meta_pixel
Tapesearch Logo
Log in
The Journal.

The Trial of Crypto’s Golden Boy, Episode 2: Imaginary Numbers

The Journal.

The Wall Street Journal

News, Daily News, Business News

4.25.8K Ratings

🗓️ 1 October 2023

⏱️ 34 minutes

🧾️ Download transcript

Summary

In 2022, crypto markets were in turmoil, but Sam Bankman-Fried's empire seemed to weather it all. That is until one week in November, when he went from crypto's savior to its biggest villain. WSJ’s Caitlin Ostroff tracks the unprecedented collapse of Bankman Fried’s empire, and the big secret that would prove to be its downfall. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

I often joke that crypto moves in dog years.

0:11.5

That events that might take seven years to unfold in any other industry can happen in

0:15.9

just one.

0:18.0

In a few years, FTX won from a little known startup in Hong Kong to one of the biggest crypto

0:23.7

exchanges in the world.

0:26.3

And Sandbingman Fried became the face of the industry.

0:30.2

But in a few short months, everything fell apart.

0:35.3

It all started in the summer of 2022.

0:38.6

Well, it may be summer in the real world, but online it's a crypto winter.

0:43.1

Cryptocurrencies continue to slide and Terra has completely imploded.

0:47.2

Does it make sense to buy Bitcoin now or is digital currency dead?

0:53.2

Crypto markets were a mess.

0:55.4

Coins were plummeting, and they were dragging crypto companies into bankruptcy.

1:00.7

The whole industry just seemed to be coming apart.

1:04.4

But at the time, Bankman Fried appeared immune to the turmoil.

1:09.1

His hedge fund, Alameda Research, seemed unaffected.

1:12.9

And FTX was a pillar of stability, topping up struggling crypto companies with loans

1:18.5

and buyouts.

1:21.0

To a lot of people, it looked like Bankman Fried was saving crypto.

1:25.6

A lot of people called you the savior of crypto, the patron saint of crypto.

1:30.4

And I'm wondering if you agree with any of those names?

1:34.6

In the end, I think that there weren't very many people who were really going to be positioned

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from The Wall Street Journal, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Wall Street Journal and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.