WEBVTT - Life at the FTX Bahamas Compound

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<v Speaker 1>This is Bloomberg Crypto, a daily Bloomberg I Heard podcast,

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<v Speaker 1>and I'm Stacy Marie Ishmael, Managing editor of Crypto for

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<v Speaker 1>Bloomberg News. It's Wednesday, December twenty one. Um Sam Bankin

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<v Speaker 1>Freed might not have expected that his time in the

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<v Speaker 1>Bahamas would include the inside of a jail cell. BANKMN

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<v Speaker 1>Freed and his inner circle at FTX and Alameda Research

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<v Speaker 1>relocated operations to the Bahamas from Hong Kong in late

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<v Speaker 1>The Bahamas based employees and executives seemed to enjoy what

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<v Speaker 1>looked like a lavish island lifestyle, think yachts and penthouses

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<v Speaker 1>with ocean views. But how much of that lifestyle was

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<v Speaker 1>funded improperly? Is that the center of allegations and charges

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<v Speaker 1>filed by everyone from the U s Department of Justice

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<v Speaker 1>to the Securities and Exchange Commission to the CFTC. The

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<v Speaker 1>Department of Justice alleges that, among other things, SPF misappropriated

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<v Speaker 1>customer deposits, and there's a brewing fights between officials in

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<v Speaker 1>the US and local regulators and the Bahamas over just

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<v Speaker 1>who is in charge of what. For more on how

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<v Speaker 1>things shook out in the Bahamas in this unfolding story

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<v Speaker 1>were joined by Bloomberg Reports. Zeke Fox. You know, when

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<v Speaker 1>this company was worth thirty billion dollars overnight, it was like,

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<v Speaker 1>all right, so he wants to have Larry David in

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<v Speaker 1>the ad. I guess you can afford it. But now

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<v Speaker 1>it all looks very different. When this is like customer money,

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<v Speaker 1>that was like allegedly, you know, wasted and Carli Wanna.

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<v Speaker 1>I did talk to a few people who worked in

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<v Speaker 1>the crypto scenes, you know, some who were not from Bahamas,

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<v Speaker 1>some who were from Bahamas, and across the board it

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<v Speaker 1>sounded like people were saying, this does set us back

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<v Speaker 1>and also sets us back with regards to Bahamas as

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<v Speaker 1>a crypto hub. Hello to both of you, and thank

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<v Speaker 1>you so much for taking the time. Thanks a lot.

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<v Speaker 1>Thank you, Zeke. Why don't I start with you. You

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<v Speaker 1>have one of the I think more interesting gigs at Bloomberg.

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<v Speaker 1>What is it that you do. I am mostly writing

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<v Speaker 1>stories for our magazines, Bloomberg Business Week, in Bloomberg Markets,

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<v Speaker 1>and I try and write about crazy things happening in

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<v Speaker 1>the world of finance, whatever they are. There's been a

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<v Speaker 1>lot of that, and we'll talk about one in particular,

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<v Speaker 1>very shortly. Now zeke as a person who gets to

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<v Speaker 1>write about those things, you know, you sort of get

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<v Speaker 1>to look and be like, oh, that seems wild. I'm

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<v Speaker 1>going to check that out. What prompted you to write

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<v Speaker 1>one of the first major profiles of Sam Bankman Freed. Yeah,

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<v Speaker 1>I had sort of stopped paying attention to crypto for

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<v Speaker 1>a while until I went to UH conference last year

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<v Speaker 1>where I met Bankman Freed. He had just announced that

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<v Speaker 1>he was renaming he was paying for the name rights

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<v Speaker 1>to the Miami Heats Arena, and he was at this

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<v Speaker 1>conference in Miami to celebrate, and it was almost like

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<v Speaker 1>it was kind of like too crazy to be true.

