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Note: This episode was published on Dec 14, 2021, approximately a year before FTX\\u2019s subsequent meltdown. The apparent negligence, fraud and self-dealing at FTX has given us much to reflect on after we \\u2014 and many others \\u2014 gave Sam a platform to share his and FTX\\u2019s story with all of you. We\\u2019ve decided to leave this episode up in-full as a historical artifact of the industry\\u2019s view on FTX at the time. For a broader Acquired discussion on frauds, and specifically the similarities between FTX and Enron, see our November 2022 Enron episode.

We tell the definitive (audio!) story behind FTX\'s "speed run" \\u2014 how this upstart crypto exchange became the fastest company in history to reach a $25B valuation, just two years after founding. And to do so we\'re joined by not one but TWO of the very best people in the world to help: FTX\'s wunderkind CEO Sam Bankman-Fried, and special guest host Mario Gabriele from The Generalist, who Sam gave extensive access to FTX\'s internal data, employees, and investors for his canonical 36,000 word trilogy on the company this past summer. We cover it all \\u2014 from the "$20m/day" trade that started everything, to Tom Brady & Gisele, to Sam testifying last week in front of Congress. Don\'t blink or you might miss it!\\xa0

Sponsors:
Vanta: https://bit.ly/acquiredvanta
Crusoe: https://bit.ly/acquiredcrusoe
Modern Treasury: https://bit.ly/acquiredmoderntreasury

Big news!! All back catalog LP Show episodes are now free and available to anyone!! You can follow our new public LP Show feed here in the podcast player of your choice. It\'s already chock-full of 60+ great episodes like our VC Fundamentals series, interviews with founders of top early-stage startups, and master classes on pricing, marketplaces, SaaS investing and many more topics. Happy listening and happy holidays to everyone!!

Links:

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• The Generalist\'s FTX Trilogy: https://www.readthegeneralist.com/briefing/ftx-1\\n
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• FTX: https://ftx.com\\n
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• FTX US: https://ftx.us\\n
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• Sam\'s Twitter: https://twitter.com/SBF_FTX\\n
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\\xa0\\u200dNote: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.