EPISODE · Nov 15, 2022 · 23 MIN
The collapse of the ‘Crypto King’
from Front Burner
In the last two years, cryptocurrency exchange FTX spent millions of dollars on advertisements with the likes of NFL quarterback Tom Brady and Curb Your Enthusiasm’s Larry David. FTX also sponsored Major League Baseball, the Mercedes Formula One racing team and Canadian businessman Kevin O’Leary. Earlier this month, Bloomberg ranked the platform’s founder, Sam Bankman-Fried, as one of the world’s 100 richest people. He was sometimes referred to as the “King of Crypto.” But now, after financial leaks triggered mass withdrawals and a halt in trading, Bankman-Fried is worth effectively nothing. FTX has gone from a recent $32-billion US evaluation to bankruptcy. Today, CBC News senior business writer Pete Evans returns to explain how one of the world’s three biggest crypto exchanges was brought down so quickly.
What this episode covers
In the last two years, cryptocurrency exchange FTX spent millions of dollars on advertisements with the likes of NFL quarterback Tom Brady and Curb Your Enthusiasm’s Larry David. FTX also sponsored Major League Baseball, the Mercedes Formula One racing team and Canadian businessman Kevin O’Leary. Earlier this month, Bloomberg ranked the platform’s founder, Sam Bankman-Fried, as one of the world’s 100 richest people. He was sometimes referred to as the “King of Crypto.” But now, after financial leaks triggered mass withdrawals and a halt in trading, Bankman-Fried is worth effectively nothing. FTX has gone from a recent $32-billion US evaluation to bankruptcy. Today, CBC News senior business writer Pete Evans returns to explain how one of the world’s three biggest crypto exchanges was brought down so quickly.
NOW PLAYING
The collapse of the ‘Crypto King’
No transcript for this episode yet
Similar Episodes
No similar episodes found.
Similar Podcasts
No similar podcasts found.