In this insightful discussion, Liz Hoffman, a reporter for Semafor specializing in financial news, unravels the shocking collapse of FTX. She connects this crisis to historical financial disasters, likening it to a modern-day Lehman Brothers moment. The conversation covers FTX's meteoric rise under Sam Bankman-Fried and delves into regulatory challenges and rivalries in the crypto world. Finally, they explore the industry's future, suggesting that only the most resilient structures will survive in the aftermath of this meltdown.