Sam Bankman-Fried, CEO of the FTX crypto exchange and a very popular figure in the crypto community, has lost nearly 94% of his total wealth. FTX was having liquidity problems, so Binance stepped in to acquire the struggling exchange. The Bloomberg Billionaires Index assumes that existing FTX investors — including Bankman-Fried — will lose all their money in the Binance bailout.

As of this writing, it’s unclear whether Binance will go through with the takeover. But the crypto market is already having a meltdown as a result.

Meanwhile, the LA Blockchain Summit concluded last week. Our own Vin Narayanan attended the summit and learned some fascinating new things.

In this episode of The Early Investing Podcast, Vin and Allison Brickell discuss FTX’s struggles, artists’ interest in NFTs, blockchain’s ability to transform business models and more.

Thanks for watching!