Unchained

By Laura Shin

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Sh... more

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How many episodes does Unchained have?

The podcast currently has 871 episodes available.

Unchained episodes:

October 11, 2023SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison?
Caroline Ellison, former CEO of Alameda Research and SBF's ex-partner, took the stand to reveal the alleged financial mismanagement at Alameda and FTX, which she claimed was at Bankman-Fried’s direction. The cross examination of Gary Wang finally began to show how SBF’s lawyers plan to defend him, though Wang largely appeared to be a yes man who simply trusted and followed his friend and co-founder.

Ellison's revelations included Alameda's hidden trading of FTT to prop up its price, her warnings to SBF about Alameda’s inability to pay back its lenders if he put billions more into venture investments, and his views on risk and “expected value.” For instance, she claimed he said if, with a coin toss came up tails and would mean Earth’s destruction, he would toss the coin if there it was twice as likely that it would more than double prosperity on Earth. However, her testimony seemed designed to preemptively rebut the defense’s potential argument that Alameda needed to borrow customer funds because she had not hedged.

Catch up on Unchained’s previous coverage:
Sam Bankman-Fried Trial: Here’s Everything That Happened So Far
SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’
SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact
SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges
Did Sam Bankman-Fried Have Intent to Defraud FTX Investors?
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect
In the SBF Case, Elite Corruption Is What’s Really on Trial

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19min
October 09, 2023SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? - Ep. 554
The first week of the criminal trial of former FTX CEO Sam Bankman-Fried has come to a close, with his former friends and FTX colleagues Adam Yedidia and Gary Wang delivering powerful testimonies that are forming the foundations for the prosecution’s arguments — arguments that the defense may have a difficult time surmounting. Sam Enzer, partner at Cahill Gordon & Reindel, and Brian Klein, partner at Waymaker, discuss Alameda’s special privileges coded into the FTX software, the reason why a scorched FTX customer may have been chosen as the first witness, and why upcoming key witnesses are going to be a “real problem” for the defense.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or your favorite podcast platform.
Show highlights:
What we learned about the prosecution and defenses strategies after the first week of the trial
How the jury being mostly professionals may impact deliberations
Why Brian believes someone “out of the mainstream” would make an ideal juror for the defense
Why Sam believes the defense’s opening was stronger than the prosecution’s
Which arguments may be the most difficult for Sam Bankman-Fried's lawyers to defend
Why the defense’s “building a plane as you’re flying” analogy may come back to hurt them in closing
Why Sam believes the order of the witness testimony so far is helping the prosecution build the foundation of its case
Whether Adam Yedidia’s testimony was effective at establishing him as a credible witness
Whether the fact that some witnesses are cooperating to avoid jail time will impact the jury’s decision
What Gary Wang, former CTO of FTX, revealed about Alameda's special privileges coded into FTX software and how it wasn’t an “oversight”
Whether Judge Kaplan is growing impatient with the defense
Whether the prosecution's objections were sustained reasonably by Judge Kaplan
Why upcoming insider witnesses pose a “real problem” to the defense
Why it's "not even an open question" that the defense team will appeal if they lose the case
Thank you to our sponsors!
Crypto.com
LayerZero
Popcorn Network
Guest:
Sam Enzer, partner at Cahill Gordon & Reindel.
Previous appearance on Unchained: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
Brian Klein, partner at Waymaker
Previous appearance on Unchained: SBF Behind Bars: Why Revoked Bail Is a Big Deal for Crypto’s Biggest Trial
Links
Previous coverage by Unchained on the trial of Sam Bankman-Fried:
Sam Bankman-Fried Trial: Here's Everything That Happened So Far
SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’
SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact
SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges
Did Sam Bankman-Fried Have Intent to Defraud FTX Investors?
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect
In the SBF Case, Elite Corruption Is What’s Really on Trial

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1h 28min
October 07, 2023SBF Trial, Day 4: SBF's Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges
Laura reports on the testimony of Gary Wang on Thursday, who described Alameda’s special privileges that were programmed into FTX’s code as early as July 2019, a few months after the exchange launched.

