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It’s hard to imagine, but it was only a mere month ago that disgraced former FTX CEO Sam Bankman-Fried was the undisputed king of the digital-asset industry. Now the 30-year-old is under arrest and facing criminal charges from the U.S. The Department of Justice as well as civil charges from the Securities and Exchange Commission and Commodity Futures Trading Commission. FTX has declared bankruptcy, and almost a million creditors are at risk of not getting all of their money back.

Meanwhile, contagion continues to spread through the ecosystem. Attention has centered on crypto exchange Binance, which was hit with more than $1 billion in withdrawals in recent days. Some market watchers also 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.

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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