Bloomberg Crypto

It’s been another wild week of financial mayhem connected to crypto. But this time the crisis focused on banks. 

It started earlier this month [March], when Silvergate Capital shut down operations. The California-based bank serviced various crypto companies like Coinbase and Gemini. But its most notorious clients included the now-bankrupt crypto exchange FTX and its sister firm Alameda. As these two giants faltered, Silvergate suffered a series of financial difficulties and fell under intense regulatory scrutiny, leading to its eventual shut down.  

Then, last Friday, one week ago now,  the tech and startup-focused Silicon Valley Bank collapsed. It wasthe largest bank failure since 2008, and incited investor panic.

By late last Sunday, another domino had fallen: New York State regulators announced they were taking possession ofSignature Bank. It was moving to retreat from crypto, but was still known for having some ties to the digital asset industry, at one point even launching a crypto-payments platform. This was the third-largest bank failure in the US to date. Bloomberg reported that regulators took action after they “lost faith in management.”

This trio of recent closures is another blow to crypto - leaving the industry nearly cut off from the fiat banking sector. All the while a Bitcoin rally ensued, but has since cooled a bit.

So. In the aftermath of one of the biggest weeks in finance so far this year, how has the crypto industry fared? And how does it move forward? 

Bloomberg senior executive editor Chris Nagi joins this episode.

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Last year, just before the crypto winter had hit in earnest, Princeton University opened up “The Center for the Decentralization of Power Through Blockchain Technology”.

The Center was funded in part by a $20 million gift from prominent Princeton alumni including Mike Novogratz, CEO of Galaxy Investment Partners, and Joe Lubin, co-founder of the Ethereum crypto platform.

The university says the Center focuses on the software engineering that makes blockchain technology work, finds innovative uses for decentralized systems and considers how it might affect our collective future.

One year on, as the crypto winter persists, what’s the Center up to these days? 

Bloomberg reporter Francesca Maglione joins this episode to discuss the role universities are playing in studying blockchain.

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Some might argue that the popularity of NFTs faded as quickly as it rose. NFTs boomed in early 2022 when the crypto mania was at fever pitch. But a steep decline in sales and prices quickly followed, as 2022’s crypto winter set in, and digital asset bankruptcies piled up, culminating with the collapse of FTX late last year. But as we move into 2023, some crypto traders and NFT owners are cautiously optimistic, eyeing a Bitcoin bump despite the last year.

Former bond traders Ovie Faruq and Mike Anderson recently sold 72 iconic Bored Ape Yacht Club NFTs for around 78 Eth each, which translated to roughly $9.25 million at the time. 

Bloomberg reporter Abhinav Ramnarayan and Ovie Faruq, Co-founder at Canary Labs, join senior editor Anna Irrera to discuss the ins and outs of trading NFTs.

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The last 12 months or so have been a particularly grueling season for crypto. And as we head into the spring months of 2023, we’re getting a better sense of what the slump in crypto prices has meant for the companies that shape the fledgling industry. 

One of the biggest consequences digital asset firms are now finding is the need to make job cuts. Since the start of 2023, more than 15 crypto companies have posted labor force cuts including big names like Galaxy Digital, Genesis Global, and Chainanalysis. Some - likeSilvergate Capital and crypto lender Amber Group- have cut as much as 40% of their workforce. 

While that trend is not universal – Circle CEO Jeremy Allaire spoke with Bloomberg a few weeks ago, and said Circle is actually hiring people –what do these cuts say about the general health of crypto? 

Bloomberg reporter Hannah Miller joins to discuss the latest in the crypto workforce.

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Argentina is one of the countries with the highest rates of inflation in the world -  currently hovering at close to 100%. 

The nation is also one of the countries with the biggest population of crypto enthusiasts. In this environment, digital currencies can be perceived as a safer bet than the peso. 

This popular enthusiasm for digital tokens has faced pushback from the country’s central bank. But ever since the crypto winter has stepped up volatility, and exchanges like FTX collapsed, many Argentinians likely feel squeezed: with fewer ‘safe’ places to protect their life savings from inflationary pressures.

Bloomberg’s Nacho Olivera Doll reported on a recent study by Buenos Aires-based Wunderman Thompson - it found that nearly two-thirds of the nation’s crypto investors use digital currencies as a way to protect their savings. He joins this episode to discuss.

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Legal battles, circling regulators and a troubled bank. It's all happening in crypto this week. 

Court is in session as Grayscale challenges the SEC over the prospects for a Bitcoin ETF, while themselves facing a lawsuit filed by FTX’s Alameda Research.

Voyager won a key court ruling that would a proposed sale to to Binance US to proceed despite the objections of multiple federal and state regulators.

And speaking of regulators:US officials showed up at Silvergate’s California headquarters as the troubled crypto-friendly bank tries to salvage what’s left of its business. 

Bloomberg reporters Justina Lee & Emily Nicolle join senior editor Anna Irrera to discuss the biggest stories in crypto this week. 

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Bloomberg’s stacy-marie ishmael interviewed Jeremy Allaire, Chief Executive Officer of Circle Internet Financial Ltd. to discuss stablecoins and his views on crypto regulation.

The CEO of the Boston-based firm behind the second-largest stablecoin, USDC, told Bloomberg that the US Securities and Exchange Commission is “not the right regulator” for the tokens. So who should regulate them? Listen to this episode to find out.

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Voyager. Celsius. Genesis. And of course, FTX. All major crypto companies that went bankrupt last year. All names we’ve talked a lot about on this podcast. 

But even if you’ve heard of these companies, did you know there’s a tax season quirk for US investors who had digital tokens tied up in accounts on these platforms?

These investors have lost access to these funds while bankruptcy cases wind through the court system, and in some cases they’re going to have pay taxes on those assets. 

Bloomberg’s Claire Ballentine, and Bloomberg Tax reporter Lauren Vella join this episode to help crypto investors who are dreading US tax season. We also connect with a crypto investor who owes tax on his losses. 

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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Over the past few weeks, we've seen US regulators, both federal and state in some cases -  take aim at crypto companies with accusations of fraud and unregistered securities offerings. 

These moves sent shockwaves through the digital asset industry.  And the new regulations have also raised concerns about potential over regulation.

On the other side of the Atlantic, the UK and EU are taking a different approach. 

The UK Treasury has recently proposed new rules for crypto-related businesses aimed at stepping up transparency and consumer protection. This, as the planned EU's Markets in Crypto Assets (MiCA) regulation seeks to provide a clear legal framework for digital assets across all member states.

Joining senior editor Philip Lagerkranser to discuss the crypto regulation competition across Europe is Bloomberg reporter Emily Nicolle.

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It’s been three months since one of the most influential crypto exchanges collapsed into bankruptcy. FTX’s demise brought with it a wave of financial uncertainty and distress in the crypto industry. But it also had an effect on the small islands where the crypto exchange had established its headquarters: the island nation of the Bahamas.

This is not the Caribbean’s first financial crisis. History suggests it won’t be the last. But it is perhaps one of the highest profile losses, and potentially the most damaging. It comes as islands in the region try to diversify away from tourism revenue. 

The Bahamas had high hopes that an ambitious financial sector would achieve that. But crypto was a big part of that game plan, and now it’s gone.

Can the Bahamas fill the gap left in its financial sector? Can the nation still be a hub for digital assets? Bloomberg’s Katanga Johnson joins this episode.

