How a scoop by a little-known crypto site led to the fall of Sam Bankman-Fried and implosion of FTX

How a scoop by a little-known crypto site led to the fall of Sam Bankman-Fried and implosion of FTX

Nov 24, 2022 by CNN

Key Facts

  • Instead, the public’s first glimpse of the alleged wrongdoing by Bankman-Fried — known to insiders as SBF — came earlier this month from a small news site unknown to much of the public that has spent years chronicling the turbulent and murky world of crypto: CoinDesk.
  • In fact, the reporter and editor duo who worked to break the story, which prompted a stunning cascade of events that led to the evaporation of billions of dollars, didn’t realize the scoop they had on their hands when they first obtained a document that cast tremendous doubt on the stability of SBF’s crypto empire.
  • But that wasn’t clear at first glance and it took “a couple days to figure out the story,” Baker recalled to me in a phone call this week.
  • Baker said that both he and Allison “knew that it was an important document to have,” but emphasized that the two had no understanding at first of the massive story that was buried in the spreadsheet of numbers.

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