2022 was a year of many crypto scandals, none more so than FTX. It was also a big year for CoinDesk. As part of our CoinDeskTurns10 series looking back at the biggest events in crypto history, baidakova reports on how CoinDesk broke the FTX story.
also went underwater and filed for bankruptcy. FTX was the latest addition to this list, but the most spectacular one, given the fame and ambitions of Sam Bankman-Fried.
“Sam was definitely an envelope-pusher. That kind of risk-taking helped FTX become wildly successful in a short amount of time, until it all caught up to him,” Wang said.The consequences of the FTX collapse were as big as its success used to be – or even bigger. It definitely frustrated the regulators, who had been talking to SBF and, like almost everyone else, assumed FTX was a well-run, responsible business.
The chain of shutdowns, dubbed “Operation Choke Point 2.0,” was the Securities and Exchange Commission's “chemotherapy for a Wang believes the FTX story was CoinDesk’s true time to shine because over the years, the newsroom accumulated all the unique expertise needed to assess the situation when stakes got thatany mainstream reporter, Alameda’s balance sheet might not have told anything, because few people actually know what FTT, SRM, MAPS, OXY and FIDA were – and why having these non-liquid tokens dominating your balance sheet might be a bad idea.
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