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Last month marked the one-year anniversary of Russia’s invasion of Ukraine, which has had a devastating impact on Ukraine's economy, people and landmarks. In this episode, we consider the nuanced role that crypto has played so far in the conflict. 

Plus, a review of what's happening with Bitcoin miner Marathon Digital: The company was supposed to report earnings this week, but instead announced it’s restating financials from previous quarters. We’ll explain what, if anything, accounting and the price of Bitcoin have to do with prospects for the sector. 

The show also has the latest on an FTX lieutenant who recently pleaded guilty to various crimes in a New York court. 

 Bloomberg senior editor Dave Liedtka and reporter Emily Nicolle join this episode to discuss.

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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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Most crypto enthusiasts pride themselves on being tech visionaries. After all, they were among the first to back innovative blockchain technologies and even embrace Web3 and NFTs.

Now there’s a new innovation that's captured the public imagination, and it's getting a lot of buzz in the crypto world too. It’s ChatGPT.

Late last year, OpenAI's new chatbot sparked a conversation about the future of artificial intelligence. People on the internet were going CRAZY about its ability to crafthuman-like responses and evenace an exam from Wharton.

Ever since, AI-linked crypto tokens have been on a rapid rise. At one point in early February, tokens from decentralized AI companies like SingularityNet and SingularityDAO soared over the span of just a couple of days.

But as the fervor grows, so do concerns. And some industry insiders are warning investors against being toobullish. So, what exactly are AI tokens and how can they shape the industry? Bloomberg’s Hannah Miller joins this episode.

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The Bank of England and the UK Treasury are moving forward with a plan to launch a digital currency. It’s being called the CBDC, or Central Bank Digital Currency, dubbed (or nicknamed) 'Britcoin.'

The action is part of a global effort to stay ahead of various new currency options and prepare for a future in which consumers adopt card payments backed by companies instead of by governments. But, some critics are calling it a "solution in search of a problem", particularly in light of the country's already-strong fintech industry.

Senior editor Philip Lagerkranser and reporter Emily Nicolle discuss the implications.

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The story of crypto lender Celsius Network’s bankruptcy officially began last summer, when it filed for Chapter 11 and cited a severe liquidity crisis. At the time, FTX and its CEO were still heralded as promising figures in the industry, even as companies and users were struggling to get by in the midst of a grueling crypto winter. 

But now, we're getting a glimpse of just how bad things were at Celsius, almost from its inception. The recent release of a final independent examiner's report contains a searing account of how the lender may have concealed ineffective risk management and misled customers. 

In the report, Celsius appears to have failed to properly track assets and liabilities. They also failed to disclose crucial financial information about its native token, CEL,and falsely portrayed the financial state of the company as robust and healthy. It’s a whopping 689-page read. So - what else did it say about Celsius? 

Bloomberg's Olga Kharif joins this episode to discuss.

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In a major twist in the digital-assets world, Bitcoin has added nonfungible tokens (NFTs) to its blockchain. The new protocol that makes them is called “Ordinals.” And just like anything in crypto, fierce debate has ensued about this on social media.

Bitcoin NFT proponents call the move a game-changer. Naysayers worry about potential pitfalls of Bitcoin NFTs — like rising transaction costs and environmental concerns. Higher fees could push Bitcoin away from its primary use as a decentralized currency. Plus, some hard-core Bitcoiners are also concerned that these NFTs could clog up the blockchain. 

Bloomberg reporters Emily Nicolle & David Pan join this episode and consider how the integration of NFTs impacts the network, Bitcoin and the broader crypto ecosystem.

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Coinbase released quarterly earnings this week, providing an etch-a-sketch road map of what’s ahead for digital asset investors.

Regardless, the darkening outlook for Coinbase’s business of stablecoins and staking is having an impact. The company had been counting on these business threads to help jump-start growth. But regulators are pushing for increased scrutiny of these offerings. 

Also this week: A lot of action is happening on Bitcoin. Plus, FTX Japan has resumed withdrawals. Bloomberg Senior Editors Beth Williams & Anna Irrera join this episode to unpack the news of the week.

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Want to hear a big number? How about $3.8 billion. That’s the amount of crypto that hackers managed to steal last year. That’s a new record. The company behind that report,Chainalysis, also found that one specific hacking group was responsible for a huge chunk of that stolen crypto. If you guessed that hacking group was Lazarus, connected to North Korea, you’d be correct. 

Lazarus allegedly stole $1.7bn in 2022, compared with only $400 million worth of crypto the year before. It further solidifies the notion that North Koreans are likely using the cryptocurrency sector as a way to raise funds in the face of international sanctions.  But what does all of this mean for the crypto market? And what can we do to prevent more hacks from happening?

Bloomberg reporter Jeff Stone joins this episode. 

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Over the course of the crypto winter we’ve seen companies falling like dominos. Several have filed for bankruptcy, with consequences that continue to reverberate across markets. In July 2022, Celsius became the first of the major crypto companies to seek bankruptcy protection, but it would be far from the last. Now, consumers and courts alike are grappling with what these collapses mean.

Regulators have sharpened both their rhetoric and their actions against crypto companies and individuals in the market.  How are these bankruptcies informing their thinking? What precedents are they setting and what are the potential consequences for crypto? 

Joining this episode to discuss the growing power and importance of bankruptcy court judges is Bloomberg reporter Steve Church.

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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Bitcoin “evangelist” Roger Ver has said in at least one interview ... when he was a little boy, he wanted to be a garbage truck driver. That way, he  could drive heavy machinery around his neighborhood and get to talk to everyone. Fast forward, to the recent past and Roger Ver actually DOES, talk to a LOT of folks…Just not  while collecting their trash. He was instead promoting Bitcoin as the future of money and finance so much so that people started calling him “Bitcoin Jesus.” According to his website, he’s one of the early investors in several BTC projects -  including Kraken, purse.io, Blockchain.com, and Ripple. 

But in 2017, Ver switched his enthusiasm away from Bitcoin and more toward something called Bitcoin Cash - an offshoot of the original currency. Recently, Ver became entangled in the bankruptcy of crypto lender Genesis that says BTC Jesus owes millions of dollars on trades. So, what happens when Bitcoin Jesus speaks? Do people say ‘Hallelujah’ or ‘deliver us from evil.’

Bloomberg Reporter Olga Kharif joins host Vildana Hajric to discuss.

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It's a holiday in the US, an opportunity to look back on one of our popular episodes. It was recorded with Joe Weisenthal from the Bloomberg Odd Lots podcast shortly after FTX declared bankruptcy and Sam Bankman-Fried was arrested.

We talked to Joe about “the box." Back in April 2022, long before Sam-Bankman Fried was tweeting threads about the collapse of his FTX empire, he joined the Odd Lots podcast and talked about this "box" - his metaphor for describing the crypto practice of “yield farming." SBF's description at the time raised many an eyebrow because it seemed too good to be true. Enjoy!

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After years of inaction, regulators appear to be coming for crypto. State regulators in New York this week took aim at stablecoin issuer Paxos and its relationship with crypto exchange Binance.  The Securities and Exchange Commission is also pushing ahead with a plan that would make it harder for investment firms to work with cryptocurrency companies. 

Bloomberg reporters Allyson Versprile & Emily Nicolle join this episode with the latest.

