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Tales From The Crypto: The Rise and Fall of FTX

S1 Ep5: The Cracks Begin to Show

Tales From The Crypto: The Rise and Fall of FTX

Audio Up Inc.

Government, Investing, Business

4.21.4K Ratings

🗓️ 31 October 2023

⏱️ 38 minutes

🧾️ Download transcript

Summary

The Mooch explains what he saw in SBF - why he liked him and was excited to be in business with him. The halcyon days of the now infamous Crypto Bahamas conference - with guests like Bill Clinton and Katy Perry - give way to crypto’s bruising spring and summer with the fall of several high profile projects.

Transcript

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0:00.0

I don't want to disfigure Sam for the purpose of this podcast.

0:05.0

I want to explain it the way I remember it.

0:09.0

People remember things not the way they happened,

0:13.0

but they remember the things the way they need to remember them

0:16.0

to make themselves feel better about themselves.

0:18.0

I don't want to do that for this podcast.

0:20.0

I don't want to do that for the discussion. I don't want to do that for the discussion.

0:22.2

I want to remember it exactly the way it happened,

0:25.4

whether it reflects well on me or reflects poorly on me,

0:28.9

because this podcast should be not only interesting from a human perspective,

0:35.0

but this podcast should be educational. Someone should want to listen to this podcast and say, okay, I don't want to be in the predicament that Anthony's in or I don't want to get snookered by a Sam Bankman freed. So let me listen to this podcast. Let me understand the whole context of what happened as a cautionary tale for me when I'm dealing with people.

0:55.0

Crypto horror study.

0:57.0

Crypto horror study.

1:02.0

It's a cryptohorror study.

1:06.0

Sam's life was centered around his work, and Sam's life was centered around the community that he built at FDX.

1:13.4

He was a workaholic. He was working an 18 to 20-hour day. He was known to literally sleep at or near his desk and get started for work the very next day after taking those sorts of catnaps.

1:28.3

He's not a traditional executive by any means.

1:33.3

He did not run the thing traditionally.

1:36.3

He had a lot of, obviously, ultimate power over everybody.

1:41.3

He did telafib related to Alameda. You know, when you were researching FDX

1:47.1

and considering making an investment in it, he made it very clear that he was separate from

1:51.3

Alameda and that he had nothing to do with it anymore. And there were people running it. Yes,

...

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