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The MeidasTouch Podcast

Listen Now: Spellcaster: The Fall of Sam Bankman-Fried

The MeidasTouch Podcast

MeidasTouch Network

Politics, News

4.812.9K Ratings

🗓️ 5 June 2023

⏱️ 9 minutes

🧾️ Download transcript

Summary

From Wondery and Bloomberg, the makers of The Shrink Next Door, comes a new story of incredible wealth, betrayal, and what happens when “doing good” goes really, really bad. When nerdy gamer Sam Bankman-Fried rocketed to fame as the world’s richest 29-year-old, he pledged to donate his billions to good causes. But when Sam's crypto exchange FTX collapsed, billions of dollars went missing, and Sam was in handcuffs, those who knew him were left wondering — who was Sam really? A well-meaning billionaire who made a mistake? Or a calculated con man? Listen to Spellcaster: Wondery.fm/SC_TMTN Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Ah, the Bahamas.

0:01.4

Now, what if you could hang out with celebrities,

0:03.2

live in a penthouse above the crystal clear ocean

0:05.3

with all of your best friends, and have it 100% paid for?

0:08.4

While FTX founder Sandbagman Fried made that dream a reality.

0:12.1

But US prosecutors say he was hiding a dark secret.

0:15.5

As cryptocurrency gained mainstream popularity,

0:18.0

FTX was the poster child,

0:20.1

spending millions on pro-sports sponsorships

0:22.5

and a list celebrity endorsements

0:24.2

from the likes of Tom Brady, Larry David,

0:26.5

and even Shark Tank's Kevin O'Leary,

0:28.6

with some investing their own money in the marketplace.

0:31.4

Many thought Sandbagman Fried was just changing the game

0:34.5

as he graced the pages of Forbes and Vanity Fair.

0:37.5

Barely 30, the young crypto billionaire

0:40.0

became a powerful financial figure

0:42.0

and was influencing the global economy.

0:44.5

But in just one month, his exchange would collapse.

0:47.4

An SPF would find himself in handcuffs

0:50.1

as tens of thousands of investors

0:52.2

would blame him for their fortunes lost.

...

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