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Over the past several months, regulators have watched crypto company after crypto company file for bankruptcy. Some crypto founders have become fugitives from the law, and others have been arrested for allegedly breaking laws. Some customers have lost a lot of money, and the prospects for recovery are in some cases, bleak.

And after months on the sidelines, now, regulators have begun fighting back. In the first two months of this year alone, we’ve seen a couple of really significant escalations. In this episode, a look at what’s happening with stablecoins – the crypto tokens that are supposed to hold their value, and that are typically backed by some real-world financial asset like the US dollar or US treasuries.

Binance is the largest crypto exchange in the world, by any measure. And it’s been particularly affected by some of these regulatory moves. So, what’s at stake for Binance and what could all of this mean for the industry? Bloomberg reporter Emily Nicolle joins.

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The best known figure of the FTX bankruptcy is - of course - its notorious former CEO Sam Bankman-Fried. But there were dozens of other top executives at the firm. Some of them with titles ranging from Chief Technology Officer to Business Development. 

Prosecutors are likely scrutinizing them to better understand what role they played at Alameda.  

At issue is the alleged illegal transfer of billions of customer dollars from FTX to its sister company Alameda Research. So any employees associated with Alameda may likely be under review… 

So who are the power players most closely associated with Alameda and FTX? And what’s next for them?

That’s what we review with Bloomberg reporter Hannah Miller. 

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With everything that has gone on in crypto over the past year, Wall Street would be excused for wanting to take a rain check on digital assets. But some big banks and other large financial firms– like exchanges and asset managers–are moving ahead with their plans in the space. 

Initiatives range from launching new cryptocurrency trading platforms, offering custody of digital currencies or focusing on how blockchain can be used to issue and trade traditional assets like bonds. Some executives at these firms see recent scandals in crypto, like the collapse of FTX as a big opportunity to capture a new market as it is likely to drive more regulation. 

And If more regulation is coming to digital assets, who would be better placed to offer services in the space than a big regulated financial institution?

Bloomberg reporter Yueqi Yang joins Bloomberg senior editor Anna Irrera in this episode to talk more about what Wall Street is thinking.

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If you’ve heard the name Winklevoss, it’s likely that you’ve watched the movie The Social Network. The movie featured a memorable depiction of the Harvard twins and Olympic rowers who sued Mark Zuckerberg for allegedly stealing their idea for a social network. 

Or you might know that Cameron and Tyler Winklevoss set up a crypto exchange called Gemini, which is currently involved in a very public dispute with the folks over at Genesis. Both Genesis and Gemini - We know, so many G names - are facing serious allegations from US regulators about their products and services.

Or you might be familiar with their cover band, Mars Junction. Tyler’s the lead singer; Cameron jams on guitar. The twins certainly lead a very interesting life - and according to the Bloomberg Wealth tracker, they’re worth billions of dollars. That wealth comes in part from their early adoption of digital assets like Bitcoin - when they settled out of court with Zuckerberg, for around $65 million, they put some of their assets into crypto. 

To break down what’s up with the Winklevoss twins and their presence in digital assets, Bloomberg reporter Olga Kharif joins this episode. 

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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Crypto is an asset class that runs 24/7. It’s hard to keep up. So we’re back with a show that reviews the biggest stories of the week. Here’s one: the United Kingdom is amping up plans to launch a digital currency, which folks have started calling Britcoin. 

And there’s been a significant development in the dispute among various crypto billionaires. On one side: Tyler and Cameron Winklevoss and their Gemini Exchange. On the other, Barry Silbert and Genesis. Plus: how this year’s Super Bowl will be different from last year’s ...at least when it comes to crypto ads.

Senior editorAnna Irrera joins this episode to review the week’s top crypto news.

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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One of the more interesting phrases used by folks in crypto is this one: “code is law.” Think of it this way. Under the idea that “code is law”, what governs whether something - say a transaction - is valid or not isn’t the whims or caprices of any individual. Instead, what determines whether something is acceptable, permissible, or appropriate is what’s written into the software that enabled that transaction in the first place. It is another way of thinking about the so-called immutability of the blockchain - if the blockchain says it, then that’s what’s going to remain. 

Sounds logical, right? But what happens when the code doesn’t do what you were expecting it to do - or when someone exploits loopholes in the logic of the software for their own personal financial gain? These questions are at the crux of today’s episode, that will review an interesting precedent set by a crypto trader named Avraham Eisenberg, who exploited the “idea of code is law” for millions of dollars - and then was arrested and charged with fraud. Bloomberg reporter Muyao Shen and Bloomberg Law correspondent Matthew Bultman join this episode to discuss.

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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Crypto markets, and Bitcoin especially, had a strong start to the year. That’s had a couple of interesting consequences for some of the most important players in the market: Bitcoin miners.

2023 has also seen a lot of significant weather events affecting the US, including recent winter storms in Texas that have left hundreds of thousands of people without power. Energy is one of the most important costs that Bitcoin miners must absorb - and of course, they can’t run all those machines in their data centers if there’s no electricity.

In the past, the show has talked about the challenging conditions that Bitcoin miners in the US and around the world have been facing. On this episode, the focus centers on the miners that have been able to adapt and take advantage of current market conditions, to try to put themselves on slightly more stable financial footing. Bloomberg reporter David Pan joins this episode to talk about his reporting.

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Like many buzzy, fast-growth, high-risk industries, companies operating in and around crypto and the blockchain have relied heavily on venture capital to fund their activities.

Venture capitalists, or VCs, manage pools of private money. What sets them apart from many other kinds of investors is that they focus on the riskiest possible bets - for every 10 or so investments, they expect at least eight or nine of them to fail. But what keeps them in business is that every now and again, one of those high-risk bets pays off spectacularly - covering the losses in the rest of the portfolio.

Given their appetite for risk and reward, it’s no surprise that for a time, VCs big and small flocked to crypto. But what does this relatively depressed environment mean for VC investments in digital assets? Bloomberg reporter Hannah Miller joins this episode to discuss. 

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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Nearly five months ago, the Ethereum blockchain successfully completed what was — at the time — a very complicated and years-in-the-making update. Called The Merge, it allowed the blockchain to move from validating transactions using computers, that took a lot of energy to run, to a proof-of-stake model. The switch cut Etherium’s power consumption by more than 99 percent. After The Merge, the price of Eth rallied a bit, but has since fallen about 15 percent.

Now, software developers who work on Ethereum are gearing up for a new upgrade called Shanghai. It will allow the tokens being used to order transactions on the blockchain to be withdrawn. Right now all those tokens are tied up in staking wallets.

To talk more about what’s entailed in the Shanghai upgrade, Bloomberg reporter Olga Kharif joins this episode.

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Surprising to some, it turned out to be a decent month for crypto. Bitcoin rose almost 40% and some smaller coins did much better.

Speaking of risk taking: Wall Street firms are still keen on crypto, despite all of last year’s calamities. And a failed crypto lender known for its risk appetite, Celsius, just got some harsh criticism from its bankruptcy examiner. Bloomberg senior editor Anna Irrera and Bloomberg reporter Emily Nicolle join senior editor Philip Lagerkranser to discuss the latest digital asset trends of the week.

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The digital-asset industry is reeling from challenges many blame on a handful of so-called crypto bad actors and wayward CEOs. Of course we’re talking about the Do Kwon’s, the Alex Mashinsky’s, the Su Zhu’s… oh, yes and theSam Bankman-Fried.

