The Daily

The Man Who Was Supposed to Save Crypto

Nov 18, 2022

David Yaffe-Bellany, a New York Times reporter specializing in cryptocurrencies, dives deep into the rise and fall of FTX and its founder, Sam Bankman-Fried. He discusses how Bankman-Fried became the charismatic face of crypto, garnering immense trust before the catastrophic collapse. The episode reveals the warning signs ignored by Bankman-Fried and the emotional fallout experienced by investors. Yaffe-Bellany also explores the ethical implications of FTX's demise and the evolving landscape of cryptocurrency regulation.

33:35

Creator website

Episode guests

David Yaffe-Bellany

Highlights

AI Chapters

Episode notes

FTX - Sam Bankman Free's New Crypto Exchange

02:16

Intro

4min

The Rise of a Crypto Visionary

11min

The Rise and Fall of FTX

5min

FTX's Turmoil and Downfall

12min

Investigating Collapse and Leadership Changes

4min

Earlier this year, much of the crypto industry imploded, taking with it billions of dollars. From that crash, one company and its charismatic founder emerged as the industry’s savior.

Last week, that company collapsed.

Who is Sam Bankman-Fried, how did he become the face of crypto, and why did so many believe in him?

Guest: David Yaffe-Bellany, a reporter covering cryptocurrencies and fintech for The New York Times.

Background reading:

Here’s what to know about the collapse of FTX.
In an interview with The Times, Mr. Bankman-Fried said he had expanded too fast and failed to see warning signs. But he shared few details about his handling of FTX customers’ funds.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.