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<v Speaker 1>There was like this twenty eight twenty nine year old

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<v Speaker 1>guy who seemingly came out of nowhere and credit to Forbes,

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<v Speaker 1>which had put them on their Billionaire's list, and written

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<v Speaker 1>a story about him and said that he was worth

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<v Speaker 1>more than twenty billion dollars, and apparently he was like

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<v Speaker 1>this great trader who had had a crypto hedge fund

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<v Speaker 1>and then he started in exchange, which became really popular overnight.

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<v Speaker 1>And the part that like really struck me was he

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<v Speaker 1>said that when he was a teenager he had decided

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<v Speaker 1>I really want to do good for the world. What's

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<v Speaker 1>the best way? And he had fallen in with this

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<v Speaker 1>group called effective altruists, who had convinced him that for

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<v Speaker 1>someone with his math skills, volunteering for like an animal

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<v Speaker 1>rights charity, something he'd done in the past, was actually

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<v Speaker 1>not a good use of his time, and that the

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<v Speaker 1>better thing to do would be to make a lot

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<v Speaker 1>of money and give it away. And so, like when

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<v Speaker 1>he was in college, he was like, all right, my

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<v Speaker 1>plane is I'm gonna make a lot of money and

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<v Speaker 1>give it away. And then here he was, like, less

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<v Speaker 1>than ten years later, apparently worth twenty billion dollars. So

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<v Speaker 1>I just thought this was like a crazy story, almost

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<v Speaker 1>like didn't believe it. I wanted to see it for myself,

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<v Speaker 1>and yeah, that's what got me interested. And so you

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<v Speaker 1>do this profile about this dude who had, at the

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<v Speaker 1>time of writing not actually given away a lot of money.

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<v Speaker 1>Is that correct? I mean depends how you define it.

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<v Speaker 1>But I went down to the Bahamas this February and

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<v Speaker 1>at the time he told me, and I actually think

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<v Speaker 1>this still checks out that he had given away something

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<v Speaker 1>like a hundred or two hundred million dollars, which you know,

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<v Speaker 1>a lot for a nine year old, but less than

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<v Speaker 1>he had spent on marketing for ft X by that point,

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<v Speaker 1>just even stuff that I knew about. There was like

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<v Speaker 1>the stadium naming rights, there was a Super Bowl commercial.

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<v Speaker 1>But I went down there. I spent two days hanging

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<v Speaker 1>out at their offices in the Bahamas, and I wrote

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<v Speaker 1>a profile that you know, did not say, hey, look

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<v Speaker 1>out for f t X. This place is sketchy. It

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<v Speaker 1>was mainly about, Okay, this guy's making a lot of

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<v Speaker 1>money on crypto. You may think that's kind of sketchy

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<v Speaker 1>in itself. Is he really going to give it away?

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<v Speaker 1>So of course, now I'm kicking myself that I didn't

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<v Speaker 1>see a lot of red flags that like should have

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<v Speaker 1>been obvious at the time. So February you go, you're

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<v Speaker 1>in the Bahamas, you write this profile. November December, you're

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<v Speaker 1>back in the Bahamas for a very different kind of story.

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<v Speaker 1>In November at all, like in one week, the whole

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<v Speaker 1>thing blew up. What do you make of the spectacular collapse?

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<v Speaker 1>Sam Bank and freeds f TS authorities and regulators are

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<v Speaker 1>investigating whether f TX has mishandled custom were funds, and

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<v Speaker 1>we heard about some of those stolen funds at the hearing,

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<v Speaker 1>FDx groups collapse system from absolute concentration of control in

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<v Speaker 1>the hands of the group. Lots of investigations going on

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<v Speaker 1>both here and in the Bahamas. F t X is

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<v Speaker 1>one of these absolute travesties in the history of financial

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<v Speaker 1>and like now Sam's been arrested. We've seen the criminal charges.

