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Slack.com slash DHQ. It all seemed so wonderful. FTX, the world's second-largest crypto exchange,

was changing everything. It was revolutionizing, not just crypto and finance, but the whole

world through effective altruism, through the funding of the most wonderful, idealistic,

largely democrat politicians all over the United States. It was all just so beautiful until

it all came tumbling down and it turned out that FTX was actually just a bunch of kids

living in a Bahamas penthouse doing a ton of drugs and sleeping with one another and

spending gazillions of dollars that didn't actually really exist. Now, I know absolutely

nothing about crypto or finance or the Bahamas for that matter. Fortunately, we have one of

the OG leaders in crypto, Eric Voorhees, who has debated the man in question here. That

would be Sam Bankman-Freed, SBF, and who has really approached crypto not just from

a money-making perspective, but from a philosophical perspective as well. I think shed some light

on what the hell happened. Eric, thank you so much for coming on the show. Hey, Michael,

thanks for having me. I truly know nothing about crypto. I have been

reading the reports of what happened here at FTX. I still, I don't quite get it. The

best I can deduce is that the whole thing was kind of a Ponzi scheme. What happened?

Yeah, let's start it with the basics. FTX was this massive exchange. Fairly new on the

scene. It didn't even really exist three or four years ago. Suddenly, it was the second

...