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Podcast: Union of the Unknowns
Episode: 16 - FTX, SBF and the Crypto Snafu
Description: This episode the Unknowns attempt to decrypt the code that is the story of the FTX crypto scam, with the help of brand-new Unknowns Daniel and Stuart.
It turns out that the FTX scandal has all the trappings of a good old-fashioned Ponzi scheme, with a fancy crypto wrapper around it. The scheme centred around Sam Bankman-Fried (SBF), his crypto exchange start-up, FTX, and sister investment company Alameda. Regulations say that these two companies should have been kept separate, but it turns out that large amounts of cash was being illegally taken out of FTX accounts and...