These privileges included Alameda’s ability to have a negative balance on its FTX account. This meant that Alameda was able to transfer and withdraw more funds than it had, essentially “borrowing from the exchange.” Those funds, Wang said, belonged to FTX customers, and at the time that FTX declared bankruptcy, Alameda had borrowed $8 billion from the exchange.

Wang said Alameda had a $65 billion line of credit — far higher than any other customer on the exchange. He also revealed details about FTT, the cryptocurrency that FTX had created, and the concerns that were raised about how the tokens were allegedly used to boost Alameda’s balance on the site.

If you need to catch up, don’t miss our recent coverage on the trial:
SBF Trial, Day 3: Long-Time Friend Says, ‘FTX Defrauded All of Its Customers’
SBF Trial, Day 2: DOJ: Sam Bankman-Fried ‘Lied’ His Way to ‘Wealth, Power, and Influence’
SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect
In the SBF Case, Elite Corruption Is What’s Really on Trial

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10min
October 06, 2023Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? - Ep. 553
The blockbuster trial of Sam Bankman-Fried wrapped up its third day, with multiple witnesses, including former FTX software developer Adam Yedidia, Paradigm co-founder Matt Huang, and FTX cofounder Gary Wang, taking the witness stand. Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters, discusses the main takeaways from the trial so far, the surprising testimonies given by former close associates of SBF, and how the prosecution and defense plan to paint a picture of who SBF is to the jury.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
What Josh's biggest takeaways from the trial are so far
Why Josh felt that the jury had “a lot to take in” in order to understand the basics of the case
Whether the different backgrounds of the jury will affect the outcome of the trial
Why the prosecution is arguing that regardless of the technical aspects of the case, the key issue is fraud
How the defense plans to argue that SBF did not intend to defraud investors
Why the selection of the first witness, a former FTX customer, is an "interesting" choice, according to Josh
What is the [email protected] account and how it contributed to FTX’s undoing
How they discovered the $8 billion hole in the FTX balance sheet and SBF's reaction at the time
What an email revealed about the lack of corporate governance in FTX and Alameda
Thank you to our sponsors!
Crypto.com
Hedera
Popcorn Network
Guest
Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters
Previous appearances on Unchained:
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
How Crypto And Blockchain Technology Should Be Regulated
Links
Previous coverage by Unchained on the trial of Sam Bankman-Fried:
SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect
In the SBF Case, Elite Corruption Is What’s Really on Trial

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52min
October 06, 2023SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact
Laura reports on the testimony of three witnesses on Thursday, including one who declared that “FTX defrauded all of its customers” and another stating that he had committed financial crimes at the direction of Sam Bankman-Fried.

Former FTX software developer Adam Yedidia, Paradigm co-founder Matt Huang, and FTX and Alameda co-founder Gary Wang filled in the details of different aspects of FTX and Alameda’s business. Huang’s testimony detailed how Paradigm expressed concern about FTX’s lack of corporate controls and how the company was “owned and controlled by Sam.” Wang has only started his testimony but has already said he implemented advantages for Alameda into FTX’s code at Bankman-Fried’s direction.

Yedidia’s account had the most emotional details, describing how he had a strong belief in the company, to the point where, when employees began leaving FTX, he had messaged Bankman-Fried that he loved him and wasn’t going anywhere, but that it flipped once he realized “FTX defrauded all of its customers.” Find out what new information caused him to have a change of heart in this episode.

If you need to catch up, don’t miss our recent coverage on the trial:
SBF Trial, Day 2: DOJ: Sam Bankman-Fried ‘Lied’ His Way to ‘Wealth, Power, and Influence’
SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’
SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect
In the SBF Case, Elite Corruption Is What’s Really on Trial

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7min
October 05, 2023SBF Trial, Day 2: DOJ: Sam Bankman-Fried ‘Lied’ His Way to ‘Wealth, Power, and Influence’
Laura reports on the opening statements of the prosecution and defense, which painted a portrait of Sam Bankman-Fried as power-hungry and discussed how he allegedly managed to fumble customer funds.
Next witnesses are set to include Matt Huang, cofounder and managing partner at crypto VC firm Paradigm, and Gary Wang, former CTO of FTX.

Tune in to get the latest updates and insights on a case that could have far-reaching implications for the crypto industry.

If you need to catch up, don’t miss our recent coverage on the trial:
SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect
In the SBF Case, Elite Corruption Is What’s Really on Trial

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...more
5min
October 04, 2023The Chopping Block: Michael Lewis Swindled, SBF’s Effective Altruism Ruse, Ethereum Protocol Enshrinement - Ep. 552
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they discuss the wildest claims in Michael Lewis’ new book on Sam Bankman-Fried, debate whether SBF’s effective altruism was ever genuine, and whether Ethereum should enshrine more features onto its protocol.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:
Michael Lewis’ interview on “60 Minutes” and the wildest claims in his new book
Whether SBF would have paid Donald Trump $5 billion not to run for president
Why Lewis characterizing FTX’s downfall as a bank run is misleading
Whether FTX executives, in the moment of the collapse, fled to their parents’ homes
Was SBF genuine in his belief in effective altruism or was it clever branding
Whether we will still be talking about the SBF trial years down the line
The debate on whether Ethereum should enshrine more features onto its core protocol
Whether Lido poses a centralization risk to the Ethereum ecosystem
Predictions on how the SBF trial will play out and whether SBF has a trick up his sleeve
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
DisclosuresLinks
SBF’s trial:
Unchained:
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect
CBS: Rise, fall of Sam Bankman-Fried, FTX at center of Michael Lewis' new book | 60 Minutes
Protocol enshrinement:
Unchained:
Ethereum’s Vitalik Buterin Warns of Risks in Lido and Rocket Pool
Some Ethereum Staking Services Commit to 22% Self-Limit of Validators
Others:
Cryptoslate: Terra's Do Kwon and Daniel Shin conspired to falsify transactions, chat logs show
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57min
October 04, 2023SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
Laura reports on a noticeably composed Bankman-Fried and delves into the jury de-selection process, revealing potential jurors with surprising crypto ties. The government's stance on a plea deal is finally clarified, and a long list of potential witnesses from the crypto world is unveiled.

Tune in to get the latest updates and insights on a case that could have far-reaching implications for the crypto industry.

If you need to catch up, don’t miss our recent coverage on the trial:
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect

