What do you get when you mix crypto, celebrity endorsements, existential risk, political donations, and zero internal controls?
Answer: the rise and collapse of FTX.
Sam Bankman-Fried didn’t just build a crypto empire—he built a belief system.
Effective altruism. Earning to give. Longtermism. Philosophy became camouflage.
In this episode, we unpack how the founder of FTX transformed complex ideology into one of the greatest confidence tricks in financial history—convincing regulators, politicians, and celebrities that he was crypto’s ethical saviour… all while customer funds were vanishing behind the scenes.
We cover:
The rise of “earning to give” and how it justified extreme risk and eventual theft
Longtermism and the cosmic math that made current losses seem morally acceptable
Why a $32 billion company operated without a CFO—or even proper accounting
The role of image laundering in building unearned trust
How the same system that let FTX thrive penalises smaller, legitimate firms
It’s more than a crypto collapse. It’s a masterclass in how philosophy, branding, and unchecked power can cover up one of the greatest financial crimes of our time.
Find out more on Anqa's blog: https://www.anqacompliance.com/anqa-blog/ftx-collapse-image-laundering-vs-compliance
