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What FTX’s collapse means for crypto

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What FTX’s collapse means for crypto

Financial Times,

5 min read
3 take-aways
Audio & text

What's inside?

The collapse of FTX raises questions about the future of crypto.

Editorial Rating



  • Eye Opening
  • Background
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Is crypto done, once and for all? Cryptocurrencies have collapsed before, but not on the scale of FTX or with so grandiose an individual at the head of the table as Sam Bankman-Fried. The fact that he could be at ease in the regulatory as well as investor space – and that he had a traditional finance background – seduced investors, note journalists Michela Tindera, Josh Oliver and Katie Martin in this informative episode of the Behind the Money podcast. Opaque financial statements and a lack of disclosure cratered FTX into bankruptcy, bringing digital assets to a crossroads.


FTX founder and CEO Sam Bankman-Fried (SBF) had star power, appealing to various constituencies and embodying what looked to be crypto’s bright future.

SBF accumulated power, influence and wealth, and he heralded what appeared to be a gilded age of crypto. In championing philanthropy and garnering political heft, to some he embodied the spirit of a progressive plutocrat who, by virtue of his conventional grounding and experience in finance, could bridge the gap between upstart decentralized finance (DeFi) and the more staid realm of established capital markets.

His sales skills and early successes attracted prestigious investors like BlackRock and Sequoia, giving...

About the Podcast

Behind the Money is a podcast of The Financial Times, where Michela Tindera, Joshua Oliver and Katie Martin are journalists.

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