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6min
October 03, 2023SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case - Ep. 551
The high-stakes trial of Sam Bankman-Fried is set to begin on October 3, and the FTX founder and former CEO will have to answer for his role in the cryptocurrency exchange’s downfall, which led to billions in losses. Both the prosecution and defense are currently preparing for what is set to be a significant milestone for the crypto industry. Kayvan Sadeghi, partner at Jenner & Block and Sam Enzer, partner at Cahill Gordon & Reindel, discuss the differences between a civil and criminal trial, what the jury selection process might look like, and what arguments the prosecution and defense might use to support their cases.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
The difference between a civil and criminal trial and why it's difficult for the defense to prepare while Sam Bankman-Fried is in jail
Whether SBF was offered a plea deal and if so, why he didn't take it
What the process of vetting jurors looks like and what both sides are looking for
What a pre-opening jury charge is and why Judge Lewis A. Kaplan might choose to use it
The importance of intent when it comes to SBF’s charges
The pros and cons of the defense using the argument that the FTX founder was receiving poor legal advice
What charges SBF is facing and whether the defense or prosecution has the upper hand
How the opening statements of both the prosecution and the defense might play out
Whether SBF will be put on the stand and why that could be a "dangerous" move, according to Sam
How the defense could respond to testimony from key witnesses like Caroline Ellison or Gary Wang
How Judge Kaplan being a "tough sentencer" could impact SBF’s jail sentence, according to Sam
Thank you to our sponsors!
Crypto.com
LayerZero
Popcorn Network
Guests:
Kayvan Sadeghi, partner and co-chair of Fintech & Crypto Assets at Jenner & Block
Previous appearance on Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
Samson Enzer, partner at Cahill Gordon & Reindel.
Links
Previous coverage from Unchained on Sam Bankman-Fried and FTX:
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
Why FTX Might Try to Claw Back Funds From Retail Customers
How Much Prison Time Is FTX’s Sam Bankman-Fried Facing?
Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years
The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
Details of the trial:
Unchained: FTX: The Exchange That Brought Down the Industry
CoinDesk:
Here's the Sam Bankman-Fried Trial Schedule
The SBF Trial: How Did We Get Here?
Here’s How FTX Founder Sam Bankman-Fried’s Trial May Play Out
Forbes: Sam Bankman-Fried Could Face 'Very Long Sentence,' Judge Says Before Denying Release
SBF’s defense team:
Unchained: Sam-Bankman-Fried Files New Request for Temporary Release Before Trial
CoinDesk:
U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release'
Key witnesses:
Unchained: SBF’s Expert Witnesses Barred From Testifying at Trial
Reuters: Who is Caroline Ellison, a key witness set to testify against Sam Bankman-Fried?
NYT: Prosecutors Detail Evidence Against Sam Bankman-Fried - The New York Times
CoinDesk:
All of Sam Bankman-Fried's Proposed Expert Witnesses Should Be Barred From Testifying: DOJ
Judge Blocks Sam Bankman-Fried's Proposed Witnesses From Testifying
Business Insider: Sam Bankman-Fried is being sent to jail after a judge revoked his bail over alleged witness tampering
Jury selection:
CoinDesk: Sam Bankman-Fried Can Ask DOJ Witnesses About Drug Use
Cointelegraph: Sam Bankman-Fried’s political donations can be surfaced in trial, rules judge

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1h 15min
September 30, 2023The Chopping Block: Which DeFi Metrics Are Still Useful in a Bear Market? - Ep. 550
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the group sits down to discuss why U.S. crypto conferences are quieter than they have been in the past, which DeFi metrics are still useful for measuring a changing market, and advice for NFT founders on how to continue to innovate.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:
Why Tarun says that the U.S. is “dead as a doorknob” for crypto for crypto conferences
Main takeaways from recent crypto conferences such as Token2049 in Singapore and Permissionless in Austin
How the metrics in DeFi keep changing, and which ones still have merit
What are “chart crimes” and the gang's advice for entrepreneurs pitching to VCs
Why Haseeb doesn't think that token economics are as useful as everyone thinks
The Stoner Cat settlement with the SEC and how it impacts the broader conversation about whether NFTs are securities
Legal drama between the co-founders of the Milady NFT project
Advice for NFT founders on how to achieve success in a changing market
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
DisclosuresLinks
NFTs
Unchained:
Mila Kunis’ Stoner Cats NFT Project Pays $1 Million to Settle SEC Charges
Milady NFT Founder Says Rogue Developer Embezzled $1 Million from Treasury
PFP NFTs: What Are They & Why Are They So Popular?
Generative Art NFTs: What Are They & Why Are They So Popular?
SEC: Are NFTs Securities?
Token2049:
Haseeb’s panel on alt L1s
DeFi and metrics:
Unchained:
What Is TVL in DeFi? A Guide to Total Value Locked
Can DeFi Allow You To Be Your Own Bank?
How to Invest in DeFi: 4 Ways You Can Explore Today
Yield Farming: What Is It & How Does It Work?
Regulation
Unchained: U.S. House Lawmakers Urge SEC's Gensler to Approve Spot Bitcoin ETFs
The Block: Gensler takes heat from lawmakers over his approach to regulating crypto

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44min

FAQs about Unchained:

How many episodes does Unchained have?

The podcast currently has 871 episodes available.