But while some industry leaders say they are upset by the allegedly illegal actions of some of their peers, they still have hope that the digital asset industry will thrive and the crypto market will recover.

Mike Novogratz is a prime example. He’s the CEO of Galaxy Digital, one of the top investment firms in the digital-asset industry. The 58 year-old is known for his ubiquitous presence in the cryptosphere as well as his assertive demeanor, which aligns well with many in the crypto crowd.

Novogratz made it through the chaos of 2022 – but that doesn’t mean he and his firm were left unscathed.

Bloomberg reporter Sonali Basak recently sat down with him and she joins Vildana Hajric to discuss what’s next for the Galaxy Digital CEO. 

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One of the biggest shocks to the crypto market in the past couple of years came in 2021 - when China issued its most significant crackdown yet on all things digital assets. 

Fast forward to 2023, and there are signs that the country might be softening that stance ever so slightly. Just to set the scene a little bit - this is all related to broader signs and speculation that China is quote unquote “reopening”.  

To discuss China’s potentially softening stance on crypto, Bloomberg reporter Muyao Shen joins this episode. 

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The bankruptcy of crypto exchange FTX and the arrest of its former CEO San Bankman-Fried has had a lasting effect on the digital asset sector, for sure.

But it’s also made an indelible impact on the politicians and policy makers who are supposed to regulate the industry. 

There was already a fire lit under some lawmakers when it comes to imposing regulations on crypto - Last year, President Biden issued an executive order asking agencies to take coordinated action on digital assets. And in the summer, Senators Cynthia Lummis and Kristen Gillibrand issued a bipartisan crypto bill that, among other things, would step up oversight on stablecoins and crypto energy usage. 

And then there is the ongoing battle between the Securities and Exchange Commission and the Commodities Futures Trading Commission - over whether cryptocurrencies are securities…. or commodities. 

But with an ongoing wave of crypto bankruptcies linked to FTX, government officials are confronted with a new sense of urgency surrounding digital asset regulation.

Bloomberg reporters Allyson Versprille and Lydia Beyoud join senior editor Mike Regan in this episode.

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Long time Fidelity customers have been getting some interesting offers in their inbox from the financial services company over the past several months: a new crypto trading platform for retail investors. Last November, the brokerage firm launched a wait list for those interested in the services which include custody and zero-commission trading for Bitcoin and Ether. 

Fidelity Investments is one of the largest investment managers in the industry and is one of the first financial services firms to offer crypto trading services to clients. Clients who want to dip their toes in the digital asset market have usually reached towards exchanges such as FTX or Coinbase. But in the wake of the FTX collapse, news of Fidelity’s digital asset platform could provide crypto curious investors with an alternate opportunity. 

In this episode, Bloomberg reporter Claire Ballentine reviews what Fidelity’s retail crypto trading platform - and potentially others - means for industry and how it will shape the way retail investors interact with the digital asset market.

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As we reported this week, Binance acknowledged that it had been mistakenly mixing the collateral it holds for some of its tokens…. in the same digital wallet as other types of funds. 

This kind of operational issue is a challenge for these exchanges, especially now, at a point when both regulators and customers are paying super close attention to how this industry is managing its transparency.

Also, layoffs continue to happen in crypto - and that’s impacting other industries, with numerous companies tightening their belts and shedding workers. Bloomberg senior editor Anna Irrera and Bloomberg reporter Justina Lee join to discuss.

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Crypto lender Genesis has filed for bankruptcy. For many observers in crypto, this wasn't entirely unexpected, not least because the company itself had been warning that it was staring down a liquidity crisis and trying to raise money.

Over the past couple of weeks, Barry Silbert, who is the CEO of the Genesis parent company known as Digital Currency Group, has been in a very public and kind of increasingly nasty online dispute with some fellow billionaires, the co-founders of the Gemini Crypto Exchange, Tyler and Cameron Winklevoss. At the heart of this dispute is around $900 million worth of funds that customers of these two entities have lost access to.

Bloomberg editor Anna Irrera and reporter Emily Nicolle join the show to discuss what Genesis was, why it was so important to the crypto ecosystem and what its relationship is with Gemini.

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The end of Sam Bankman-Fried’s empire created a contagion effect especially felt by crypto exchanges, like publicly-traded Coinbase. In early January, the exchange settled with New York regulators who accused it of “significant” compliance program failings. 

Coinbase agreed to pay a $50 million dollar fine and set aside $50 million more to improve its compliance practices.

Ahead of its earnings report, CEO Brian Armstrong says Coinbase revenue will likely drop by half or more this year. And the picture may be equally dim for other global exchanges.

Crypto senior editors Philip Lagerkranser and Anna Irrera are joined by Bloomberg reporter Yueqi Yang to talk through the latest.

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It’s 2023 and the crypto community is hoping to pull out of its funk this year and put the blowups, bankruptcies and price slumps of the last year in the rear-view mirror. 

While some remain hopeful - churning out ideas for a more fruitful, and perhaps community-driven, crypto future, others are still smarting from last year’s carnage. But now, both groups have a place where they can toast a revival – or drown their sorrows – at a new Bitcoin-themed bar in New York. It’s called PubKey.

Pubkey recently opened in lower Manhattan and it’s a short walk away from New York University’s college campus. The bar is meant to attract a community of Bitcoin enthusiasts along with the Bitcoin curious.  

Bloomberg reporter Vildana Hajric recently went to Pubkey with colleague Muyao Shen. They join this episode to talk about what they saw and what this bar could mean for the Bitcoin community.

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Like most crypto-adjacent firms, fiat banks that diversified into crypto have struggled during the crypto winter. And this was likely the case even BEFORE crypto exchange FTX declared bankruptcy in November 2022. 

We’ll find out exactly how many of them are doing in the coming weeks, as earnings reports trickle out.

But generally, banks that got into crypto benefited during digital currency’s rise, and have struggled since last spring, when the digital asset sector took a downward plunge.

In this episode, Bloomberg’s Max Reyes offers up a pre-earnings preview of these banks, and where they go from here.

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Is crypto back? That’s one question Bloomberg editors and reporters discuss in another This Week in Crypto episode.  Already, the year is packed with digital asset action. Bitcoin is up 30 percent so far in 2023. Lots of smaller tokens are even more than that.  Suddenly, crypto enthusiasts are uttering words like FOMO — Fear of Missing Out - again. 

Then there are some crypto comebacks happening. Or, at least, some crypto comeback attempts. The guys behind 3AC, Three Arrows Capital, the cryptocurrency hedge fund credited in some circles with launching the crypto winter, are seeking funding for a new startup. Crypto Twitter has not been kind.

And also, Heather Morgan, an accused cryptocurrency thief charged along with her husband in the world’s biggest crypto heist, has landed a new tech job!

Bloomberg senior crypto editor Anna Irrera and Bloomberg reporter Vildana Hajric join Phili Lagerkranser in this episode to review and discuss this and all the week’s top digital asset news.

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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You’ve probably heard financial regulators refer to crypto as the "Wild West." But, instead of shoot-outs and sheriffs -  in crypto, you can get financial experimentation, hackers and  pretty extreme risk-taking (in hopes of yielding extreme returns) - in some cases with people investing their hard-earned savings.

