What Does FTX’s Downfall Mean for the Crypto Industry?

KQED's Forum

KQED

Politics, News, News Commentary

4.6 • 656 Ratings

🗓️ 28 November 2022

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In less than a month, crypto-billionaire Sam Bankman-Fried went from industry leader to pariah. His cryptocurrency exchange FTX has filed for bankruptcy, with the filings listing more than one million creditors impacted. The formerly $32 billion dollar company is now the target of investigations by the Securities and Exchange Commission and Justice Department; Bankman-Fried is facing public scrutiny amid allegations of fraud. We’ll talk about the allegations against Bankman-Fried, where the crypto market stands and what we can learn from this moment. Guests: Margaret O'Mara, historian of the modern United States, University of Washington Hilary Allen, professor of law, American University Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:46.3	Thank you. From KQED. From KQED in San Francisco, I'm Alexis Madrigal.
0:49.9	The world of cryptocurrency has always been a bit murky, to me at least.
0:53.7	Bitcoin and its many blockchain descendants have drawn incredible money and interest,
0:57.7	but it's been hard to tell, basically, is this really a thing?
1:01.1	For the past five years, the pessimists on that question were losing.
1:05.0	Huge amounts of money were made and invested in crypto.
1:07.4	And then since the end of last year, the price of most crypto things has
1:11.5	collapsed. This month, FTX, a major exchange, sort of a NASDAQ, of cryptocurrencies blew
1:16.7	up, and the flaming wreckage is spreading to the rest of the industry. So today, we discuss
1:21.7	what happened and what it means for this city, which had quite a bit of crypto money floating
1:26.1	around our institutions, corporate and cultural.
	...

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