how a darling of the crypto world and his firm imploded—and took a big bite out of crypto’s reputation on the way. Our conversation has been edited and condensed for clarity.Felix Salmon:
If Alameda Research, the hedge fund, is borrowing against the FTT tokens, then that could be really dangerous because what happens if the FTT token goes down in value? People worried about this, and specifically this guy Changpeng Zhao, who runs the biggest exchange in the world, Binance. He’s worried about this. He owns a large chunk of FTT because SBF bought him out of FTX.Basically a few months ago, Sam Bankman-Fried cut ties with CZ and with Binance and paid him a huge chunk of FTT tokens.
Young Ponzi.
I hope so. It was a scam
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