People allegedly wronged by crypto are increasingly turning to the law for redress.
The only problem is, how do you fit something so new into laws that are often centuries old? That’s the conundrum lawyers and creditors are confronting in the case of FTX, the crypto exchange that collapsed into bankruptcy last year. 

In this episode, we discuss the legal complexities underlying the FTX bankruptcy. And how the rules change across jurisdictions - from the sunny Bahamas to the cloudy skies of England.

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: Mohsis Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.

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Western Massachusetts is a very different place from the Bahamas, where the FTX crypto exchange had its headquarters. But the small town of Lenox there is feeling the effects of the FTX bankruptcy nonetheless.

The reason is Ryan Salame, the former co-CEO of FTX Digital Markets who was also a major player in the economy of Lenox.

Salame grew up in Berkshire County, of which Lenox is a part. The town has fewer than 10,000 residents - closer to 5000 actually, according to the most recent census. In March 2022, the county’s local newspaper the Berkshire Eagle reported that Salame owned multiple restaurants and other properties in the town.

What’s going to happen to those restaurants now that FTX has filed for bankruptcy and Salame is out of a job? Bloomberg reporter Carly Wanna joins this episode for the latest.

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It was an unwelcomeruling for about 600,000 Celsius account holders, who are probably wishing they’d read the fine print more closely before investing. Or put more stock in the crypto mantra “not your keys, not your coins.”

Earlier this month, federal Bankruptcy Judge Martin Glenn found that when people deposited assets with the now bankrupt crypto lender Celsius - and in exchange received interest on those deposits  - those assets became the property of Celsius. This makes customers of the so-called Celsius “Earn Program” unsecured creditors - unlikely to get all their money back from Celsuis, (again because, well, bankruptcy).

Many investors signed up for these accounts in part because of the potentially high returns Celsius promised on their deposits -  up to 18 percent. That’s far more interest than you’d make at a savings bank. But unlike at a bank, the deposits, held in crypto, were not covered by federal deposit insurance.

To give some context, the value of those accounts back in July topped $4 billion.

This ruling could impact other crypto platform arrangements.

Bloomberg’sJeremy Hill joins the episode to break down the judge’s opinion and explain its wider implications.

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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Today, Martin Luther King, Jr. Day is observed in the U.S. So the crypto team wanted to present an episode connected to the idea of service. 

The episode, first published last December, focuses on Sam Bankman-Fried's efforts to advance Effective Altruism. SBF used to say he was a man on a mission: to give away more than a billion dollars. It was part of his connection to the Effective Altruism movement. Through personal giving, and through a philanthropic unit called the FTX Foundation, Bankman-Fried appeared to support causes ranging from pandemic prevention to research into climate change. But what happens to those recipients now that FTX is bankrupt?

Bloomberg reporters Sophie Alexander and Laura Davison join this episode with the backstory on SBF and effective altruism. We're back tomorrow with a new episode. 

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Something we say often on the Bloomberg Crypto team is that a week in this asset class can feel like a year. And as we wrap up the second week of 2023, it’s starting to feel maybe more like a decade.

On the proverbial docket this week: a public and ugly fight emerging between Gemini, a crypto exchange that's owned by the Winklevoss twins, and a company called Genesis, which was one of the biggest crypto lenders in the world.

Tom Brady, Gisele Bundchen and Patriots owner Bob Kraft popped up in a bankruptcy filing from FTX, the now-defunct crypto exchange associated with Sam Bankman-Fried.

And in this episode, our editors tackle listener questions.

Bloomberg senior editor Dave Liedtka joins the show.

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It’s been a tough winter for Bitcoin miners. As prices of the largest token have fallen from their record highs, there have been bankruptcies and warnings of potential bankruptcy. Billions of dollars in losses. Forced sales of equipment. Regulatory uncertainty in states like New York. Increased criticism of the energy consumption associated with the sector…the list goes on.

One miner even changed its name to try to minimize its association with the sector. The company formerly known as Riot Blockchain changed its name to Riot Platforms after seeing its share price fall around 85% in 2022. So what hope is there for Bitcoin miners in 2023? 

Bloomberg reporter David Pan and Mason Jappa, CEO and co-founder of mining services company Blockware Solutions join the show.

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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The United Arab Emirates has spent quite a lot of time — and considerable resources — positioning itself as a crypto-friendly hub. Its efforts have attracted some of the top names in crypto to the region: the CEO of the world’s largest crypto exchange - Binance’s Changpeng 'Zhao - known as CZ -has a residence in Dubai. It’s where Su Zhu and Kyle Davies fled to after the collapse of their crypto hedge fund, Three Arrows Capital.

Sam Bankman-Fried travelled to Dubai for meetings with investors just weeks before the collapse of FTX - and FTX was one of the first firms granted a license by Dubai’s regulator for virtual assets. Around 4% of FTX’s global customers are based in the UAE, according to court filings in the firm’s bankruptcy case. That makes it one of the top 10 jurisdictions affected  by the FTX fallout. 

Bloomberg reporters Suvashree Ghosh and Ben Bartenstein join the episode to discuss United Arab Emirates’ crypto ambitions.

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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.

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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.

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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 CZtweeted 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.

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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 joinsVildana Hajricin 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]

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In late July of 2022, allegations surfaced that some North Koreans were plagiarizing online resumes and tricking companies, including crypto companies, into hiring them. It's part of a broader effort to raise money for North Korea’s government weapons program. It could also help the authoritarian nation evade global sanctions. 

How did North Korea get so good at tricking crypto employers? And what does all of this mean for the security of crypto companies? 

Bloomberg reporter Jeff Stone joins this episode to explain. 

[This Episode originally published in Auguest, 2022]

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For years, many crypto investors have been consumed by a single, persistent question as they’ve watched the prices of coins rise and fall, especially as of late: Wen Lambo? 

Bloomberg reporter Hannah Miller and crypto VC Peter Saddington join this episode to discuss all your burning questions about one of the most visible status-symbols of crypto. 

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

[This episode originally published in August, 2022]

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Back in mid-November on the podcast, we were unpacking the spectacular downfall of one of the biggest crypto exchanges in the industry in real time, and how it would possibly changed the sector forever.

A month before, if someone would have told us that crypto exchange FTX was potentially mismanaging customer funds, funneling money into its sister trading firm, Alameda Research, and would soon be a cautionary tale from the crypto industry, we wouldn't have believed them.

As more details about its general finances have emerged, we're starting to better understand how FTX and its former CEO, Sam Bankman-Fried, might have managed to change the industry forever. How much of a mess was FTX in? How did nobody notice? And how can this shape the future of crypto? Bloomberg reporters Katie Greifeld and Vildana Hajric ask Bloomberg opinion columnist Matt Levine for the long view.

[This episode originally published on November 17, 2022]

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It’s been an extremely messy month or so in crypto since Sam Bankman-Fried’s exchange FTX went bankrupt. But in this episode, we’re discuss something entirely different - an NFT vending machine. NFTs were all the rage last year, but this year prices have dropped along with the rest of crypto. 

What if you could buy an NFT from a vending machine? Earlier this year, these popped up in central London. The company behind the vending machine - myNFT - said the goal was to eliminate any barriers to entry when it comes to NFT shopping. Hugo McDonaugh, the CEO and co-founder of myNFT  joins senior editor Philip Lagerkranser, along with Bloomberg reporter Tanzeel Ahktar, to talk more about this.

