The FTX Reboot That Never Was

WSJ Tech News Briefing

The Wall Street Journal

News, Tech News

4.6 • 1.6K Ratings

🗓️ 28 March 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In November 2022, FTX, then one of the world’s largest crypto exchanges, collapsed. The company filed for bankruptcy, and criminal cases were opened against its former CEO, Sam Bankman-Fried. He was later convicted of fraud and conspiracy and is set to be sentenced today. But in the aftermath of the collapse, the lawyers and advisers running FTX’s bankruptcy explored the possibility of rebooting the company. WSJ reporter Alexander Osipovich tells host Alex Ossola why that reboot didn’t happen—and why some people say that’s a missed opportunity. Listening on Google Podcasts? Here's our guide for switching to a different podcast player. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The less your business spends the more margin you keep.
0:03.5	Net Suite by Oracle brings accounting, finance, inventory, and HR into one proven platform,
0:09.5	helping you reduce costs everywhere.
0:12.0	Now through April 15th, Net Suite is offering a one-of-a-kind flexible financing program.
0:17.9	So head to NetSuite.com slash Wall Street right now. Welcome to Tech News Briefing.
0:27.0	It's Thursday, March 28th.
0:29.1	I'm Alex Oscela for the Wall Street Journal.
0:31.8	Coming up on today's show, the companies that make chargers for electric vehicles are building
0:36.6	in new protections against cyber attacks.
0:39.0	We'll hear what these companies are doing and more about the threat of EV hacking from
0:43.7	W.S.J. Pro Cybersecurity reporter Catherine Stubb. And then after
0:48.8	crypto exchange FTX crumbled in late 2022 a group of lawyers and advisors spent more than half a year and millions
0:56.1	of dollars exploring the idea of restarting the company.
0:59.8	W.S.J. reporter Alexander Osipovich tells us why it didn't happen and why some people are disappointed.
1:08.6	But first, because of a new UK law, companies that make EV chargers are beefing up their protection against cyber attacks.
1:16.0	W.S.J. Pro. Cybersecurity reporter, Catherine Stupp, writes that the redesign has been a challenge, but it's forcing companies to improve security.
1:25.0	She joins me now with more about the threat of cyber attacks on EVs.
1:29.0	Catherine, why are companies doing this?
1:31.5	So there's a new law that took effect in the UK in 2022 that
1:36.0	required companies that provide EV chargers to homes and offices to comply with
1:41.6	certain cybersecurity rules and a whole to comply with certain cyber security rules.
1:44.0	And a whole bunch of companies wrote to the UK regulator
	...

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