As SBF sits in court, is cryptocurrency on trial too?
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 9 October 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
Almost one year after FTX collapsed, founder Sam Bankman-Fried is on trial for fraud. Crypto’s value has mostly recovered; users hope its reputation will too. Marketplace’s Lily Jamali spoke with Vicky Huang, a crypto reporter at The Wall Street Journal, about how the trial is affecting perceptions of the industry.
Transcript
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| 0:00.0 | S-B-F on trial is crypto too. |
| 0:05.4 | From American public media, this is Marketplace Tech. |
| 0:09.0 | I'm Lalit Jamali. |
| 0:10.4 | We're about a week into the trial of Sam Bankman Freed. |
| 0:23.2 | S-B-F, as he's known, is of course the one time crypto wonderkinned, fighting charges |
| 0:28.2 | that he stole billions from customers of his now defunct crypto exchange FTX. |
| 0:34.2 | FTX is currently in chapter 11 bankruptcy protection. |
| 0:38.2 | A lot of hopeful investors got burned in the collapse of S-B-F's empire. |
| 0:43.0 | I recently spoke with crypto reporter Vicki Wong at the Wall Street Journal about how |
| 0:47.7 | the trial is affecting perceptions of the industry. |
| 0:51.7 | Definitely lost face in crypto companies after the collapse of FTX because it was considered |
| 0:59.6 | one of the safest places to park your money and Sam Bankman Freed, the founder of FTX was |
| 1:06.9 | the darling of the crypto industry. |
| 1:09.7 | He was loved by Silicon Valley venture capital investors. |
| 1:14.6 | So when FTX is self-clapsed in November, that really hit the industry hard in a way that |
| 1:25.0 | not only did customers lose face in crypto companies, but also prices of major cryptocurrencies |
| 1:33.7 | fell sharply and became very stagnant. |
| 1:38.1 | Even though this year the price of Bitcoin has rebounded a little bit. |
| 1:43.1 | If I may interject, this is what I find so fascinating is that the price of Bitcoin is actually |
| 1:48.3 | higher than it was when the FTX scandal happened. |
| 1:51.9 | Yes, I think that has something to do with what happened in 2023 as well. |
| 1:58.7 | One thing about Bitcoin is that it's sort of a symbol for people who don't like big government |
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