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It’s been another wild week in crypto, specifically for Sam Bankman-Fried. The crypto founder and former CEO of FTX has been spending time in a Bahamian jail after being denied bail related to multiple criminal charges. On Tuesday, he signed documents formally agreeing to be extradited to the US to face numerous charges, including allegations of fraud and money laundering.

The FTX bankruptcy and its aftermath are impacting the wider digital asset industry, including Binance - by far the largest crypto exchange in the world by volume - and its affiliate, Binance US.

Bloomberg editor Beth Williams joins the episode to consider the week’s events and ponder what’s next.

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

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The Year of 2022 was supposed to be one of crypto regulation. Multiple CEOs, venture capitalists and trade groups for the industry globally had hired lawyers and lobbyists and prepared policy papers and blog posts. Over and over, they said the refrain: “we’re hoping for regulatory clarity.”

In the US, the Biden administration announced an Executive Order,  [Ensuring Responsible Development of Digital Assets]calling for a national policy on digital assets. It required federal agencies to get their digital asset policies in order, but it lacked either teeth or specifics.

Individual US lawmakers across the political spectrum proposed their own bills on crypto asset regulation, some of which competed with or even contradicted each other.

Against this backdrop, things were going poorly for investors and the industry. Token prices plunged in value. One buzzy crypto company after another filed for bankruptcy - including FTX, which had sought to position itself as exceptional in every way. It’s now-former CEO Sam Bankman-Fried has since been arrested and is facing allegations of fraud and other crimes. 

So: will 2023 be the year that crypto gets regulated? Bloomberg  reporters Allyson Versprille and Bill Allison join to sort out where we are with regulation, and look ahead to what we’re likely to see in 2023.

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Sam Bankman-Fried might not have expected that his time in the Bahamas would include the inside of a jail cell. Bankman-Fried and his inner circle at FTX and Alameda Research relocated operations to the Bahamas from Hong Kong in late 2021.

The Nassau-based employees and executives seemed to enjoy a lavish island lifestyle - think yachts and penthouses with ocean views. How much of that lifestyle was funded, ah, improperly is at the center of allegations and charges filed by everyone from the US Department of Justice to the Securities and Exchange Commission to the CFTC. 

The Department of Justice alleges that, among other things, SBF misappropriated customer deposits. And there’s a brewing fight between officials in the US and local regulators in the Bahamas just who is in charge of what. 

Bloomberg reporters Zeke Faux and Carly Wanna join this episode.

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In the aftermath of the FTX collapse - one of the most significant crypto exchanges in the industry, investors and hedge funds are seriously questioning the future of crypto. 

FTX was once among the top centralized exchanges, a haven for professional and amateur investors. But now, billions of investors’ dollars have disappeared and its former CEO, Sam Bankman-Fried, has been arrested and denied bond, facing conspiracy and fraud charges. 

Binance is the largest exchange by volume and a former rival of FTX. It suffered a wave of withdrawals recently, after releasing its ‘proof-of-reserve’ report, leaving many investors and crypto proponents wondering: should they trust any crypto exchange at all?  And if so, what should it do differently? 

Bloomberg reporter Justina Lee joins senior editor Anna Irrera to discuss this.

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Sam Bankman-Fried has been arrested in the Bahamas and US authorities have unleashed some truly stunning charges against him, essentially accusing him of having his entire crypto empire as a personal piggy bank and defrauding customers who put money on FTX.

Bankman-Fried himself has said it was all down to sloppy accounting and mismanagement. Which is all the more surprising given that he spent three years at one of the Wall Street shops famous for its level of caution - namely Jane Street. Bloomberg’s Hannah Miller has been reporting on this and she joins this episode. 

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

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Just a mere month ago, disgraced former FTX CEO Sam Bankman-Fried was the undisputed king of the digital asset industry. Now the 30-year-old is under arrest, facing criminal charges from the U.S. The Department of Justice, and civil charges from the Securities and Exchange Commission and the Commodity Futures Trading Commission. FTX has declared bankruptcy, and almost a million FTX creditors are unlikely to get their money back.

Meanwhile contagion continues to spread through the ecosystem, with all eyes on crypto exchange Binance, that’s faced more than $1 billion in withdrawals in recent days. And some market watchers fear the stablecoin Tether could be the next crypto domino to fall. 

Bloomberg crypto editor Anna Irrera and Bloomberg reporter Misyrlena Egkolfopoulo join the show.

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Bitcoin ATMs could be considered symbolic of the state of crypto’s popularity. During the digital asset boom they kept on appearing in what could reasonably be considered unusual locations. Such as Amherst County, Virginia, a place that has no hospital but does have a Bitcoin ATM. Just in case.

The number of crypto ATMs in the US peaked in August at just over 34,000 but has begun to fall, according toCoin ATM Radar, a site that tracks global locations of Bitcoin ATMs. Will these makeshift monuments to digital assets withstand the FTX bankruptcy and subsequent decline of digital assets.  Bloomberg reporter Carly Wanna joins the episode to consider the future of Bitcoin ATMs.

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It’s safe to say that 2022 wasn’t the best year for crypto. By late January, Bitcoin had already shed half its value from its all-time high set the previously November - nearly $69,000. And Bitcoin prices stayed on a downward trend that only accelerated  after the first major crisis of 2022, the collapse of an algorithmic stablecoin called TerraUSD. The implosion of what was once considered an ambitious experiment for DeFi sent shockwaves  through the industry, ultimately triggering the collapse of crypto hedge fund Three Arrows Capital and bankruptcies at crypto lenders Voyager Digital and Celsius. 

It started to feel a bit like the Hunger Games - crypto CEOs and other senior executives racing for the exit, true believers getting into Twitter fights about whether centralisation was the real enemy, all against a backdrop of conferences and parties where people tried to rekindle enthusiasm for their Bored Ape collections.  Then - most recently of course - the stunning collapse of one of the most significant crypto exchanges in the sector, FTX and the resignation of its 30-year-old CEO Sam Bankman-Fried. Quite the year. And it isn’t over yet.

In this episode - a breakdown of the year’s biggest stories with Bloomberg reporters Vildana Hajric and Emily Nicolle, with key takeaways and a look ahead to next year.

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For the last six months or so, the digital asset industry has been knee-deep in the trenches of a ‘crypto winter.’ Now, the demise of Sam Bankman-Fried’s FTX and Alameda Research have produced a dramatic decline in market liquidity. While these bankruptcies will take years to be resolved in the court system, the effects of the collapse on the market have been swift. Investors and traders are only just beginning to grapple with the consequences.

Bloomberg reporter Katie Greifeld joins the show to discuss.

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What do pandemic stimulus funds have to do with the recent collapse of crypto prices and entities like FTX? According to Bloomberg Opinion writer Robert Burgess, the answer is basically everything.

As he wrote in a recent column, “When historians look back on the spectacular rise and collapse of the cryptocurrency market, they will conclude that it couldn’t have happened without the pandemic. And they’d be right.”

This isn’t as controversial an opinion as it might seem. For more, Robert joins this episode.

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Listen to the final audio excerpt from a special issue of Businessweek magazine, The Crypto Story.

Bloomberg columnist Matt Levine uses the full issue to explain where crypto came from, what it means and why it matters.

This episode is voiced by Bloomberg Businessweek editor Mark Leydorf.

