Bloomberg Crypto

It's a holiday in the US, an opportunity to look back on one of our popular episodes. It was recorded with Joe Weisenthal from the Bloomberg Odd Lots podcast shortly after FTX declared bankruptcy and Sam Bankman-Fried was arrested. We talked to Joe about “the box." Back in April 2022, long before Sam-Bankman Fried was tweeting threads about the collapse of his FTX empire, he joined the Odd Lots podcast and talked about this "box" - his metaphor for describing the crypto practice of “yield farming." SBF's description at the time raised many an eyebrow because it seemed too good to be true. Enjoy! Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

After years of inaction, regulators appear to be coming for crypto. State regulators in New York this week took aim at stablecoin issuer Paxos and its relationship with crypto exchange Binance.  The Securities and Exchange Commission is also pushing ahead with a plan that would make it harder for investment firms to work with cryptocurrency companies.  Bloomberg reporters Allyson Versprile & Emily Nicolle join this episode with the latest. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

Over the past several months, regulators have watched crypto company after crypto company file for bankruptcy. Some crypto founders have become fugitives from the law, and others have been arrested for allegedly breaking laws. Some customers have lost a lot of money, and the prospects for recovery are in some cases, bleak. And after months on the sidelines, now, regulators have begun fighting back. In the first two months of this year alone, we’ve seen a couple of really significant escalations. In this episode, a look at what’s happening with stablecoins – the crypto tokens that are supposed to hold their value, and that are typically backed by some real-world financial asset like the US dollar or US treasuries. Binance is the largest crypto exchange in the world, by any measure. And it’s been particularly affected by some of these regulatory moves. So, what’s at stake for Binance and what could all of this mean for the industry? Bloomberg reporter Emily Nicolle joins. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

The best known figure of the FTX bankruptcy is - of course - its notorious former CEO Sam Bankman-Fried. But there were dozens of other top executives at the firm. Some of them with titles ranging from Chief Technology Officer to Business Development.  Prosecutors are likely scrutinizing them to better understand what role they played at Alameda.   At issue is the alleged illegal transfer of billions of customer dollars from FTX to its sister company Alameda Research. So any employees associated with Alameda may likely be under review…  So who are the power players most closely associated with Alameda and FTX? And what’s next for them? That’s what we review with Bloomberg reporter Hannah Miller.  Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

With everything that has gone on in crypto over the past year, Wall Street would be excused for wanting to take a rain check on digital assets. But some big banks and other large financial firms– like exchanges and asset managers–are moving ahead with their plans in the space.  Initiatives range from launching new cryptocurrency trading platforms, offering custody of digital currencies or focusing on how blockchain can be used to issue and trade traditional assets like bonds. Some executives at these firms see recent scandals in crypto, like the collapse of FTX as a big opportunity to capture a new market as it is likely to drive more regulation.  And If more regulation is coming to digital assets, who would be better placed to offer services in the space than a big regulated financial institution? Bloomberg reporter Yueqi Yang joins Bloomberg senior editor Anna Irrera in this episode to talk more about what Wall Street is thinking. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

If you’ve heard the name Winklevoss, it’s likely that you’ve watched the movie The Social Network. The movie featured a memorable depiction of the Harvard twins and Olympic rowers who sued Mark Zuckerberg for allegedly stealing their idea for a social network.  Or you might know that Cameron and Tyler Winklevoss set up a crypto exchange called Gemini, which is currently involved in a very public dispute with the folks over at Genesis. Both Genesis and Gemini - We know, so many G names - are facing serious allegations from US regulators about their products and services. Or you might be familiar with their cover band, Mars Junction. Tyler’s the lead singer; Cameron jams on guitar. The twins certainly lead a very interesting life - and according to the Bloomberg Wealth tracker, they’re worth billions of dollars. That wealth comes in part from their early adoption of digital assets like Bitcoin - when they settled out of court with Zuckerberg, for around $65 million, they put some of their assets into crypto.  To break down what’s up with the Winklevoss twins and their presence in digital assets, Bloomberg reporter Olga Kharif joins this episode.  Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

Crypto is an asset class that runs 24/7. It’s hard to keep up. So we’re back with a show that reviews the biggest stories of the week. Here’s one: the United Kingdom is amping up plans to launch a digital currency, which folks have started calling Britcoin.  And there’s been a significant development in the dispute among various crypto billionaires. On one side: Tyler and Cameron Winklevoss and their Gemini Exchange. On the other, Barry Silbert and Genesis. Plus: how this year’s Super Bowl will be different from last year’s ...at least when it comes to crypto ads. Senior editor Anna Irrera joins this episode to review the week’s top crypto news. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

One of the more interesting phrases used by folks in crypto is this one: “code is law.” Think of it this way. Under the idea that “code is law”, what governs whether something - say a transaction - is valid or not isn’t the whims or caprices of any individual. Instead, what determines whether something is acceptable, permissible, or appropriate is what’s written into the software that enabled that transaction in the first place. It is another way of thinking about the so-called immutability of the blockchain - if the blockchain says it, then that’s what’s going to remain.  Sounds logical, right? But what happens when the code doesn’t do what you were expecting it to do - or when someone exploits loopholes in the logic of the software for their own personal financial gain? These questions are at the crux of today’s episode, that will review an interesting precedent set by a crypto trader named Avraham Eisenberg, who exploited the “idea of code is law” for millions of dollars - and then was arrested and charged with fraud. Bloomberg reporter Muyao Shen and Bloomberg Law correspondent Matthew Bultman join this episode to discuss. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter. This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

Crypto markets, and Bitcoin especially, had a strong start to the year. That’s had a couple of interesting consequences for some of the most important players in the market: Bitcoin miners.2023 has also seen a lot of significant weather events affecting the US, including recent winter storms in Texas that have left hundreds of thousands of people without power. Energy is one of the most important costs that Bitcoin miners must absorb - and of course, they can’t run all those machines in their data centers if there’s no electricity. In the past, the show has talked about the challenging conditions that Bitcoin miners in the US and around the world have been facing. On this episode, the focus centers on the miners that have been able to adapt and take advantage of current market conditions, to try to put themselves on slightly more stable financial footing. Bloomberg reporter David Pan joins this episode to talk about his reporting. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

Like many buzzy, fast-growth, high-risk industries, companies operating in and around crypto and the blockchain have relied heavily on venture capital to fund their activities. Venture capitalists, or VCs, manage pools of private money. What sets them apart from many other kinds of investors is that they focus on the riskiest possible bets - for every 10 or so investments, they expect at least eight or nine of them to fail. But what keeps them in business is that every now and again, one of those high-risk bets pays off spectacularly - covering the losses in the rest of the portfolio. Given their appetite for risk and reward, it’s no surprise that for a time, VCs big and small flocked to crypto. But what does this relatively depressed environment mean for VC investments in digital assets? Bloomberg reporter Hannah Miller joins this episode to discuss.  Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.