Good Game

E07: Sam Bankman-Fried Fraud and FTX collapse

Nov. 16, 2022

We have had founders, investors and contributors that have been affected by the FTX collapse. 

In this episode Imran and Qiao discuss:

  • Early warning signs
  • Answer questions from community
  • Lessons learned
  • New path forward

(00:00) Intro 
(01:25) The first to paid back were the decentralized protocols 
(02:55) The rise of Alameda 
(06:29) Launching Solana-based decentralized exchange Serum 
(10:58) What were FTX's assets and liabilities? 
(12:49) Crashing of 3AC got Alameda in a deep hole 
(14:32) The $10B balance sheet hole breakdown 
(18:16) Acquiring Voyager and Blockfi fill their hole 
(20:19) $1B-$5B of crypto funds custodied on FTX 
(22:44) 70% of all trading activity on FTX were institutions 
(24:41) Do regulators understand the difference between DeFi and CeFi? 
(27:28) Is Serum being forked? 
(28:09) Why didn't VCs catch FTX through due diligence?
(32:36) Qiao explaining the leaked private group chat on Alameda 
(35:20) ​Will Crypto VCs continue to prefer tokens over equity? 
(37:45) What were people saying about Sam and FTX behind the scenes? 
(47:00) If you're a Solana project, what do you do? 
(53:00) Paradigm backing FTX was surprising? 
(54:24) Healthiest approach to CEX regulation 
(1:02:29) 12-week Digital dollar experiment launch 
(1:03:37) Thoughts about the Solana DeFi state 
(1:05:28) Who is the frontrunner for non kyc perps? 
(1:07:28) What FTX collapse means for crypto outlook 
(1:11:09) How bad is the contagion? 
(1:15:45) Lessons learned

Qiao & Imran's stance on SBF prior to FTX collapse
Alliance tweet against SBF & DCCPA

Good Game Podcast: A podcast for crypto natives. 
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