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<v Speaker 1>But in early November it looked pretty clear that like

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<v Speaker 1>he had taken the exchanges customers money and gambled it

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<v Speaker 1>away using his hedge fund. But no charges have been filed. Yeah,

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<v Speaker 1>no charges have been filed. So I decided to go

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<v Speaker 1>back and talk with Sam. He kind of answers questions

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<v Speaker 1>if you asked them, so I thought that by talking

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<v Speaker 1>to him, I might learn something about what had happened

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<v Speaker 1>at ft X. After some texting, he invited me to

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<v Speaker 1>his apartment in this crazy resort called Albany on the

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<v Speaker 1>island of New Providence, which had not been part of

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<v Speaker 1>the tour the first time. And as soon as I

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<v Speaker 1>walked in, I could totally see why, because he liked

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<v Speaker 1>to have this image that he really didn't care about money,

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<v Speaker 1>like he talked about. He drove a Toyota Corolla. He

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<v Speaker 1>always wore the same kind of ratty clothes. He didn't

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<v Speaker 1>do his hair. One time he testified before Congress and

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<v Speaker 1>his shoes were laced into like a big knock because

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<v Speaker 1>he just bought him at payless or something like that.

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<v Speaker 1>So he was really going for this image that like

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<v Speaker 1>money wasn't important to him. But this resort of Albany,

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<v Speaker 1>I mean, I've never been anywhere like it. Like it's

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<v Speaker 1>these eight apartment towers around this mega yacht marina and

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<v Speaker 1>there's like billionaires. There's a fracking billionaires like giant yacht

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<v Speaker 1>out front. He definitely wouldn't have fit in there with

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<v Speaker 1>his look. And then his apartment at this place cost

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<v Speaker 1>thirty million dollars. At this point, there was a lot

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<v Speaker 1>of like crazy rumors going around the tabloids that this

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<v Speaker 1>is where he had lived with the other top executives

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<v Speaker 1>and they had been Yeah, yeah, I don't think that's true.

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<v Speaker 1>It was almost being painted as like a Wolf of

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<v Speaker 1>Wall Street type situation and really the opposite of the

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<v Speaker 1>image she had been projecting. And he wrote that it

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<v Speaker 1>was like an abandoned frat house. Yes, Like when I

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<v Speaker 1>came in there, the first thing, the elevator opens into

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<v Speaker 1>the apartment. The first thing I noticed was like there

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<v Speaker 1>were all these shoes because all these like FTX employees

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<v Speaker 1>had been living or staying in this apartment and they

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<v Speaker 1>had just fled, like when ft X was collapsing, they

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<v Speaker 1>all left, and a lot of them hadn't taken their things.

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<v Speaker 1>And in the bathroom there was it seemed like the maids,

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<v Speaker 1>like the maid service had stopped. Like the bathroom there

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<v Speaker 1>were like towels that needed to be done, dishes in

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<v Speaker 1>the kitchen. Sam led me to a small bedroom which

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<v Speaker 1>seemed like it was probably one of the more modest

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<v Speaker 1>rooms in the apartment, and that's where we we mainly talked.

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<v Speaker 1>And at this point he hadn't done like eight million interviews,

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<v Speaker 1>so it was it was more novel for me to

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<v Speaker 1>hear some of his explanations about what happened. What was

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<v Speaker 1>your immediate takeaway coming out of that conversation? Was this

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<v Speaker 1>someone who seemed contrite? Was this someone who seemed confused?

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<v Speaker 1>Like what what was the vibe? So I really had

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<v Speaker 1>no idea what to expect. I was struck by how

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<v Speaker 1>similar he seemed. So the first time I met him,

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<v Speaker 1>the way that he talked to his mood seemed like

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<v Speaker 1>he was kind of chipper. He seemed kind of happy

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<v Speaker 1>to talk about all this stuff. It was hard to

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<v Speaker 1>sort of interpret why he was like that. But I

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<v Speaker 1>would ask anything, and he'd just give these really long answers.

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<v Speaker 1>He liked to get into like technical stuff about the

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<v Speaker 1>value of the different like weird tokens that were on

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<v Speaker 1>Alambida's balance sheet or f tx's accounting system. But as

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<v Speaker 1>I was thinking over like what he was saying, it

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<v Speaker 1>was just a lot of it was not was not

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<v Speaker 1>very plausible, Like it would take huge leaps of faith

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<v Speaker 1>to believe some of this stuff. And it didn't seem

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<v Speaker 1>like given that the exchange had just collapsed and people

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<v Speaker 1>are reporting that it was like probably a massive fraud,

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<v Speaker 1>it didn't seem still likely. His story just seemed incredibly unlikely. Carly.

