The rise of cryptocurrencies created a new, wild-west frontier of wealth, minting a generation of overnight, digital-native billionaires. This episode dives into the volatile world of crypto, focusing on some of its most prominent and controversial figures. We profile Changpeng Zhao ("CZ"), the founder of the world's largest crypto exchange, Binance, who built a massive, unregulated financial empire before facing intense scrutiny and legal trouble from governments around the world.

The centerpiece of our story is the spectacular rise and catastrophic fall of Sam Bankman-Fried (SBF), the wunderkind founder of the exchange FTX. We explore how SBF became the friendly, public face of the crypto industry, attracting billions in investment and celebrity endorsements, all while secretly funneling customer funds to his own private hedge fund. We then chronicle the stunning collapse of his empire in a matter of days, exposing one of the largest financial frauds in recent history and wiping out billions of dollars in wealth.

The story of the crypto billionaires is a cautionary tale of hype, greed, and the dangers of an unregulated market. It captures the dizzying boom and the devastating bust of a new technological gold rush. Their fortunes were built on a new kind of asset, but their downfall was a classic story of old-fashioned fraud.