{"id":24099,"date":"2022-11-12T02:00:51","date_gmt":"2022-11-12T02:00:51","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=24099"},"modified":"2022-11-12T02:05:49","modified_gmt":"2022-11-12T02:05:49","slug":"foreign-policy-cryptos-boy-king-got-dethroned-overnight","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2022\/11\/12\/foreign-policy-cryptos-boy-king-got-dethroned-overnight\/","title":{"rendered":"Foreign Policy:  Crypto\u2019s Boy King Got Dethroned Overnight"},"content":{"rendered":"<p>Amy and I were just finishing up <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/11\/08\/crypto-collapse-j-pierpont-moneygone-ftx-rekt-bought-by-binance\/\">Tuesday&#8217;s post about the downfall of J. Pierpont Moneygone<\/a>, and I got the bat-signal from James Palmer to write something for Foreign Policy as well. [<em><a href=\"https:\/\/foreignpolicy.com\/2022\/11\/11\/ftx-crypto-bitcoin-sambankmanfried-effectivealtruism\/\">Foreign Policy<\/a>, paywalled<\/em>]<\/p>\n<p>($5-and-up patrons got the submitted version of this last night.)<\/p>\n<p>It&#8217;s about Sam Bankman-Fried being marketed to the public as a mysterious boy wonder genius, when that was just the flimflam to cover up the fact that FTX and Alameda were hollow shells.<\/p>\n<p>But more broadly: the money&#8217;s run out in crypto, and <em>everyone<\/em> should be assumed to be covering up a huge hole in their books.<\/p>\n<p>As Amy and I keep telling you: all crypto companies are as Quadriga as they can get away with. All of them.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/11\/12\/foreign-policy-cryptos-boy-king-got-dethroned-overnight\/sbf-june-2022\/\" rel=\"attachment wp-att-24100\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-24100\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/sbf-june-2022.jpg\" alt=\"\" width=\"510\" height=\"315\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/sbf-june-2022.jpg 680w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/sbf-june-2022-300x185.jpg 300w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/sbf-june-2022-348x215.jpg 348w\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" \/><\/a><\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>All crypto companies are as Quadriga as they can get away with. All of them.<\/p>\n","protected":false},"author":1,"featured_media":24100,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[2653,1150,1798,2491],"class_list":["post-24099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-alameda","tag-foreign-policy","tag-ftx","tag-sam-bankman-fried"],"jetpack_featured_media_url":"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/11\/sbf-june-2022.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/24099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=24099"}],"version-history":[{"count":5,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/24099\/revisions"}],"predecessor-version":[{"id":24105,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/24099\/revisions\/24105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media\/24100"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=24099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=24099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=24099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}