This episode explores a sector of the crypto universe that’s actually booming. 

Companies that specialize in finding vulnerabilities in crypto’s software infrastructure are flourishing. Why? Because crypto hacks and frauds are booming, with some estimates as high as $2bn in losses stemming from these attacks. 

Bloomberg reporter Olga Kharif and senior editor Anna Irrera join me now for more about these crypto sleuths.

This episode explores a sector of the crypto universe that’s actually booming. 
Companies that specialize in finding vulnerabilities in crypto’s software infrastructure are flourishing. Why? Because crypto hacks and frauds are booming, with some estimates as high as $2bn in losses stemming from these attacks. 
Bloomberg reporter Olga Kharif and senior editor Anna Irrera join me now for more about these crypto sleuths.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Bloomberg Crypto

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority. In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

It's Sleuths vs Hacks, With Billions on the Line

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'Bloomberg This Weekend' features unique conversations on business, news, lifestyle and culture. Join David Gura, Christina Ruffini and Lisa Mateo Saturdays and Sundays for discussions with business leaders, lawmakers and cultural icons.  

Watch the show LIVE on Bloomberg Television from 7AM-10AM Eastern Time.   
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Listen to the Podcast for the best conversations from the show.   
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'Bloomberg This Weekend' features unique conversations on business, news, lifestyle and culture. Join David Gura, Christina Ruffini and Lisa Mateo Saturdays and Sundays for discussions with business leaders, lawmakers and cultural icons.&nbsp;&nbsp; Watch the show <a href="https://www.bloomberg.com/live">LIVE on Bloomberg Television</a> from 7AM-10AM Eastern Time.&nbsp; &nbsp; Listen to the show <a href="https://www.bloomberg.com/audio">LIVE on Bloomberg Radio</a> from 7AM-10AM Eastern Time.&nbsp; &nbsp; Listen to the Podcast for the best conversations from the show.&nbsp; &nbsp; Subscribe on Apple: <a href="https://podcasts.apple.com/us/podcast/bloomberg-this-weekend/id1878739308">https://podcasts.apple.com/us/podcast/bloomberg-this-weekend/id1878739308</a> Subscribe on Spotify: <a href="https://open.spotify.com/show/5DQ8CEg9LeS1xGJSaxt47l">https://open.spotify.com/show/5DQ8CEg9LeS1xGJSaxt47l</a>

Introducing: Bloomberg This Weekend

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Coming soon: When nerdy gamer Sam Bankman-Fried rocketed to fame as the world’s richest 29-year-old, he pledged to donate his billions to good causes. But then his crypto exchange FTX collapsed Billions of dollars were missing, and Sam was in handcuffs. Those who knew him were left wondering — who was Sam really? A well-meaning billionaire who made a mistake? Or a calculating con man? From Wondery and Bloomberg, the makers of The Shrink Next Door, comes a new story of incredible wealth, betrayal and what happens when “doing good” goes really really bad. Learn more here: https://podcasts.apple.com/us/podcast/spellcaster-the-fall-of-sam-bankman-fried/id1685258534

Coming soon: When nerdy gamer Sam Bankman-Fried rocketed to fame as the world’s richest 29-year-old, he pledged to donate his billions to good causes. But then his crypto exchange FTX collapsed Billions of dollars were missing, and Sam was in handcuffs. Those who knew him were left wondering — who was Sam really? A well-meaning billionaire who made a mistake? Or a calculating con man? From Wondery and Bloomberg, the makers of The Shrink Next Door, comes a new story of incredible wealth, betrayal and what happens when “doing good” goes really really bad. Learn more here: https://podcasts.apple.com/us/podcast/spellcaster-the-fall-of-sam-bankman-fried/id1685258534

Introducing - Spellcaster: The Fall of Sam Bankman-Fried

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/b7841b0a-1338-48b5-8178-b00000e01e17/transcript

It’s been another wild week of financial mayhem connected to crypto. But this time the crisis focused on banks. 

It started earlier this month [March], when Silvergate Capital shut down operations. The California-based bank serviced various crypto companies like Coinbase and Gemini. But its most notorious clients included the now-bankrupt crypto exchange FTX and its sister firm Alameda. As these two giants faltered, Silvergate suffered a series of financial difficulties and fell under intense regulatory scrutiny, leading to its eventual shut down.  