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<v Speaker 1>You also went to the Palmas, and I should say

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<v Speaker 1>I sent you to the Pomas and email and he

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<v Speaker 1>was like, hey, can you get on a plane immediately

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<v Speaker 1>after Thanksgiving? Thank you very much. And when you went there,

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<v Speaker 1>you also encountered some of those incredibly fit older people

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<v Speaker 1>in Linen, at the compound and on the island. What

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<v Speaker 1>were your experiences. I didn't get up to the penthouse

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<v Speaker 1>I did, however, walk around the grounds, I would say similarly.

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<v Speaker 1>I mean it was insane. There were like multi tiered

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<v Speaker 1>yachts in the marina, really quiet, like weirdly quiet, and

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<v Speaker 1>the beach was I luckily happened to get there like

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<v Speaker 1>right before sunset, and I just kind of watched it.

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<v Speaker 1>And that is the nicest suns that most beautiful beach

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<v Speaker 1>I've ever seen. And it really was just incredibly pristine,

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<v Speaker 1>despite the fact that I believe there was a golf

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<v Speaker 1>tournament or classic going on that weekend. No, no traces

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<v Speaker 1>of that where I was. You also went to the

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<v Speaker 1>Margarita Ville, Yes, why? So? Interestingly, the unsecured creditors raft

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<v Speaker 1>X are still private. That's yet to be released in

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<v Speaker 1>court documents. However, the unsecured creditors for Alameda have been released,

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<v Speaker 1>and it's outside of insiders, and one of the biggest

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<v Speaker 1>ones is the Margharita Ville in the Bahamas. They owe

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<v Speaker 1>them over fifty dollars. So that was the question of, Wow,

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<v Speaker 1>what happened there? How do you spend Margaritaville? Right right? Yeah?

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<v Speaker 1>And why why the Margharita Ville? What was it? I

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<v Speaker 1>love the Margarita Ville, but still super weird. And is

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<v Speaker 1>it a bar. That restaurant is a receipt, Yeah, I forget.

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<v Speaker 1>Not everybody is familiar with margaryfl Margharita Ville. I mean

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<v Speaker 1>it has a restaurant. You can go to various restaurants.

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<v Speaker 1>There is a restaurant in Bahamas. But there is also

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<v Speaker 1>a resort, the resort, as I learned when I called

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<v Speaker 1>the restaurant and they said that I needed to call

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<v Speaker 1>the resort. The restaurant is not affiliated with the resort.

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<v Speaker 1>They're separate. So it was in fact that Alameda owed

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<v Speaker 1>the money to the resort. So went to the resort.

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<v Speaker 1>Managers declined to comment. The staff, however, who worked there,

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<v Speaker 1>were very forthcoming it. You know, they had interacted with

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<v Speaker 1>and seen the f t X people, and they said

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<v Speaker 1>that people affiliated with f t X had been staying

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<v Speaker 1>at the Margharita Ville for several months. It was different people.

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<v Speaker 1>They would filter in an outstaying for weeks or months

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<v Speaker 1>at a time, depending on who you were. Um they

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<v Speaker 1>had about twenty rooms. There's the Margarita Ville resort, but

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<v Speaker 1>there's all across the road there's a nicer resort that

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<v Speaker 1>if you know Jimmy Buffett, which this is a Jimmy

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<v Speaker 1>Buffett themed resort. It's a pun. It's called One Particular Harbor. Yeah,

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<v Speaker 1>so the people affiliated with fd X, we're staying there

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<v Speaker 1>and every day, on on work days, a shuttle would

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<v Speaker 1>come pick them up in the morning and then drop

0:13:25.160 --> 0:13:27.320
<v Speaker 1>them back off at the end of the day, you know,

