that accompanied the crypto craze of 2021.
The Rise and Fall of Crypto Titans: Sam Bankman Fried's Downfall
The podcast episode examines the downfall of Sam Bankman Fried, a prominent figure in the crypto industry. As the collapse of Terra Luna, a major crypto project, sends shockwaves through the market, FTX, Bankman Fried's empire, faces financial troubles. The narrative reveals potential fraud and mismanagement within FTX, leading to the loss of billions and raising questions about the integrity of the crypto market. Zeke Fox provides insights into his personal meetings with Sam Bankman Fried, shedding light on the desperate attempts to save FTX and the subsequent legal consequences faced by Bankman Fried.
Number Go Up: Inside Crypto’s Wild Rise & Staggering Fall with Zeke Faux
On the day of publication, Bloomberg investigative reporter Zeke Faux, joins us to discuss his new book Number Go Up. Zeke followed Crypto’s wild ride with a ring-side seat including being inside SBF’s penthouse as the fallen crypto king faces his imminent arrest. In 2021, all the numbers went up. Billionaires were minted overnight. Crypto would change the world; former presidents and prime ministers lauded SBF as the next Steve Jobs, and stable coins would forever change banking. Commodity traders set up crypto desks. And then it all crashed. Will history view crypto as the world’s biggest ever bubble - the mother of all madness of crowds - fueled by low-interest rates and bored investors stuck in lockdown? And what about those stable coins like Tether… has the real crash yet to come? Zeke Faux is an investigative reporter for Bloomberg Businessweek and Bloomberg News. He’s a winner of the Gerald Loeb Award and the American Bar Association’s Silver Gavel Award and a National Magazine Award finalist.
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