Erik Voorhees, founder of ShapeShift, and Jordan Fish, aka Cobie, crypto investor and host of UpOnly, talk about the collapse of FTX. <h3>Show highlights:</h3><ul>
<li>the links between FTX and Alameda</li>
<li>what kickstarted the blowup of FTX</li>
<li>why Erik and Cobie think that Bankman-Fried's behavior was “sociopathic”</li>
<li>why the $10 billion hole is so shocking to Cobie considering the advantages that FTX had as a company</li>
<li>whether this would have ever happened if the prices hadn’t plummeted in the bear market</li>
<li>the tension between advocates of privacy and those who want to limit criminal activity</li>
<li>why Erik believes that SBF’s donations to both political parties are bribery</li>
<li>whether regulators can prevent an exchange from collapsing</li>
<li>whether Changpeng Zhao did a better job at investigating FTX than anyone at the SEC</li>
<li>the likelihood that this will result in criminal charges</li>
<li>how blockchain technology is the solution to the problem of centralized exchanges doing things in the dark</li>
<li>Tether’s decision to freeze USDT owned by FTX</li>
<li>Erik’s response to Bitcoin maximalists who say FTX was caused by altcoins</li>
<li>whether it is a mistake for exchanges to issue their own tokens</li>
<li>how big the contagion could be in the industry</li>
<li>why nobody should leave a significant amount of their net worth in a centralized exchange</li>
<li>Erik’s message to regulators</li>
<li>whether SBF was aligned with the values and the ethos of crypto</li>
</ul>Thank you to our sponsors!<a href="https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021">Crypto.com</a><a href="https://www.avax.network/">Ava Labs</a><a href="https://defisaver.com/">DeFi Saver</a>Erik:<ul>
<li><a href="https://twitter.com/ErikVoorhees">Twitter</a></li>
<li><a href="https://t.co/vPo8Sc6YYo">ShapeShift</a></li>
<li>Previous Unchained episodes:</li>
<li><a href="https://unchainedpodcast.com/why-shapeshifts-erik-voorhees-thinks-toxic-bitcoin-maximalism-is-bullshit/">Why ShapeShift’s Erik Voorhees Thinks Toxic Bitcoin Maximalism Is Bullshit</a></li>
<li><a href="https://unchainedpodcast.com/shapeshifts-erik-voorhees-on-how-crypto-will-separate-money-and-state/">Shapeshift’s Erik Voorhees on How Crypto Will Separate Money and State</a></li>
</ul>Cobie:<ul>
<li><a href="https://twitter.com/cobie">Twitter</a></li>
<li><a href="https://t.co/Wv40rJ7G8S">Substack</a></li>
<li><a href="https://twitter.com/uponlytv">UpOnly</a></li>
<li>Previous Unchained episodes:</li>
<li><a href="https://unchainedpodcast.com/cobie-and-chris-burniske-on-how-to-navigate-a-crypto-bear-market-ep-354/">Cobie and Chris Burniske on How to Navigate a Crypto Bear Market</a></li>
</ul><h3>Episode Links</h3>Previous coverage of Unchained:<ul>
<li><a href="https://unchainedpodcast.com/sam-bankman-fried-on-how-to-prevent-the-next-terra-and-3ac-ep-403/">Sam Bankman-Fried on How to Prevent the Next Terra and 3AC</a></li>
<li><a href="https://unchainedpodcast.com/the-chopping-block-ftx-the-biggest-collapse-in-the-history-of-crypto-ep-418/">The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?</a></li>
</ul>FTX Collapse:<ul>
<li><a href="https://www.wsj.com/articles/ftx-tapped-into-customer-accounts-to-fund-risky-bets-setting-up-its-downfall-11668093732">FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall</a></li>
<li>SBF’s <a href="https://twitter.com/HaloCrypto/status/1590417311839981569?s=20&t=YUU9ZYwIl76K8TjlF8ZRkw">video</a> talking to regulators</li>
<li>Unchained coverage:</li>
<li>FTX May <a href="https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=1332b799b3&e=8b7068b51b">File </a>for Bankruptcy After Binance Walks Off the Deal</li>
<li>FTX <a href="https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=cfcb288ae4&e=8b7068b51b">Needs </a>$8B to Meet Investor Withdrawals: Report</li>
<li>Tron <a href="https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=bcc2621808&e=8b7068b51b">Founder </a>Justin Sun Says He Is Working With FTX on a Solution</li>
<li>US DOJ <a href="https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=4ec1b95046&e=8b7068b51b">Joins </a>SEC and CFTC Probe of FTX</li>
<li>FTX-Issued <a href="https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=4a44e25641&e=8b7068b51b">Wrapped </a>Solana Tokens Could Add to DeFi Contagion: wBTC Creator</li>
<li>Sequoia Capital <a href="https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=854fcd57f6&e=8b7068b51b">Writes </a>Off $214M FTX Investment to Zero</li>
</ul>Binance’s dropped deal with FTX<ul>
<li>CZ’s <a href="https://twitter.com/cz_binance/status/1590013615897477121?s=20&t=TLCOvOjnYBG6agUQYIKyGQ">announcement</a>
</li>
<li>SBF’s <a href="https://twitter.com/SBF_FTX/status/1590012124864348160?s=20&t=ZZCL4Qi8z_zvySGbWwEwnA">announcement</a>
</li>
<li>Binance’s <a href="https://twitter.com/cz_binance/status/1590055819416330240?s=20&t=cPjnWGMM03CVoPyE_JrFqQ">merkle-tree proof-of-reserves</a>
</li>
<li>Unchained coverage:</li>
<li><a href="https://unchainedpodcast.com/binance-set-to-buy-ftx-amid-liquidity-crisis/">Binance Set to Buy FTX Amid Liquidity Crisis</a></li>
<li><a href="https://unchainedpodcast.com/sbfs-net-worth-plummets-94-in-one-day-report/">SBF’s Net Worth Plummets 94% In One Day: Report</a></li>
<li><a href="https://unchainedpodcast.com/did-alameda-go-down-with-3ac-in-q2/">There are Rumors that Alameda Went Down With 3AC in Q2</a></li>
<li><a href="https://unchainedpodcast.com/alameda-owes-more-than-30m-in-defi-debt/">Alameda Owes More Than $30M in DeFi Debt</a></li>
<li><a href="https://unchainedpodcast.com/coinbase-and-genesis-declare-no-exposure-to-collapsing-ftx/">Coinbase and Genesis Declare No Exposure to Collapsing FTX </a></li>
<li><a href="https://unchainedpodcast.com/binance-might-have-triggered-a-liquidity-crisis-as-ftxs-main-wallet-lost-290k-eth-in-two-days/">Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days</a></li>
<li><a href="https://unchainedpodcast.com/binance-to-liquidate-all-ftt-holdings/">Binance to Liquidate Millions Worth of its FTX’s Token Holdings</a></li>
<li><a href="https://unchainedpodcast.com/ftxs-stablecoin-reserves-hit-one-year-low-report/">FTX’s Stablecoin Reserves Hit One-Year Low</a></li>
<li><a href="https://unchainedpodcast.com/alamedas-balance-sheet-sparks-controversy/">Alameda’s Balance Sheet Sparks Controversy</a></li>
</ul>Crypto regulation<ul>
<li><a href="https://unchainedpodcast.com/industry-leaders-debate-how-to-regulate-defi/">Industry Leaders Debate How to Regulate DeFi</a></li>
<li><a href="https://www.youtube.com/watch?v=Ytaa_5liwMA">Bankless debate between SBF and Erik Voorhees </a></li>
</ul>

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Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets - Ep. 419

Unchained