Planet Money Sam Bankman-Fried and the fall of a crypto empire
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Nov 17, 2022 
In a riveting discussion, Nick Baker, Deputy editor-in-chief of Coindesk, sheds light on the meteoric rise and dramatic fall of Sam Bankman-Fried, the once-celebrated crypto mogul. He reveals how FTX's collapse reshaped the crypto landscape and questions the industry's fragile underpinnings. Baker delves into Alameda Research's risky practices and the pivotal moments leading to an industry crash. This candid analysis highlights the intersection of celebrity culture and economics, painting a vivid picture of crypto's volatile world.
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SBF's Early Arbitrage
- Sam Bankman-Fried exploited price differences between Bitcoin in Japan and the U.S.
- He used clever tactics, like naming his company Alameda Research to avoid bank scrutiny.
SBF's Altruistic Persona
- Sam Bankman-Fried presented himself as an altruistic crypto billionaire.
- He claimed to be amassing wealth to donate to effective altruism causes.
FTX's Rise to Respectability
- FTX, SBF's exchange, attracted institutional money by mirroring traditional finance.
- This respectability led to increased investments and mainstream recognition.