Former FTX executive explains what everyone doesn't understand about the exchange's meltdown

Companies • October 5, 2023, 11:31AM EDT

Published 1 minute earlier on

Quick Take

Former FTX executive Zane Tackett shares insights from his work with Sam Bankman-Fried at FTX, highlighting how the exchange’s terms of service could potentially undermine SBF’s legal defense.

Episode 87 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and FTX's former head of institutional sales, Zane Tackett.

Listen below, and subscribe to The Scoop on Youtube, Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Please send feedback and revision requests to [email protected].

Zane Tackett is the former head of institutional sales at FTX.

In this episode, Tackett recounts his experience working with Sam Bankman-Fried at FTX and explains how the exchange's terms of service blow a hole in SBF's criminal defense.

Although SBF claims he is not guilty of fraud, Tackett says "it's obvious that he knew what he was doing."

OUTLINE:
00:00 Introduction
03:32 FTX's Business Model
06:56 FTX's Balance Sheet
10:06 Michael Lewis: Going Infinite
11:14 The Real SBF
16:02 FTX 2.0
17:14 FTX Estate Asset Recovery
17:50 FTX Hacked Funds
19:06 Crypto’s Capital Markets
20:54 CeFi vs. DeFI
23:07 Effective Altruism
26:04 SBF Trial
32:57 Closing Thoughts

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

About Authors

Davis Quinton is the Director of Podcasts at The Block and runs our flagship podcast called The Scoop, hosted by Frank Chaparro. Since joining The Block as an 'intern' in early 2022, he has worked closely with leaders across departments to translate The Block's written content into engaging multimedia formats. He holds a degree in Social Research & Public Policy from New York University in Abu Dhabi and is based in Sydney, Australia.

Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].