209. NOFTX

We dig into the details of FTX’s collapse. FTX is not an isolated event. FTX is not a bad apple. FTX is not uniquely mismanaged. FTX is not a cautionary tale. FTX is not a stunning surprise. FTX is a systemic problem, a vehicle for structural levels of fraud, another in a long line of liquidity crunches for crypto, a litmus test for credible due diligence, a fork in the road for the crypto economy, institutional investors, and government regulators. ••• It Was All a Game for Sam Bankman-Fried https://nymag.com/intelligencer/2022/11/it-was-all-a-game-for-sam-bankman-fried.html ••• FTX’s Balance Sheet Was Bad https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-balance-sheet-was-bad ••• FTX held less than $1bn in liquid assets against $9bn in liabilities https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558 ••• Sam Bankman-Fried Was Supposed to Be Different. He Wasn't. https://www.vice.com/en/article/dy7epm/sam-bankman-fried-was-supposed-to-be-different-he-wasnt ••• Sam Bankman-Fried’s FTX Crypto Empire Is Officially Bankrupt https://www.vice.com/en/article/qjkmvw/sam-bankman-frieds-ftx-crypto-empire-is-officially-bankrupt Subscribe to hear more analysis and commentary in our premium episodes every week! https://www.patreon.com/thismachinekills Grab TMK gear: https://www.bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)