Zeke Faux, journalist and author of the new book Number Go Up, joins the podcast to discuss his access to key cryptocurrency figures and their use of cryptocurrency for both nefarious and non-nefarious purposes. The topics covered include skepticism surrounding Tether, the background of a prominent figure in the crypto world, the hidden relationship between Tether and Bitfinex, uncovering the mysterious past of a key figure involved with Tether, the future of cryptocurrency, the impact of the crypto market crash on perception, and crazy stories from the book Number Go Up.
Cryptocurrency scams often use Tether due to its stability and irrevocability, resulting in significant financial losses for victims.
The crypto industry is plagued by lies and scams, making it crucial to critically evaluate projects based on real-world usage and outcomes.
Jean-Carlo Divasini, a key figure in the crypto world, played a significant role in the success of Tether, and his mysterious past raises questions about stablecoins' impact on the global financial landscape.
Deep dives
The Adventures of Investigating Cryptocurrencies
Zeke Fox, an investigative reporter, discusses his book 'Number Go Up' and the process of investigating the world of cryptocurrencies. He explains that he was drawn to the exciting and adventurous nature of the crypto world, where he encountered overnight billionaires and potential scammers. Recognizing the financial mania surrounding cryptocurrencies, Fox felt compelled to chronicle this important time in history. He also shares his experiences interviewing figures such as John Chalopin, the chairman of Dell Tech, who invested in Tether. Despite the controversies surrounding Tether's transparency and banking relationships, Fox highlights the significance of Tether in connecting various players in the crypto world.
Tether: The Preferred Currency for Crypto Scammers
Fox delves into the prominent role of Tether, a stablecoin, in crypto scams. He recounts the story of encountering a scam called pig butchering, where scammers convinced victims to buy Tether as a safe way to transfer funds for crypto trading. Fox emphasizes that tether's appeal to scammers lies in its stability and irrevocability, making it convenient for large transactions without chargebacks. Tether's association with scams like pig butchering has resulted in the loss of billions of dollars for victims. Moreover, Fox shares his discussions with victims who appealed to Tether to freeze scammers' accounts, only to face resistance or indifference from the company, despite their claims to have the power to do so.
Crypto World: Lying, Scams, and Acceptance
Fox reflects on the prevalence of lying and scams within the crypto world. He acknowledges the challenges of covering an industry where participants are willing to lie and where distinguishing genuine projects from scams can be overwhelming. In conversations with crypto individuals, he encountered a general acceptance that many crypto ventures were scams, but there was a belief that their own projects were exceptions. Fox also observes a social atmosphere at crypto events where participants openly discuss scams and fraudulent activities as if it were ordinary. He highlights the need to critically evaluate crypto projects and judge them based on real-world usage and outcomes.
The Rise of Jean-Carlo Divasini and his Role in Tether
Jean-Carlo Divasini, a former plastic surgeon from Italy, became a key figure in the crypto world after his career change. Despite not being one of the original founders of Tether, he is considered to be the person in charge of both Bitfinex and Tether. Divasini's mysterious past and his contribution to the success of Tether are explored in the book. The author tries to uncover the truth about Divasini's role and his thoughts on the impact of stablecoins like Tether in the global financial landscape.
An Interview with JL Vanderveld, CEO of Tether
The author managed to secure an interview with JL Vanderveld, the CEO of Tether. Vanderveld is known for being elusive and rarely giving interviews. However, the conversation was largely unproductive, with Vanderveld primarily discussing his grievances with the media and lack of trust in the crypto community. The author's attempt to unravel the truth about Tether and its operations did not yield significant insights from Vanderveld.
Today Bennett and Cas are joined by special guest Zeke Faux, journalist and author of the new book Number Go Up.
Faux was able to gain access to SBF (Sam Bankman-Fried), Deltec executives, and the head of Tether while writing his book, which explores how cryptocurrency is being used for nefarious - and not so nefarious - reasons in the real world.
If you'd like to purchase Zeke's book, please visit https://a.co/d/3mqDKBO (this is a non-affiliate link to the Amazon page for his book).
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode