How a CoinDesk scoop led to the fall of Sam Bankman-Fried and implosion of FTX

TL;DR

The staggering level of apparent deception staged by former crypto king Sam Bankman-Fried wasn’t uncovered by government investigators or a major powerhouse financial news organization, such as The Wall Street Journal.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.“I had no expectation that it was going to be that gigantic.”Over the next couple of days, Baker, from a home office in the Chicago area, worked with Allison, who lives in Scotland, to “chisel down” the financial document into a story.On November 2, they hit publish on the explosive report, quickly capturing the attention of the crypto world and shaking the foundation of the mighty exchange FTX.Telling a truthful story has consequences.”Soon after, with the crypto market and his company in chaos, SBF resigned in disgrace and FTX moved to declare bankruptcy, marking one of the most stunning collapses in the history of finance."

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