FTX (with Sam Bankman-Fried & Mario Gabriele)

Note: This episode was published on Dec 14, 2021, approximately a year before FTX’s subsequent meltdown. The apparent negligence, fraud and self-dealing at FTX has given us much to reflect on after we — and many others — gave Sam a platform to share his and FTX’s story with all of you. We’ve decided to leave this episode up in-full as a historical artifact of the industry’s view on FTX at the time. For a broader Acquired discussion on frauds, and specifically the similarities between FTX and Enron, see our November 2022 Enron episode . We tell the definitive (audio!) story behind FTX's "speed run" — how this upstart crypto exchange became the fastest company in history to reach a $25B valuation, just two years after founding. And to do so we're joined by not one but TWO of the very best people in the world to help: FTX's wunderkind CEO Sam Bankman-Fried, and special guest host Mario Gabriele from The Generalist, who Sam gave extensive access to FTX's internal data, employees, and investors for his canonical 36,000 word trilogy on the company this past summer. We cover it all — from the "$20m/day" trade that started everything, to Tom Brady & Gisele, to Sam testifying last week in front of Congress. Don't blink or you might miss it!