0:13:28.080 --> 0:13:32.400
<v Speaker 1>late afternoon, early evening. UM staff said that they were

0:13:32.840 --> 0:13:36.560
<v Speaker 1>they were kind, they were friendly that you know, they

0:13:36.600 --> 0:13:41.959
<v Speaker 1>would hang around the pool and the restaurants. Up next,

0:13:42.040 --> 0:13:43.920
<v Speaker 1>more on Sam bank Win Freed and what he left

0:13:43.960 --> 0:13:46.480
<v Speaker 1>behind in the Bahamas with my colleagues Zeke Fox and

0:13:46.559 --> 0:13:58.680
<v Speaker 1>Carl Wanna, what was it like for the bohemians, Like,

0:13:58.760 --> 0:14:02.520
<v Speaker 1>did you talk to when you were there, any of

0:14:02.760 --> 0:14:05.640
<v Speaker 1>the other folks in the Bahamas crypto scene, any folks

0:14:05.679 --> 0:14:08.400
<v Speaker 1>from you know, the government, the regulators who are now

0:14:08.440 --> 0:14:11.080
<v Speaker 1>being confronted with questions about how they let all this

0:14:11.200 --> 0:14:15.880
<v Speaker 1>go down allegedly on their watch. I had an interesting

0:14:15.920 --> 0:14:22.440
<v Speaker 1>conversation with a employee of ft X who was hired

0:14:22.480 --> 0:14:26.240
<v Speaker 1>locally and he had been in charge. He was sort

0:14:26.280 --> 0:14:28.000
<v Speaker 1>of like a gopher and a driver for them. So

0:14:28.040 --> 0:14:30.320
<v Speaker 1>we've been around these people all the time. And he

0:14:30.440 --> 0:14:34.280
<v Speaker 1>told me, like listen, these reports that these people were

0:14:34.320 --> 0:14:37.840
<v Speaker 1>like going crazy are not true. He has said something

0:14:37.880 --> 0:14:40.480
<v Speaker 1>to the effect of, like, bro, these were a bunch

0:14:40.480 --> 0:14:43.680
<v Speaker 1>of nerds, Like come on. And I asked Sham about

0:14:43.680 --> 0:14:46.760
<v Speaker 1>some of his spending back on my first interview in February.

0:14:47.160 --> 0:14:49.720
<v Speaker 1>Maybe it's too charitable to still believe this, but it

0:14:49.800 --> 0:14:51.880
<v Speaker 1>seemed like what he was saying was like, listen, we're

0:14:51.880 --> 0:14:55.680
<v Speaker 1>gonna make so many billions that like, this little amount

0:14:55.680 --> 0:14:59.200
<v Speaker 1>of spending on like naming rights or say, putting employees

0:14:59.280 --> 0:15:01.160
<v Speaker 1>up in a hotel when you could have found a

0:15:01.240 --> 0:15:05.760
<v Speaker 1>cheaper one is like a rounding error. And you know, frankly,

0:15:05.800 --> 0:15:07.880
<v Speaker 1>I almost sort of believed it at first. You know,

0:15:07.920 --> 0:15:10.320
<v Speaker 1>when this company was worth thirty billion dollars overnight, it

0:15:10.360 --> 0:15:12.600
<v Speaker 1>was like, all right, so he wants to have Larry

0:15:12.680 --> 0:15:14.520
<v Speaker 1>David in the AD. I guess you can afford it.