Then, last Friday, one week ago now,  the tech and startup-focused Silicon Valley Bank collapsed. It was the largest bank failure since 2008, and incited investor panic.

By late last Sunday, another domino had fallen: New York State regulators announced they were taking possession of Signature Bank. It was moving to retreat from crypto, but was still known for having some ties to the digital asset industry, at one point even launching a crypto-payments platform. This was the third-largest bank failure in the US to date. Bloomberg reported that regulators took action after they “lost faith in management.”

This trio of recent closures is another blow to crypto - leaving the industry nearly cut off from the fiat banking sector. All the while a Bitcoin rally ensued, but has since cooled a bit.

So. In the aftermath of one of the biggest weeks in finance so far this year, how has the crypto industry fared? And how does it move forward? 

Bloomberg senior executive editor Chris Nagi joins this episode.

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify.

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

It’s been another wild week of financial mayhem connected to crypto. But this time the crisis focused on banks. 
It started earlier this month [March], when Silvergate Capital <a href="https://www.bloomberg.com/opinion/articles/2023-03-02/silvergate-had-a-crypto-bank-run">shut down</a> operations. The California-based bank serviced various crypto companies like Coinbase and Gemini. But its most <a href="https://www.bloomberg.com/news/articles/2023-02-02/silvergate-faces-doj-fraud-probe-over-ftx-and-alameda-dealings">notorious</a> clients included the now-bankrupt crypto exchange FTX and its sister firm Alameda. As these two giants faltered, Silvergate suffered a series of financial difficulties and fell under intense regulatory scrutiny, leading to its eventual shut down.  
Then, last Friday, one week ago now,  the tech and startup-focused Silicon Valley Bank <a href="https://www.bloomberg.com/news/articles/2023-03-14/silicon-valley-bank-failure-explained-what-svb-s-collapse-means-for-your-money">collapsed. It was </a>the <a href="https://www.bloomberg.com/opinion/articles/2023-03-10/svb-sivb-collapse-the-fdic-insured-bank-is-the-biggest-failure-since-2008-lf31eiwh">largest</a> bank failure since 2008, and incited investor panic.
By late last Sunday, another domino had fallen: New York State regulators announced they were taking possession of<a href="https://www.bloomberg.com/news/articles/2023-03-12/signature-bank-closure-deals-another-blow-to-crypto-industry"> Signature Bank</a>. It was moving to retreat from crypto, but was still known for having some ties to the digital asset industry, at one point even launching a crypto-payments platform. This was the third-largest bank failure in the US to date. Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-03-14/signature-was-seized-after-leaders-caused-crisis-of-confidence">reported</a> that regulators took action after they “lost faith in management.”
This trio of recent closures is another blow to crypto - leaving the industry nearly cut off from the fiat banking sector. All the while a Bitcoin rally <a href="http://bloomberg.com/news/articles/2023-03-14/bitcoin-tops-25-000-as-sentiment-stays-upbeat-after-us-steps?srnd=cryptocurrencies-v2">ensued</a>, but has since cooled a bit.
So. In the aftermath of one of the biggest weeks in finance so far this year, how has the crypto industry fared? And how does it move forward? 
Bloomberg senior executive editor <a href="https://www.bloomberg.com/authors/AFkTJ1toC4E/chris-nagi">Chris Nagi</a> joins this episode.
Listen to Bloomberg Crypto on the<a href="https://www.iheart.com/podcast/1308-bloomberg-crypto-97453276/"> iHeartRadio App</a>, <a href="https://podcasts.apple.com/us/podcast/bloomberg-crypto/id1623197303">Apple Podcasts</a> or <a href="https://open.spotify.com/show/71pMAa4Ba0rbPNXMcDXywG"> Spotify</a>.
Subscribe to the Bloomberg Crypto Newsletter at <a href="https://bloom.bg/cryptonewsletter">https://bloom.bg/cryptonewsletter</a>

Crypto Winter Meets Banking Crisis: A Tale of Three Banks

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/17a41e84-268b-4db8-89cd-afc7018a9f1f/transcript

It's Sleuths vs Hacks, With Billions on the Line

Bloomberg Crypto

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