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CoinDesk Podcast Network

THE HASH: New FTX CEO Criticizes Management of Crypto Exchange During Sam Bankman-Fried's Tenure; Next Steps for Binance

CoinDesk Podcast Network

CoinDesk

News, Tech News, Daily News, Business News

4.7698 Ratings

🗓️ 17 November 2022

⏱️ 26 minutes

🧾️ Download transcript

Summary

This episode is sponsored by minima.global, Circle and Pastel Network. The most valuable crypto stories for Thursday, Nov. 17,  2022. "The Hash" team discusses New FTX CEO John J. Ray III issued a scathing assessment of "unprecedented" poor management practices by his predecessor, Sam Bankman-Fried, in a series of filings in a Delaware court. Also, Binance.US, the American arm of the world's largest cryptocurrency exchange, is preparing to bid for bankrupt lending platform Voyager Digital, according to CoinDesk. See also: Confusion Abounds As Binance and OKX Suspend Support for USDC, USDT on Solana, Then Backpedal Binance to Relaunch Bid for Bankrupt Lender Voyager: Source FTX Affiliate Alameda Research Loaned $4.1B to Related Parties – Including $1B to Sam Bankman-Fried New FTX Boss Condemns Management of the Crypto Exchange During Sam Bankman-Fried's Tenure FTX's New Leadership Is in Touch With Regulators, May Have Over 1M Creditors, New Filings Say This episode has been edited by Michele Musso. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.” - Minima is a new layer 1 blockchain, designed to run in full on a smartphone. Join over 300,000 Minima node runners on the Incentive Program today, to start earning $MINIMA every day until Mainnet launch. Get your node setup and earn $MINIMA at minima.global/get-involved.  - 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. - SmartMint by Pastel Network is a no-code NFT minting platform that allows creators to seamlessly create, mint and manage NFTs on custom smart contracts that they own. SmartMint also protects creators’ NFTs from fraud, copymint, and asset loss through Pastel’s mission-critical Web3 infrastructure. Start creating today: https://smartmint.pastel.network/?utm_source=coindeskhash. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0

This episode of The HASH is sponsored by Minima.global, Circle, and Pastile Network.

0:13.5

This is The HASH podcast. Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more with stories that matter to the crypto world, all on the hash for your ears.

0:27.0

You're listening to the Coin Desk Podcast Network.

0:32.4

Hey there, welcome to the hash on CoinDesk TV. I'm Zach Seward. That's Jensenassie.

0:38.2

And over there, special guest star George Kulutis.

0:41.0

We love it when George is on the show.

0:42.8

We are going to do the latest in the FTS saga.

0:47.2

More damning revelations and spicy, spicy things have come out in the last 23 hours and 30 minutes since we last spoke.

0:56.1

And we are going to dive right in. I'm starting us off today. Let's do this thing.

1:00.6

All right. There was a declaration from the new CEO of FTX about why FTX has found itself

1:09.0

in dire straits.

1:11.0

Now, this is known as the first day declaration.

1:13.6

It lays out how a company gets into hot water and seeks bankruptcy protection.

1:19.1

And in this first day declaration, there are a ton of crazy revelations from the man who presided over the Enron bankruptcy. And this man who presided over the

1:30.4

Enron bankruptcy says that never in his 40 years of legal and restructuring experience,

1:36.4

has he seen something so crazy. I have, quote, never seen such a complete failure of corporate

1:43.3

controls and such a complete absence of

1:46.1

trustworthy financial information, end quote, as he has seen in digging through the wreckage of

1:51.2

FTX. Pretty crazy stuff here, really spicy 30-page document. There's also a subsequent document

1:56.4

that has some other revelations, but we are going to focus in on this first one for now.

2:00.5

George, I'm tossing it to you for your immediate thoughts.

2:02.9

Yeah.

...

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