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The Sam Bankman-Fried apology tour continued this week, despite a number of high-profile lawyers — including one who represented Bernie Madoff — saying that SBF really needs to stop talking. Speaking of lawyers: as the bankruptcy winds through the courts, the 30-year-old has hired a new lawyer, Marc Cohen. Cohen had previously been one of the lawyers who represented convicted sex offender Ghislaine Maxwell.

Also up for discussion on this episode: that big Ethereum move to proof-of-stake earlier this year — dubbed The Merge. We consider whether it’s really had a meaningful effect on energy consumption. A new academic paper asks: What if all those computers no longer employed on proof-of-work duty…have just been reassigned ….to mine other energy intensive tokens?

And why is Senator Elizabeth Warren asking questions about  digital-asset-focused Silvergate Bank? We find out. Bloomberg reporter Annie Massa and senior editor Dave Liedtka join the show to talk about these stories and more.

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Financial markets can be subject to a fair amount of groupthink. The herd effect. Mob mentality, even. There’s actually some really interesting research into this: check out for example the paper, “Bubbles, Human Judgment, and Expert Opinion” by Robert J. Shiller.  Here's additional research into herd effect:Herding behaviour in digital currency markets: An integrated survey and empirical estimation.]

Crypto investors are no exception: and their in-group behavior also features a lot of catchphrases. Like the famous “GM”, and the infamous"have fun staying poor." Or the tongue-in-check“Bitcoin will fix this”, where “this” is basically any social or economic issue you can imagine.

In this episode Bloomberg senior markets editor Mike Regan and crypto blogger Emily Nicolle assess the mood among the crypto faithful - and explain why some of them are now evangelizing cold wallets. 

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Sam Bankman-Fried used to say he was a man on a mission. That mission: giving away more than a billion dollars in the service of a movement known as “effective altruism." Through personal giving, and through a philanthropic unit called the FTX Foundation, Bankman-Fried appeared to support causes ranging from pandemic prevention to research into climate change.

Fast forward a bit, and that message of “using wealth to empower people and projects that are doing the most to make positive, long-lasting change” - a marketing line from the FTX Foundation’s website -now rings hollow. 

Bloomberg reporters Sophie Alexander and Laura Davison join this episode with the backstory on SBF and effective altruism.

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“It’s time to rebuild…” is a catchy phrase often said by crypto industry folks after massive implosions, like the one we just had with FTX. In the aftermath of these moments, investors are known to imagine all the potential for growth after the downturns. 

But this year in crypto the time for rebuilding has come often far too often, some might say. Nearly every crypto believer is saying let’s rebuild. But a valid question would be: rebuild what? Bloomberg crypto blogger Emily Nicolle joins senior editor Philip Lagerkranser in this episode to talk about what, (if anything) might be rebuilt.

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The interplay of money and politics in the US is real, and well established. And that includes when that money is either in the form of crypto, or comes from people who made their fortunes in digital assets. 

The recently concluded US Midterm Elections featured several candidates - including winning ones - whose campaigns were financed in part by crypto-related donors and donations. Among those donors: Sam Bankman-Fried and Ryan Salame of FTX, who supported candidates on opposite ends of the political spectrum. The collapse of FTX has led to some politicians and lawmakers who received from these donations now attempting to distance themselves entirely from their benefactors. 

For more on the state of crypto money and politics in the US, Bloomberg reporters Bill Allison and Allyson Versprille join this episode. 

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Listen to the sixth audio excerpt from a special issue of Businessweek magazine, The Crypto Story.

Bloomberg columnist Matt Levine uses the full issue to explain where crypto came from, what it means and why it matters.

This episode is voiced by Bloomberg Businessweek editor Mark Leydorf.

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The apples are falling from the crypto tree, one by one. The contagion is happening. This week was BlockFi filed for bankruptcy. Also, crypto hedge funds are losing faith in centralized exchanges. In this episode, our crypto editors review what other companies remain vulnerable, and search for any bright spots emerging in the digital asset ecosystem.

Hosted by senior crypto editor Philip Lagerkranser, with Bloomberg senior crypto editor Anna Irrera and crypto reporter Tanzeel Akhtar.

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A  look into the disorganized bankruptcy filing of FTX’s crypto empire with Bloomberg reporter Jeremy Hill. We review why we don’t know the identity of FTX’s top 50 creditors and whether we’re likely to find out. The discussion also considers what other companies could still suffer by their association with former FTX CEO Sam Bankman-Fried and his now bankrupt companies.

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We’re just going to keep saying this: news moves fast in crypto. To help us stay on top of it, the show take on some of the pivotal but perhaps less well known players in crypto - players whose names all begin with G. Bloomberg reporter Yueqi Yang joins to discuss Genesis, Galaxy, Gemini and more.

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For a while, there was a real buzz around owning land in the metaverse. As one theory went, Millennials and Gen Z’ers who’d given up on being able to afford a physical property would splurge on a virtual one instead. Well, it’s not quite turning out that way.

Despite the hype - and investments by everyone from Snoop Dogg to the Bajan government - owning property in the metaverse so far hasn’t turned out to be a winning investment. Bloomberg reporter Carly Wanna joins the show to discuss why some are still betting on virtual property despite falling prices and declining user activity.

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In late 2022, Hong Kong updated its crypto regulations in a way that signaled a goal of increasing retail access to the asset class. In sharp contrast, nearby Singapore tightened regulations after big losses this year for retail investors. Korea, still dealing with the aftermath of the collapse of the Terra / Luna tokens, is currently focussing on enforcement. And India, somewhat uniquely in the region, is using tax policy to drive behavior.

Bloomberg senior editor for crypto, Sunil Jagtiani, joins this episode to talk about how different Asian countries are approaching crypto regulation in the shadow of the FTX collapse.  

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Listen to the fifth audio excerpt from a special issue of Businessweek magazine, The Crypto Story.

Bloomberg columnist Matt Levine uses the full issue to explain where crypto came from, what it means and why it matters.

This episode is voiced by Bloomberg Businessweek editor Mark Leydorf.

See omnystudio.com/listener for privacy information.

Our colleagues on QuickTake, Tim Stenovec and Katie Greifeld, host a weekly video series called QuickTake IRL - In Real Life. Just for listeners of the Bloomberg Crypto podcast, we've got an audio version of their latest episode.  Enjoy!

Find the full video experience of the shows here.

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We on the Crypto podcast team are taking a short pause to give thanks and spend some time with loved ones. And we wanted to share one of our favorite previous episodes with you. We'll be back with new episodes on Monday. Enjoy!

The gaming industry is bigger in revenue terms worldwide than the film and television industries combined. But it also continues to deal with hard and necessary conversations over who benefits from those profits, over work and labor conditions, and (as always) about intellectual property. Adding blockchain and NFT's might just complicate things a bit more. Bloomberg reporter Cecilia D'Anastasio joins this episodeto discuss why and how crypto is showing up in video games. 

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In the spirit of the Thanksgiving holiday in the U.S., we wanted to re-up this episode that we really love from earlier in the year. We are thankful for you, our listeners. And to all who celebrate, we wish you a joyful day. Enjoy!

Earlier this year, pop music duo The Chainsmokers released 5,000 nonfungible tokens for free. These NFTs gave fans a 1% cut of the streaming royalties from their latest album, as well as priority access to concert tickets and free merchandise. The Chainsmokers aren’t the first musicians to experiment with crypto, NFTs or blockchain, and they’re unlikely to be the last. 

