NYALT Episode 98
Sam Bankman-Fried & The FTX Bankruptcy with Brady Dale
Dive into the wild rise and spectacular fall of FTX, the blockchain innovations reshaping financial markets, and the lessons crypto insiders still grapple with. In this episode, acclaimed Axios crypto reporter and author Brady Dale unpacks DeFi’s most unpredictable trends, the SushiSwap “vampire attack,” and why the collapse of Sam Bankman-Fried’s empire changed the industry forever. Discover inside stories and analysis that shed new light on what’s next for digital assets and alternative investments.
Featured Guests
Brady Dale
Crypto Reporter, Axios | Author, "SBF: How the FTX Founder’s Exchange Fell Apart"
Brady Dale is one of the most trusted analytical voices in digital finance, with deep experience covering blockchain, policy, and crypto’s intersection with traditional markets. He writes the Axios Crypto newsletter, has served as senior reporter for The Defiant and CoinDesk, and authored the definitive book chronicling Sam Bankman-Fried and FTX’s spectacular collapse. Brady’s clarity and contextual insight make him a go-to commentator for professionals who want to look beyond the headlines and understand what actually moves the crypto sector.
Key Insights From This Episode
Decentralized Finance Is Redefining Risk, Access, and Control
Autonomous “smart contracts” let users lend, borrow, and trade without intermediaries, but also introduce new forms of market manipulation and opportunism.
The ‘Vampire Attack’ Showed Competition Can Strengthen Both Sides
SushiSwap’s move to reward liquidity providers for shifting assets from Uniswap generated massive growth for both platforms, illustrating how disruption can create value, not just fragmentation.
Sam Bankman-Fried’s Reputation Was Built on Early Stewardship
Before FTX’s collapse, Bankman-Fried was entrusted with billions in the SushiSwap transition, earning industry-wide trust by managing the transfer transparently and ethically—until later scandals upended the narrative.
Exchange Models and Market Caps Are Not Always What They Seem
Crypto exchanges, unlike banks, should always keep 100% of users’ assets on hand, while market capitalization metrics remain “amorphous” and misleading compared to traditional liquidity and valuation standards.
Effective Altruism and Ethical Blind Spots Fueled Outsize Risk
Sam’s mission to “fix the world” justified enormous personal and systemic risk—proving how visionary aims can lead to catastrophic means if unchecked.
Energy, Infrastructure, and Crypto Mining Are Reshaping Power Markets
Innovations like volcano-powered Bitcoin mining in El Salvador, and Texas wind powering crypto farms, are solving transmission and supply mismatches in new ways.
Access the Full Conversation
Unlock this episode to hear direct analysis, insider narratives, and actionable lessons for financial services professionals. The discussion clarifies decentralized finance’s core mechanics, exposes vulnerabilities in crypto exchange models, and gives practical forecasts for navigating digital assets.
Access the full audio and download the custom insights deck to stay sharp on market trends, regulation, and innovation strategies in alternative investments.
Soundbites Worth Saving
“Smart contracts let services run with nobody involved—really no one. It’s a new financial reality.”
— Brady Dale
“SushiSwap’s vampire attack made both Uniswap and SushiSwap bigger than ever. Competition can lift the whole market.”
— Brady Dale
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