Erik Voorhees, founder of ShapeShift, and Jordan Fish, aka Cobie, crypto investor and host of UpOnly, talk about the collapse of FTX. 


Show highlights:

  • the links between FTX and Alameda
  • what kickstarted the blowup of FTX
  • why Erik and Cobie think that Bankman-Fried’s behavior was “sociopathic”
  • why the $10 billion hole is so shocking to Cobie considering the advantages that FTX had as a company
  • whether this would have ever happened if the prices hadn’t plummeted in the bear market
  • the tension between advocates of privacy and those who want to limit criminal activity
  • why Erik believes that SBF’s donations to both political parties are bribery
  • whether regulators can prevent an exchange from collapsing
  • whether Changpeng Zhao did a better job at investigating FTX than anyone at the SEC
  • the likelihood that this will result in criminal charges
  • how blockchain technology is the solution to the problem of centralized exchanges doing things in the dark
  • Tether’s decision to freeze USDT owned by FTX
  • Erik’s response to Bitcoin maximalists who say FTX was caused by altcoins
  • whether it is a mistake for exchanges to issue their own tokens
  • how big the contagion could be in the industry
  • why nobody should leave a significant amount of their net worth in a centralized exchange
  • Erik’s message to regulators
  • whether SBF was aligned with the values and the ethos of crypto

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Episode Links

Previous coverage of Unchained:


FTX Collapse:

  • Unchained coverage:
  • FTX May File for Bankruptcy After Binance Walks Off the Deal
  • FTX Needs $8B to Meet Investor Withdrawals: Report
  • Tron Founder Justin Sun Says He Is Working With FTX on a Solution
  • US DOJ Joins SEC and CFTC Probe of FTX
  • FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
  • Sequoia Capital Writes Off $214M FTX Investment to Zero


Binance’s dropped deal with FTX

  • Unchained coverage:


Crypto regulation