This Week on Unchained: FTX´s Downfall, $44 Billion in Claims, and More! 💸💸
Writing the Book on FTX’s Downfall: ‘It Was All Just Sam’
Longtime crypto reporter Brady Dale has beat Michael Lewis to market with the first book on the dramatic collapse of FTX. In stores today, “SBF: How the FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy,” tells the tale of the outsized role that Sam Bankman-Fried played in the FTX-Alameda death spiral.
Drawing on years of reporting and interviews with SBF himself, the book charts the rise and fall of the one-time crypto wunderkind. “It became clear to me that Sam got really addicted to fame,” said Dale.
The IRS Wants $44B From Bankrupt FTX. How Is That Possible?
In today's episode of Unchained, Wassielawyer joins us to address the escalating situation surrounding the FTX bankruptcy estate. A staggering $44 billion in claims has been staked by the IRS, setting off alarm bells for the anxious creditors of the now-defunct cryptocurrency exchange.
As Wassielawyer aptly puts it, “The $44 billion in IRS claims will certainly be defended and litigated.” This impending legal battle, sure to be both intricate and contentious, may drastically affect the chances of FTX customers recouping their investments.
Wassie also goes over the “trust argument,” rooted in FTX's terms of service. He debunks the notion that it's a quick fix, highlighting the argument's complexity and potential ramifications on asset retrieval amid the bankruptcy proceedings.
On Unchained Premium 💎
Is Sam Altman's Worldcoin the End of People’s Privacy?
World App has just launched. What is it about? Plus, a conversation with Worldcoin cofounder Alex Blania
Worldcoin Launches Native Crypto Wallet
Worldcoin envisions that its wallet will evolve into a toolkit for users in the Age of AI.
🤓 Learn With Unchained
FTX: The Exchange That Brought Down the Industry
In the span of three short years, Sam Bankman-Fried built up the FTX exchange to a valuation of $32 billion. It collapsed in five days.
Can DeFi Allow You to Be Your Own Bank?
“DeFi” encompasses a new generation of financial technologies that aim to reduce reliance on third-party banking institutions.
How Fractionalized NFTs Work
A look at fractionalized NFTs, a clever way to trade shares of otherwise prohibitively expensive digital art.
What Is Terra and Why Did It Fail?
A look at the onetime supremely popular ‘algorithmic stablecoin’ whose implosion in 2022 triggered a major crypto sell-off.
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