Tracy Wang

CoinDesk’s Tracy Wang joins host Rich Goldberg to go behind the scenes of their earth-shattering reporting that led to the downfall of FTX. From Alameda to SBF’s inner circle to rival Binance, Tracy connects the dots and gives us a preview of what may come next.

Tracy Wang is a deputy managing editor at CoinDesk based in New York. Before covering cryptocurrencies, she reported on institutional investors, hedge funds and billionaires. She graduated from Yale College with a degree in Economics. She owns BTC, ETH, MINA, ENS, various stablecoins, and some NFTs.

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There are 21 comments.

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  1. Henry Racette Moderator
    Henry Racette
    @HenryRacette

    Enjoyed the last show, Rich, but I was hoping to hear details about FTX and just what went wrong — not what “mistakes” were made and controls were absent, but the actual mechanics behind it, where the money went and how it got there.

    Looking forward to this show, and perhaps learning more about what went on behind the scenes.

    Keep them coming.

    • #1
  2. OccupantCDN Coolidge
    OccupantCDN
    @OccupantCDN

    From 6 months ago:

    Had the media been paying attention, or even remotely researching their guest when they had him on his show, they could have nipped this scandal in the bud months ago (if not a year ago)

    • #2
  3. Misthiocracy has never Member
    Misthiocracy has never
    @Misthiocracy

    OccupantCDN (View Comment):

    From 6 months ago:

     

    Had the media been paying attention, or even remotely researching their guest when they had him on his show, they could have nipped this scandal in the bud months ago (if not a year ago)

    There are a lot of problems with the movie The Big Short, but it does have some great dialogue, and watching this video makes me think of one iconic line from that movie:

    “Why are they confessing?”

    “They’re not confessing. They’re bragging.”

    • #3
  4. RufusRJones Member
    RufusRJones
    @RufusRJones

    OccupantCDN (View Comment):

    From 6 months ago:

    Had the media been paying attention, or even remotely researching their guest when they had him on his show, they could have nipped this scandal in the bud months ago (if not a year ago)

    That is an excellent video.

    I’m literally not very smart, but I have a finance degree. I got it by the skin of my teeth from a mediocre Big Ten university. Having said that, it absolutely amazes me how many basic things are ignored or violated by Gary Gensler, Kevin O’Leary, SBF’s lawyer parents, the Bahamas government etc.

    The other thing is, the odd lots guy absolutely hates hard money, but he is one of the chief people that is causing the financial collapse and the need for hard money. He’s a total shill for Keynesianism and his damn good at it. None of those guys can explain how legal tender laws advance human flourishing. That is the fundamental question. In theory, the world is better off with legal tender laws in western governments, but in reality we are collectively too stupid and corrupt to make it work.

    • #4
  5. RufusRJones Member
    RufusRJones
    @RufusRJones

    OMG the first couple of minutes. O’Leary literally says that he did due diligence and SBF’s parents are compliance lawyers. He’s just another parasite on society. That’s basically what SBF’s parents are as well. You don’t have to watch the rest of it.

     

     

     

     

     

    • #5
  6. Misthiocracy has never Member
    Misthiocracy has never
    @Misthiocracy

    RufusRJones (View Comment):

    OMG the first couple of minutes. O’Leary literally says that he did due diligence and SBF’s parents are compliance lawyers. He’s just another parasite on society. That’s basically what SBF’s parents are as well. You don’t have to watch the rest of it.

     

     

     

     

     

    I remember an episode of Dragon’s Den where an inventor had a new form of quick-release hose connector for firefighting, and O’Leary said that the inventor should devote resources to lobbying governments to make it mandatory. That was the moment I lost all respect for the guy.

    • #6
  7. OccupantCDN Coolidge
    OccupantCDN
    @OccupantCDN

    Misthiocracy has never (View Comment):

    RufusRJones (View Comment):

    OMG the first couple of minutes. O’Leary literally says that he did due diligence and SBF’s parents are compliance lawyers. He’s just another parasite on society. That’s basically what SBF’s parents are as well. You don’t have to watch the rest of it.

     

     

     

     

     

    I remember an episode of Dragon’s Den where an inventor had a new form of quick-release hose connector for firefighting, and O’Leary said that the inventor should devote resources to lobbying governments to make it mandatory. That was the moment I lost all respect for the guy.

    He’s Canadian. So thats what you get.

    • #7
  8. OccupantCDN Coolidge
    OccupantCDN
    @OccupantCDN

    Here is another guy, who figured it out in March:

    Terry Duffy, CEO of CME.

    • #8
  9. Misthiocracy has never Member
    Misthiocracy has never
    @Misthiocracy

    OccupantCDN (View Comment):
    He’s Canadian. So thats what you get.

    OccupantCDN (View Comment):

    Here is another guy, who figured it out in March:

    Terry Duffy, CEO of CME.

    I’m skeptical of people who, after the fact, claim they “saw it coming” unless they provide evidence.

    Show us a document or a video where you called FTX a fraud or GTFO.

    • #9
  10. OccupantCDN Coolidge
    OccupantCDN
    @OccupantCDN

    Misthiocracy has never (View Comment):

    OccupantCDN (View Comment):
    He’s Canadian. So thats what you get.

    OccupantCDN (View Comment):

    Here is another guy, who figured it out in March:

    Terry Duffy, CEO of CME.

    I’m skeptical of people who, after the fact, claim they “saw it coming” unless they provide evidence.

    Show us a document or a video where you called FTX a fraud or GTFO.

    Terry Duffy gave testimony to congress about it back in MAY. Thats what the interview was about – his clash with an idiot congressman during that testimony.