0:15:14.640 --> 0:15:16.920
<v Speaker 1>But now it all looks very different. When this is

0:15:16.960 --> 0:15:21.800
<v Speaker 1>like customer money that was like allegedly you know, wasted. Yeah,

0:15:21.840 --> 0:15:24.200
<v Speaker 1>and I'll throw it out there too. That before going

0:15:24.240 --> 0:15:26.600
<v Speaker 1>to Bahamas, I was in Miami and it was interesting

0:15:26.680 --> 0:15:29.560
<v Speaker 1>because those were you know, their crypto hubs, but the

0:15:29.680 --> 0:15:32.280
<v Speaker 1>vibe was very different. I mean Miami is a really,

0:15:32.320 --> 0:15:35.920
<v Speaker 1>really really big city, and it seemed like, well, fd X,

0:15:35.960 --> 0:15:38.280
<v Speaker 1>how do u s headquarters that you know, was supposed

0:15:38.320 --> 0:15:41.240
<v Speaker 1>to be moving there from Chicago, The footprint on that

0:15:41.360 --> 0:15:43.560
<v Speaker 1>city wasn't as big among people who were in the

0:15:43.600 --> 0:15:47.120
<v Speaker 1>crypto community. And while there are other crypto companies that

0:15:47.200 --> 0:15:49.800
<v Speaker 1>have set their sights or their eyes on Bahamas or

0:15:49.840 --> 0:15:52.560
<v Speaker 1>have at least some people there, I mean, talking to

0:15:52.640 --> 0:15:56.920
<v Speaker 1>people was just very different. Fd X really touted itself as,

0:15:57.400 --> 0:15:59.880
<v Speaker 1>for one reason or another, a Bahamian company, and like

0:16:00.080 --> 0:16:02.600
<v Speaker 1>Zeke said, they hired people who were on the island

0:16:02.680 --> 0:16:05.840
<v Speaker 1>not only to work with local businesses, but also to

0:16:05.920 --> 0:16:08.920
<v Speaker 1>hire people to do work with the crypto exchange itself.

0:16:09.000 --> 0:16:11.120
<v Speaker 1>And so I did talk to a few people who

0:16:11.200 --> 0:16:13.040
<v Speaker 1>worked in the crypto scenes, you know, some who were

0:16:13.040 --> 0:16:16.960
<v Speaker 1>not from Bahamas, some who were from Bahamas, and across

0:16:17.000 --> 0:16:21.520
<v Speaker 1>the board, it sounded like people were saying, this does

0:16:21.600 --> 0:16:24.440
<v Speaker 1>set us back. It also sets us back with regards

0:16:24.480 --> 0:16:29.360
<v Speaker 1>to Bahamas as a crypto hub. Can I defend the

0:16:29.400 --> 0:16:34.120
<v Speaker 1>Bahamas for a minute, Yeah no, look clearly like their

0:16:34.160 --> 0:16:37.640
<v Speaker 1>oversight was lacking, But like the US just filed all

0:16:37.680 --> 0:16:40.680
<v Speaker 1>these charges right once it collapsed, they found all the

0:16:40.880 --> 0:16:44.960
<v Speaker 1>enough evidence to charge BigMan Freed with all this illegal activity,

0:16:45.520 --> 0:16:47.800
<v Speaker 1>Like there was nothing stopping them from finding this stuff

0:16:47.840 --> 0:16:51.200
<v Speaker 1>out earlier, and they didn't either. So I don't think

0:16:51.240 --> 0:16:56.360
<v Speaker 1>the blame is entirely on the Bahamas for failing to

0:16:56.440 --> 0:16:59.600
<v Speaker 1>regulate this exchange. Well, I think one of the things

0:16:59.640 --> 0:17:02.240
<v Speaker 1>that stuff really happening is a heroic amount of finger

0:17:02.240 --> 0:17:05.520
<v Speaker 1>pointing right now, Like reading some of these filings and

0:17:05.560 --> 0:17:09.320
<v Speaker 1>the statements from various regulators is I wouldn't say it's

0:17:09.400 --> 0:17:11.919
<v Speaker 1>quite the level of drama as a soap opera, unless

0:17:11.960 --> 0:17:14.240
<v Speaker 1>you are perhaps a person who works at Bloomberg and

0:17:14.280 --> 0:17:16.560
<v Speaker 1>thinks about things this way. But you know, you have

0:17:16.680 --> 0:17:19.960
<v Speaker 1>these very feisty statements coming out from you know, the

0:17:19.960 --> 0:17:23.440
<v Speaker 1>Bahamas Securities and Exchange Commission essentially saying John J. Area

