What FTX’s collapse means for crypto

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4 • 350 Ratings

🗓️ 16 November 2022

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The crypto exchange FTX was supposed to be among the “credible” players operating in digital finance. But its swift descent into bankruptcy shocked the financial industry. The FT’s asset management correspondent Josh Oliver explains what went wrong, and markets editor Katie Martin tells us what it says about the future of crypto.

Clips from CBS, ABC

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For further reading:

How Sam Bankman-Fried seduced blue-chip investors

DD goes forensic on FTX: A deep dive into the crypto collapse that has stunned finance

FTX held less than $1bn in liquid assets against $9bn in liabilities

Hedge fund admits half its capital stuck on FTX exchange

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On Twitter, follow Josh Oliver (@joshckoliver), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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Transcript

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0:00.0	Am I missing anything? Is this the right decision?
0:02.0	Can I show this data?
0:04.0	Am I too late?
0:05.0	Find clarity in your investment decision-making.
0:08.0	Manage your portfolio for sustainable growth
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0:21.1	facts, not opinions.
0:23.0	Clarity AI scaling human decisions through tech.
0:26.6	Visit clarity.
0:28.0	AI and take action today.
0:29.6	Right now, in the world of crypto, there's one story and one story only, the collapse of
0:40.7	FTX.
0:41.7	The world's largest cryptocurrency firm, Binance, backed out of plans to buy its rival,
0:48.0	FtX.
0:49.0	FtX, one of the biggest players in the digital money markets once valued at $32 billion is now on the verge of bankruptcy.
0:54.8	FTX shocked investors by declaring bankruptcy this week.
0:58.8	This is one of the stories that breaks out of the cryptosphere into the regular news.
1:03.5	That's the FT's asset management reporter Josh Oliver.
1:08.4	Josh has been following FTX's dramatic fall. This was a business that's had celebrity spokespeople like
	...

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