    He has the receipts.

    • #10
  11. OccupantCDN Coolidge
    OccupantCDN
    @OccupantCDN

    Here is the conflict with Terry Duffy and Ro Khanna:

    • #11
  12. RufusRJones Member
    RufusRJones
    @RufusRJones

    OccupantCDN (View Comment):

    Here is the conflict with Terry Duffy and Ro Khanna:

    Thanks for posting that. 

    I never dreamed that the political power, lawyers, and people like Kevin O’Leary could be so reckless and ignorant about anything. 

    As of right now, I think stable coins are stupid. It’s a lot of effort to turn them into fiat money. It’s redundant.

    • #12
  13. RufusRJones Member
    RufusRJones
    @RufusRJones

     The other thing is, why would Democrats support “harder” money? It fundamentally undermines their power and probably 80% of what they believe in.

    • #13
  14. RufusRJones Member
    RufusRJones
    @RufusRJones

     

     

     

    How in the hell do law professors get themselves into such a bad spot? 

    • #14
  15. RufusRJones Member
    RufusRJones
    @RufusRJones

    No audit. No board of directors. 

    But the loss has left many wondering how Ontario Teachers managed to miss the red flags, the most surprising of which, according to Bloomberg, is FTX’s lack of a proper board of directors given that Ontario Teachers is known for being diligent about scrutinizing the governance of companies it invests in.

    “Prior to making an investment, our investment teams spent years tracking the digital asset space,” Dan Madge, a spokesperson for the plan, told Bloomberg. “TVG’s (Teachers’ Venture Growth) thesis was that exchanges, such as FTX, could help refine out perspectives around digital assets without exposing the plan to significant risks. TVG spent many months on diligence of FTX, in partnership with experienced external advisors, to allow us to assess the risks associated with the investment.”

    Ontario Teachers’ said that while its investment departments “conduct robust due diligence on all private investments,” no process can “uncover all risks, especially in the context of an emerging technology business.”

     

    If this quote doesn’t lack a ton of context, this guy is a menace to society.

     

    However, not everyone condemned the investment. 

    “We need to realize that the growth of cryptocurrencies over the past five, six, seven years has been tremendous,” Sebastien Betermier, an associate professor of finance at McGill University told Bloomberg. “From the perspective of a long-term investor like a pension fund, it raises the question, should we invest a piece of our wealth in crypto?”

    https://thepostmillennial.com/ftx-scams-ontario-teachers-pension-out-of-95-million?utm_campaign=64506

    • #15
  16. OccupantCDN Coolidge
    OccupantCDN
    @OccupantCDN

    RufusRJones (View Comment):

    The other thing is, why would Democrats support “harder” money? It fundamentally undermines their power and probably 80% of what they believe in.

    But he didnt do that, though did he?

    He was acting as a paid shill for a donor. A donor who’ll undermine trust in the crypto industry, and provide the ultimate justification for extensive government regulations.

    SBF is the perfect lamb – provided cash in a harsh election year – then the justification for the regulations they’d wanted in the first place… Now those 87 000 IRS agents will have something to do…

     

    • #16
  17. RufusRJones Member
    RufusRJones
    @RufusRJones

    OccupantCDN (View Comment):

    RufusRJones (View Comment):

    The other thing is, why would Democrats support “harder” money? It fundamentally undermines their power and probably 80% of what they believe in.

    But he didnt do that, though did he?

    He was acting as a paid shill for a donor. A donor who’ll undermine trust in the crypto industry, and provide the ultimate justification for extensive government regulations.

    SBF is the perfect lamb – provided cash in a harsh election year – then the justification for the regulations they’d wanted in the first place… Now those 87 000 IRS agents will have something to do…

     

    If you teach your children to not trust the politicians and the ruling class and you think you’ve overdone it, you probably haven’t. That’s how bad it is.

    • #17
  18. Henry Racette Moderator
    Henry Racette
    @HenryRacette

    I enjoyed this interview, and also the subsequent discussion.

    Rich’s guest sounds like an intelligent and well-informed young woman. She made one comment toward the end which I found amusing. In the conversation about various suspicious loans between interconnected parties surrounding FTX, the thing that prompted her suggestion that the matter really needs to be investigated was the possibility of a relatively small loan (by FTX mischief standards) to a guy who gave political donations to Republicans. I guess I shouldn’t be surprised that journalists find that particularly alarming.

    (And I did appreciate that Rich made the effort to note Bankman-Fried’s huge donations to Democrats.)

    • #18
  19. RufusRJones Member
    RufusRJones
    @RufusRJones

    FYI based on something else I’ve heard, I think there might be something to this. 

     

     

     

    • #19
  20. RufusRJones Member
    RufusRJones
    @RufusRJones

    This is very educational and entertaining. He is a short seller and he goes through his philosophies and experiences. Really cool. I’m sure it’s on most podcast platforms. This guy was trying to get Bloomberg News on it on about 1 July. 

    I heard a new one. They were  lying about having FDIC insurance until the FDIC made them take it down. You can’t tell me they didn’t go directly to Gary Gensler and tell him that happened. I wonder what date that was. 

    He also mentioned that the more or less number two guy, Wang, used to work at Sequoia. I think I heard that before, but I forgot it. It’s not getting a lot of attention. Wang is also likely connected to the CCP. He says that the Sequoia investment sucked in a lot of the gullible at that point because they were so trusted. 

     

     

     

     

     

     

    • #20
  21. RufusRJones Member
    RufusRJones
    @RufusRJones

     

     

     

    • #21
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