Bloomberg Crypto

The bankruptcy of crypto exchange FTX and the indictment of its former CEO Sam Bankman-Fried, who’s pleaded not guilty to 8 criminal counts - is shining a light on the world’s largest crypto exchange - Binance - and its CEO, Changpeng Zhao - known as CZ. The exchange is estimated to be worth around $300 billion and holds nearly 60 percent of the crypto derivatives market. Binance has managed to eclipse its rivals when it comes to market share and CZ appears confident that the company will successfully navigate the crypto winter.  

But with FTX out of the picture, there are increasing fears among some investors that Binance has become too big, and as the largest exchange, holds too much power in an industry that prides itself on being decentralized.

How did Binance get so big? What was the fuel behind its meteoric rise?  Bloomberg reporters Justina Lee and Muyao Shen join crypto senior editor Phil Lagerkranser to unpack how Binance and CZ came to dominate crypto, and whether that dominance creates a threat to the future of digital assets.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.

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Hosted by Bloomberg Opinion senior executive editor Tim O'Brien, Crash Course will bring listeners directly into the arenas where epic business and social upheavals occur. Every week, Crash Course will explore the lessons to be learned when creativity and ambition collide with competition and power -- on Wall Street and Main Street, and in Hollywood and Washington. Listen to Crash Course on the iHeartRadio app or wherever you get your podcasts. https://www.iheart.com/podcast/1119-crash-course-106327154/

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Crypto exchange FTX’s November 2022 collapse was one of the most spectacular and swift downfalls in the history of crypto. Now, as the bankruptcy dust begins to settle, investors and others wonder what will happen to crypto startups closely tied to the former exchange. 

Solana is an example. FTX’s former CEO Sam Bankmam-Fried was a champion of the blockchain network. He publicly appeared with one of its co-founders at various conferences and industry talks. 

And FTX and Alameda bought nearly $580 million dollars worth of Solana's native token, - SOL - The company also supported various projects that operated on the Solana blockchain. 

Now FTX’s former CEO faces eight criminal counts including fraud. The collapsed exchange is struggling to repay its creditors. So: where does that leave Solana?

Bloomberg’s Hannah Miller has been reporting on this and joins the episode.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

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Welcome to the first This Week in Crypto episode of 2023. We’re kicking off the year with - can you guess? Sam Bankman-Fried. The former FTX CEO had quite the wild holiday season. His companies filed for bankruptcy in November and he was arrested in the Bahamas in December. Bankman-Fried faces multiple criminal charges - and at least two of his closest colleagues and confidants are providing evidence against him.

SBF, as he’s commonly known, flew back to New York this week after spending the holidays in California on bail. At a hearing in New York on Tuesday, he pleaded not guilty - as expected - to charges including fraud.

Bloomberg senior editor Philip Lagerkranser joins the show to discuss.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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In the days leading up to the staggering collapse of FTX, a series of tweets from a top crypto executive signaled that the exchange was likely in deep financial trouble. Former FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao - or “CZ” as he’s commonly called - are known rivals. But when CZ tweeted that he was pulling his investments out of FTX - it sparked a run on the exchange that ultimately led to its insolvency. 

The idea that a once flush crypto exchange worth billions of dollars could be taken down by what started as a series of barbs on Twitter, fuels the perception that the digital asset industry is led by alpha-males who promote a hyper-masculine culture.

Now that SBF — formerly one of the most renowned CEOs in the business — finds himself facing serious criminal and civil charges, this episode considers what’s at stake for the industry, and whether the culture is likely to change.

Bloomberg’s Vildana Hajric joins Mike Regan for a robust review.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter 

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Hosted by Bloomberg Opinion senior executive editor Tim O'Brien, Crash Course will bring listeners directly into the arenas where epic business and social upheavals occur. Every week, Crash Course will explore the lessons to be learned when creativity and ambition collide with competition and power -- on Wall Street and Main Street, and in Hollywood and Washington.

See omnystudio.com/listener for privacy information.

Miami has always been famous for its beaches, beautiful people and glamorous nightlife. More recently, the city grabbed attention for trying to establish itself as a crypto hub, and witnessed an influx of crypto startups as entrepreneurs flocked to its palm tree-lined streets. They were attracted by both Miami’s charismatic, crypto-friendly mayor Frances Suarez and the promise of lower taxes.

And then of course… there’s FTX. The now-bankrupt crypto exchange had the naming rights to the basketball arena for the Miami Heat. And just about a month before its stunning collapse, the exchange had plans to move one of its top branches to the heart of the city's financial center. 

In the aftermath, and with overall negative sentiment in crypto markets, the city has faced tough questions about its part in the digital asset industry’s future.

Bloomberg reporter Carly Wanna was recently down in Miami and she joins Vildana Hajric in this episode to break down how the tropical city is adapting to the recent crypto crisis.

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The relationship between crypto and gaming is not always straightforward. Some gamers, and some games companies, have outright rejected all things blockchain and crypto. They say the environmental considerations haven’t been fully addressed, and that turning games into speculative investment opportunities ruins the fun.

Others are cautiously optimistic, and are experimenting with in-game NFTs. A smaller number, and a relatively vocal minority, are absolutely committed to making blockchain-based games happen. Among those who were committed, and vocal? now-bankrupt crypto exchange FTX. 

Earlier this year, FTX announced plans to start its own gaming unit - a platform that enables gaming companies to launch their own tokens and NFTs. FTX has also worked closely with a handful of crypto gaming startups to expand its gaming footprint. But in the aftermath of the FTX meltdown, many wonder what the future of those small companies may look like. 

How do we make sense of the impact the FTX meltdown has had on the gaming industry? Bloomberg reporter Hannah Miller joins this episode.

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Picture this: you’re the FBI, trying to track down the digital keys that will give you access to illicit or stolen crypto. In 2021 alone, cops in the U.S. and U.K, seized billions of dollars in Crypto-assets from various different criminal busts.

With so much money on the line, enforcement agencies around the world have had to learn quickly how to spot these digital assets and seize them from accused criminals. 

In this episode, Bloomberg reporters Ellen MiIligan and David Voreacos join to discuss how the seizures of digital assets are transforming policing policies and protocols around the world.

[This episode originally published in July, 2022]

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Think way back: all the way back to October, 2021. Crypto prices are rocketing. Celebrities can’t stop talking about NFTs. There’s packed conferences in glitzy venues attended by people wearing t-shirts with cartoon monkeys on them. If you’re an executive at a big gaming studio, you might be forgiven - maybe - for sending one of those emails with the subject line: "NFT strategy?"

And several executives at these gaming companies did indeed send those emails.  Some of their companies even announced plans to make blockchain gaming happen.

Flash forward to 2022. Celebrities aren’t talking about their NFTs. People are trying to sell their Apes. And gaming studios don’t seem quite so convinced that they need an NFT strategy.

Joining this episode are Bloomberg reporter Emily Nicolle and Mark Venturelli, CEO and creative director at game studio Rogue Snail, who’s also a game developer.

[This episode originally published in October, 2022]

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

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