0:17:23.480 --> 0:17:26.040
<v Speaker 1>the third is ignoring our emails and misrepresenting everything that

0:17:26.040 --> 0:17:28.280
<v Speaker 1>we're saying. And then you have, you know, in court

0:17:28.359 --> 0:17:31.120
<v Speaker 1>filings from various other folks people being like, we would

0:17:31.119 --> 0:17:33.600
<v Speaker 1>like to assert that we have all the rights over

0:17:33.600 --> 0:17:35.280
<v Speaker 1>this thing, and we're not sure why and how the

0:17:35.280 --> 0:17:37.399
<v Speaker 1>Bahamas feels like they need to get involved, you know.

0:17:37.520 --> 0:17:40.960
<v Speaker 1>So it's it's this sort of sovereign face off as

0:17:40.960 --> 0:17:43.680
<v Speaker 1>it were. And I think one one piece of context

0:17:43.720 --> 0:17:46.040
<v Speaker 1>here is this is not the first time that something

0:17:46.080 --> 0:17:52.760
<v Speaker 1>like this has happened, like multiple different Caribbean jurisdictions BA, Bahamas, Bermuda,

0:17:52.880 --> 0:17:57.080
<v Speaker 1>Antigua that have at various points presented themselves. As you know,

0:17:57.160 --> 0:18:01.680
<v Speaker 1>offshore financial centers have often had to reckon with wreckage

0:18:02.240 --> 0:18:04.600
<v Speaker 1>when things go wrong, and I think we're seeing a

0:18:04.720 --> 0:18:07.920
<v Speaker 1>version of this playing out in crypto. See as a

0:18:07.920 --> 0:18:11.520
<v Speaker 1>person who's chronicled lots of financial weirdness over time. Where

0:18:11.520 --> 0:18:13.840
<v Speaker 1>do you think this is going to go from here? Oh,

0:18:13.920 --> 0:18:15.679
<v Speaker 1>they were quick to file the charges because it was

0:18:15.720 --> 0:18:18.040
<v Speaker 1>such a high profile case, but these things take like

0:18:18.720 --> 0:18:21.520
<v Speaker 1>years to play out. So I mean the authorities have

0:18:21.600 --> 0:18:23.800
<v Speaker 1>basically said they're looking at other people. There will be

0:18:23.840 --> 0:18:27.800
<v Speaker 1>more more people charged, But I think we're only only

0:18:27.880 --> 0:18:31.360
<v Speaker 1>just now was the Theorist case results, and like when

0:18:31.400 --> 0:18:33.520
<v Speaker 1>did that break? So I think we're gonna be hearing

0:18:33.560 --> 0:18:36.520
<v Speaker 1>about this um for years And I doubt this is

0:18:36.560 --> 0:18:39.040
<v Speaker 1>the last company to blow up in crypto, although like

0:18:39.080 --> 0:18:42.439
<v Speaker 1>how many companies are left? More on that on future

0:18:42.440 --> 0:18:44.960
<v Speaker 1>episodes of the podcast. Thank you Carly and thank you

0:18:45.040 --> 0:18:49.760
<v Speaker 1>Ze for joining us today, thanks a lot. Thank you.

0:18:49.760 --> 0:18:51.560
<v Speaker 1>You can find more of their reporting on the Bloomberg

0:18:51.640 --> 0:18:54.399
<v Speaker 1>Terminal and on Bloomberg dot com, and be sure to

0:18:54.480 --> 0:18:57.080
<v Speaker 1>check out our twice weekly newsletter, which is also called

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<v Speaker 1>Bloomberg Crypto. M This is Bloomberg Crypto, a daily podcast

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<v Speaker 1>Faruk and Sharon Barrero. Our associate producers are Ty Butler

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<v Speaker 1>and Moses on Them. Desta wonder At is our engineer.

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<v Speaker 1>Original music by Leo Sidrn. I'm Stacy Marie Schmal. We'll

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<v Speaker 1>be back tomorrow