What The Sam Bankman-Fried Verdict Means For Crypto

On this week’s episode of Lever Time, producer Frank Cappello is joined by researcher, software engineer, and cryptocurrency critic Molly White, who helps break down everything you need to know about the trial of former crypto billionaire Sam Bankman-Fried.

On Nov. 2, a New York federal jury found Bankman-Fried guilty of seven counts of fraud and conspiracy related to the Nov. 2022 collapse of his cryptocurrency exchange FTX. Bankman-Fried stole as much as $10 billion from its customers and investors, according to prosecutors. One prominent cryptocurrency proponent described the verdict as a “new beginning” for the industry — though critics are skeptical that anything has fundamentally changed.

In today’s interview, Molly unpacks Sam Bankman-Fried’s trial and verdict, as well as the implications for the broader crypto industry. Molly also explains how the crypto market, despite being decentralized, is more or less tethered to traditional financial markets, and why regulating the “Wild West” of cryptocurrency is more crucial than ever. 

A transcript of this episode is available here.

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