Nick Navis

Exactly. But as we have learned in the cyclical history of crypto, number that go up must eventually come down. Which is exactly what happened in November of 2022. That's when it was revealed that the founder of crypto exchange FTX, Sam Bankman-Fried, had been secretly using billions of dollars of customer funds to make massive risky bets.

Exactly. But as we have learned in the cyclical history of crypto, number that go up must eventually come down. Which is exactly what happened in November of 2022. That's when it was revealed that the founder of crypto exchange FTX, Sam Bankman-Fried, had been secretly using billions of dollars of customer funds to make massive risky bets.

Exactly. But as we have learned in the cyclical history of crypto, number that go up must eventually come down. Which is exactly what happened in November of 2022. That's when it was revealed that the founder of crypto exchange FTX, Sam Bankman-Fried, had been secretly using billions of dollars of customer funds to make massive risky bets.

Crypto winter, some might call it.

Crypto winter, some might call it.

Crypto winter, some might call it.

So how do we go from crypto's dark night of the soul to an era teeming with more meme coins than we can keep track of? And who are the winners and losers of this brazen new world? That's coming up after the break. Okay, so at this point, we've seen the same pattern play out over and over in the world of crypto.

So how do we go from crypto's dark night of the soul to an era teeming with more meme coins than we can keep track of? And who are the winners and losers of this brazen new world? That's coming up after the break. Okay, so at this point, we've seen the same pattern play out over and over in the world of crypto.

So how do we go from crypto's dark night of the soul to an era teeming with more meme coins than we can keep track of? And who are the winners and losers of this brazen new world? That's coming up after the break. Okay, so at this point, we've seen the same pattern play out over and over in the world of crypto.

There's a rush of utopian promises, followed by a speculative rush of shady investments, followed by a sobering collapse as all the sketchy stuff is revealed.

There's a rush of utopian promises, followed by a speculative rush of shady investments, followed by a sobering collapse as all the sketchy stuff is revealed.

There's a rush of utopian promises, followed by a speculative rush of shady investments, followed by a sobering collapse as all the sketchy stuff is revealed.

When crypto exchange FTX collapsed, bringing down the whole crypto market along with it, it was like the ultimate emperor's new clothes moment. Even Sam Bankman-Fried, the person who seemed to be the face of crypto going legit, turned out to have committed fraud to the tune of billions of dollars.

When crypto exchange FTX collapsed, bringing down the whole crypto market along with it, it was like the ultimate emperor's new clothes moment. Even Sam Bankman-Fried, the person who seemed to be the face of crypto going legit, turned out to have committed fraud to the tune of billions of dollars.

When crypto exchange FTX collapsed, bringing down the whole crypto market along with it, it was like the ultimate emperor's new clothes moment. Even Sam Bankman-Fried, the person who seemed to be the face of crypto going legit, turned out to have committed fraud to the tune of billions of dollars.

In light of that, some crypto traders stopped believing in any promise of the technology's underlying value. They started to see it as pure, irreverent speculation.

In light of that, some crypto traders stopped believing in any promise of the technology's underlying value. They started to see it as pure, irreverent speculation.

In light of that, some crypto traders stopped believing in any promise of the technology's underlying value. They started to see it as pure, irreverent speculation.

Pump.fun is a bit shadowy, but as far as we can tell, it was created in January of 2024 by three entrepreneurs in their early 20s in London. We reached out to Pump.fun, but they didn't get back to us.

Pump.fun is a bit shadowy, but as far as we can tell, it was created in January of 2024 by three entrepreneurs in their early 20s in London. We reached out to Pump.fun, but they didn't get back to us.