This month, customers of FTX — Sam Bankman-Fried’s cryptocurrency exchange, which collapsed in 2022 — were told that they would get their money back, with interest. David Yaffe-Bellany, our technology reporter, explains what was behind this change in fortune and what it says about the improbable resurgence of crypto. Guest: David Yaffe-Bellany, a technology reporter for The New York Times, covering the crypto industry from San Francisco.
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From the New York Times, I'm Sabrina Tavernisi, and this is the daily FTX founder Sam Bankman Fried was sentenced to 25 years in federal prison.
When the influential cryptocurrency exchange collapsed in 2022, it lost billions of dollars in customers money.
The man behind one of the biggest financial frauds in american history lost $10 billion of customer deposits, all while living a relatively lavish lifestyle in the Caribbean.
Cryptocurrencies have spent the better part of this year in a tailspin fueled by financial losses.
But in a surprising twist earlier this month, those customers were told they would get their money back.
Today, my colleague David Yaffe Bellamy, on what was behind this change in fortune and on what it says about the improbable resurgence of crypto.
It's Tuesday, May 21.
David, welcome back to the show.
Thanks so much for having me.
So the last time we spoke, Sam Bankman Fried, the disgraced founder of the company FTX, and in many ways, you know, the face of the crypto industry, was about to go on trial for stealing money from his customers.
And it really looked like that money was never going to come back.
Billions of dollars disappeared.
But then something surprising happened.