THE HASH: Crypto Exchange FTX Files for Bankruptcy Protection in US; CEO Bankman-Fried Resigns

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4.8 • 689 Ratings

🗓️ 11 November 2022

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by minima.global and Circle.

The most valuable crypto stories for Friday, Nov. 11, 2022.

Crypto exchange FTX filed for bankruptcy protection in the U.S., the Bahamas-based company said Friday. CEO and founder Sam Bankman-Fried also resigned his role, but will "assist in an orderly transition." John Ray III is the new CEO. The Hash hosts discuss the history of FTX and and the outlook for decentralized finance in the wake of the fallout.

Bankman-Fried’s Cabal of Roommates in the Bahamas Ran His Crypto Empire – and Dated. Other Employees Have Lots of Questions

FTX Showed the Problems of Centralized Finance, and Proved the Need for DeFi

This episode has been edited by Nia Freeman. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.”

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Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses.

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Transcript

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0:00.0	This episode is sponsored by Minima.global and Circle.
0:12.6	This is the hash podcast.
0:15.3	Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more,
0:20.1	with stories that matter to the crypto world,
0:22.6	all on the hash for your ears.
0:26.2	You're listening to the Coin Desk Podcast Network.
0:35.0	Hello and welcome to the hash live on Coin Desk TV.
0:39.1	Happy Friday.
0:40.0	We are here to cap off one of the more crazy weeks in crypto history.
0:44.8	I'm Zach Seward.
0:45.6	That's Jensenassie.
0:46.9	Adam Levine on the right.
0:48.4	Let's get to it.
0:49.8	In a shocking turn of events,
0:52.4	FTX Crypto Exchange filed for bankruptcy protection this morning.
0:57.5	This was a rapid unraveling of what had been emerging as one of the key pillars of the
1:02.4	crypto economy.
1:03.0	And after much back and forth involving a potential takeover bid by Binance, a potential
1:09.0	rescue by the likes of Justin Sun and others.
1:12.2	CEO Sam Bankman-Fried is filing for bankruptcy protection, chapter 11, and resigning as CEO.
1:19.2	A lot to unpack here, but it looks like we may be entering a period of long, drawn-out,
1:26.9	stuck funds for depositors on FTX.com. Should also be noted that
	...

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