Royal, a startup that's looking to give fans more access and more investment opportunities related to the bands they love, partnered with The Chainsmokers to give their fans a stake in their success. Royal CEO Justin Blau joins this episode, along with Bloomberg reporter Hannah Miller.

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Have you heard the one about “the box”? In April 2022, long before Sam-Bankman Fried was tweeting rambling threads about the collapse of his FTX empire, he joined the Bloomberg Odd Lots podcast and talked about “the box”. It was his metaphor for describing the crypto practice of “yield farming”, and his description at the time raised many an eyebrow because it seemed, well, too good to be true.

Joining this episode is Joe Weisenthal, co-host of the Odd Lots podcast, who at the time ended that episode with the deeply relatable comment, “we all feel weird.”

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Before chaos broke out in the crypto market with the collapse of FTX, a report by digital-assets researcher CryptoCompare found that Bitcoin’s value…was still dropping. It appeared the industry wasn’t just heading into winter, but a possible “Crypto Ice Age.” 

Then the stunning downfall of crypto exchange FTX, which halted withdrawals and declared bankruptcy, and the resignation of its CEO Sam Bankman-Fried, sparked a wide-ranging market downturn with Bitcoin dropping from its previous plateau of around $20,000. 

As the digital-asset industry continues to adapt to a post-FTX reality, what will it mean for Bitcoin’s value?

Bloomberg reporters Olga Kharif and Vildana Hajric join this episode to discuss.

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In a crisis, there are always winners and losers. So, who are some of the players who might emerge stronger from the latest calamity to hit the cryptoverse? And will the fallout rekindle the tense debate over centralized entities versus decentralized protocols? 

Bloomberg reporter Sidhartha Shukla joins Bloomberg managing editor of crypto Stacy-Marie Ishmael to discuss this and more in our latest episode.

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Listen to the fourth audio excerpt from a special issue of Businessweek magazine, The Crypto Story.

Bloomberg columnist Matt Levine uses the full issue to explain where crypto came from, what it means and why it matters.

This episode is voiced by Bloomberg Businessweek editor Mark Leydorf.

See https://omnystudio.com/policies/listener for privacy information.

See omnystudio.com/listener for privacy information.

Our colleagues on QuickTake, Tim Stenovec and Katie Greifeld, host a weekly video series called QuickTake IRL - In Real Life. Just for listeners of the Bloomberg Crypto podcast, we've got an audio version of their latest episode.  Enjoy!

Find the full video experience of the shows here.

See omnystudio.com/listener for privacy information.

It’s been another unprecedented week in the crypto ecosystem. Fast moving information and news about digital assets has kept coming as the market struggles with the repercussions of FTX declaring bankruptcy and the resignation of former CEO Sam Bankman-Fried. Events continue to unfold at lightning speed with great consequences for so many investors.

Bloomberg crypto senior editor Philip Lagerkranser and Bloomberg senior crypto editor for Asia, Sunil Jagtiani join the show to discuss the latest.

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This week on the podcast, we’ve attempted to unpack the spectacular downfall of one of the biggest crypto exchanges and how it has possibly changed the sector forever. A month ago, if someone would have told us that crypto exchange FTX was potentially mismanaging customer funds, funneling money into its sister trading firm Alameda Research, and would soon weigh on the crypto industry, we wouldn't have believed them.

As more details about its general finances emerge, we're starting to better understand how FTX and its former CEO Sam Bankman-Fried might have managed to change the industry forever. How much of a mess was FTX in? How did nobody notice? And how will this shape the future of crypto? Bloomberg reporters Katie Greifeld and Vildana Hajric ask Bloomberg opinion columnist Matt Levine for the long view.

 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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Around this time last year,the very first Bitcoin-linked exchange-traded fund debuted -  the ProShares Bitcoin ETF, which trades under the ticker BITO. The launch marked a milestone for the digital-asset industry:  It opened up the opportunity for more mainstream investors to dip their toes into cryptocurrencies. 

The ETF had a stellar start: it was the second-most heavily traded fund on record, and it gathered more than $1 billion in assets in record time. Back then, Bitcoin was trading at around $65,000 and retail investing in crypto was booming. 

But in hindsight, the timing was … unfortunate. Just two months after its debut, Bitcoin started to crash. Soon after that, a collapse of crypto hedge funds and stablecoins dropped the coin’s trading value to about $20,000. 

Now, BITO has sunk over 70%. Could its future hold more promise? Bloomberg reporter Katie Greifeld joins Vildana Hajric for this episode around BITO one year in.

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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The crypto industry descended into chaos last week after a series of fast moving events. The trouble purportedly started after Binance CEO Changpeng Zhao tweeted that the crypto exchange would sell off some of rival exchange FTX’s native token, FTT, due to ‘risk management’ issues. That drove the price of FTT down and fueled a selloff. Soon after, FTX was forced to halt withdrawals from the exchange. CEO Sam Bankman-Fried -- or SBF as he’s known -- started shopping around for a bailout. Then Bankman-Fried tweeted that the company had found a savior in its former rival, Binance.

But within a day the deal was off. Binance backed out citing due diligence concerns and FTX’s questionable handling of its customers’ funds. Documents were leaked showing FTX was dealing with significant financial difficulties and appeared close to collapse, which apparently it was: FTX soon filed for bankruptcy and Bankman-Fried resigned as his $16 billion dollar fortune evaporated. A spectacular outflow of money from crypto exchanges ensued and Bloomberg reported that federal probes of FTX and SBF were underway. 

How did it all go so wrong for FTX and what does this mean for the future of digital-assets? We have the latest updates with Bloomberg reporters Katie Greifeld and Vildana Hajric.

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.

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

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It’s a day ending in Y, which means we’re going to talk about crypto hacks. Yes, these are all too common - in October alone, hacks, attacks and clever exploits (more about those in a second) cost the crypto industry an estimated $700 million.  Now when we talk about hacks, you might (correctly) picture sophisticated state-sponsored groups like North Korea’s Lazarus, or more run-of-the-mill attacks on Twitter or Instagram. But there's another kind of exploit that’s really raising eyebrows in crypto these days - one that involves taking advantage of how platforms are supposed to work. 

One type of exploit is a price-manipulation attack - which is what happened to a DeFi platform called Mango. The person who did the exploit initially walked away with a cool $100 million.

To better understand what’s at stake for DeFi,  Bloomberg reporter Muyao Shen joins this episode. Also featured is Evgeny Gaevoy, CEO and founder of Wintermute, a trading platform that was itself hacked for $160 million back in September. 

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Listen to the third audio excerpt from this week's special issue of Businessweek magazine, The Crypto Story.

Bloomberg columnist Matt Levine uses the full issue to explain where crypto came from, what it means and why it matters.

This episode is voice by Bloomberg Businessweek editor Mark Leydorf.

See https://omnystudio.com/policies/listener for privacy information.

See omnystudio.com/listener for privacy information.

Our colleagues on QuickTake, Tim Stenovec and Katie Greifeld, host a weekly video series called QuickTake IRL - In Real Life. Just for listeners of the Bloomberg Crypto podcast, we've got an audio version of their latest episode.  Enjoy!

Find the full video experience of the shows here.

See omnystudio.com/listener for privacy information.