Back in mid-November on the podcast, we were unpacking the spectacular downfall of one of the biggest crypto exchanges in the industry in real time, and how it would possibly changed the sector forever.

A month before, if someone would have told us that crypto exchange FTX was potentially mismanaging customer funds, funneling money into its sister trading firm, Alameda Research, and would soon be a cautionary tale from the crypto industry, we wouldn't have believed them.

As more details about its general finances have emerged, we're starting to better understand how FTX and its former CEO, Sam Bankman-Fried, might have managed to change the industry forever. How much of a mess was FTX in? How did nobody notice? And how can this shape the future of crypto? Bloomberg reporters Katie Greifeld and Vildana Hajric ask Bloomberg opinion columnist Matt Levine for the long view.

[This episode originally published on November 17, 2022]

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter