“What a 12 months it’s been,” mentioned a member of the Fortune Crypto workforce—no less than as soon as per week.
Each month appeared to convey a brand new Hollywood-ready disaster within the risky trade, from the $625 million hack of the controversial play-to-earn Axie Infinity in March to the nosedive of larger-than-life huckster Do Kwon’s TerraUSD in Could to the gorgeous collapse of Sam Bankman-Fried and FTX in November.
Evidently, the existential threats led to some terrific journalism (and in some circumstances, have been precipitated by reporting).
Though readers ought to, in fact, be turning to Fortune for all issues enterprise and crypto, we’ve lengthy appreciated Bloomberg Businessweek’s annual Jealousy Checklist and, effectively, bought a bit jealous. So right here’s ours, highlighting a number of the greatest tales we’ve learn in 2022—each crypto and non-crypto:
New York Journal: The Crypto Geniuses Who Vaporized a Trillion {Dollars}
By Jen Wieczner
On this long-form article, Jen Wieczner make clear the unraveling of the hedge fund Three Arrows Capital, one of many largest crypto collapses of the 12 months. By way of a collection of poignant examples that present the hubris of founders Su Zhu and Kyle Davies, together with the acquisition of a $50 million yacht referred to as A lot Wow, Wieczner sheds gentle on how some of the notable crypto hedge funds went stomach up. Full of sourcing and private accounts, Wieczner leaves no stone unturned and no journalist with out only a contact of envy.
—Marco Quiroz-Gutierrez, reporter
Bloomberg: FTX’s Stability Sheet Was Unhealthy
By Matt Levine
It’s almost inconceivable to decide on only one Matt Levine column on any matter, not to mention FTX, however this one, clocking it greater than 5,000 phrases—plus much more phrases about Elon Musk and Twitter and some different issues—was in all probability the one greatest—and positively most thorough—takedown of FTX and SBF.
—Justin Doom, editor
Monetary Occasions: A short-ish historical past of crypto audits
By Bryce Elder
This Monetary Occasions story, which was ignored by a giant a part of the crypto world, examines Binance CEO Changpeng Zhao’s time in 2014 at Beijing-based trade OKCoin, which issued one of many first “proof-of-reserve” audits. The piece gives new perception into the profession of a very powerful determine in crypto proper now, and in addition exhibits how the trade has all the time struggled to provide monetary paperwork that meet the strictures of conventional accounting.
—Jeff John Roberts, editor
Reuters: How crypto large Binance turned a hub for hackers, fraudsters and drug traffickers
By Angus Berwick and Tom Wilson
After a tweet from Changpeng Zhao triggered a collapse in FTT—and Sam Bankman-Fried’s empire—all eyes have been on Binance and CZ, who has taken the undisputed crown of crypto kingpin. Whereas retailers chase to unearth particulars in regards to the secretive firm, Reuters has been producing in-depth reporting for months, together with particulars on governmental investigations and internal dealings. This piece from June offered an summary of the trade’s shady exercise, however I’d suggest studying the reporters’ subsequent work, particularly post-FTX.
—Leo Schwartz, reporter
Remainder of World: They constructed a Minecraft crypto empire. Then all of it got here crashing down
By Neirin Grey Desai
Neirin Grey Desai goes deep into what occurred when, in a single day, Microsoft and Mojang banned NFTs from Minecraft. As Desai particulars, a thriving financial system of NFT-enabled servers like Critterz and NFT Worlds had popped up in one of many world’s hottest video games to let folks purchase and promote digital commodities like wool and land, incomes some gamers actual revenue up till the ban. The piece well demonstrates how NFTs have given folks methods to earn cash enjoying video games regardless of the expertise nonetheless not being absolutely accepted within the conventional gaming trade.
—Marco Quiroz-Gutierrez, reporter
Bloomberg: 11 Hours With Sam Bankman-Fried: Contained in the Bahamian Penthouse After FTX’s Fall
By Zeke Fake
A lot of nice tales have been written about SBF’s exploits within the Bahamas, however this one actually stood out due to the next trade between Bloomberg Information reporter Zeke Faux and SBF:
“You didn’t have $8 billion in money that you simply thought you had.”
“That’s appropriate. Sure.”
“You misplaced $8 billion?”
“Misaccounted.”
—Justin Doom, editor
Right this moment in Tabs: Sam Bankman-Detained-Awaiting-Extradition
By Rusty Foster
Rusty Foster is a hilarious genius. Full cease. Subscribe to his publication to learn stunning sentences like this one describing SBF as “…only a starry eyed lad of thirty summers, with goals as large as the nice outdoor and a promising life forward of him…”
—Justin Doom, editor
WIRED: Meet the Lobbyist Subsequent Door
By Benjamin Wofford
WIRED’s account of the burgeoning influencer-lobbyists world constructed by Trump’s former social media director is a revealing window into a brand new pattern that looks like Instagram and Twitter on steroids. We find out how in the present day’s political and social media financial system entails recruiting everybody from docs to bodily trainers who share delicate partisan messages with their area of interest communities of followers.
—Jeff John Roberts, editor
New York Occasions: How McKinsey Bought Into the Enterprise of Habit
By Walt Bogdanich and Michael Forsythe
The highest consulting agency McKinsey has lengthy been a pillar of American capitalism, however its secretive nature implies that the general public not often will get a peak into its elite operations. Investigative journalists Walt Bogdanich and Michael Forsythe secured unprecedented entry into the agency by means of paperwork and interviews with workers, producing reporting on the affect of McKinsey on the whole lot from opioids to baseball sabermetrics. This text is a good instance of what was compiled within the reporters’ 2022 e-book “When McKinsey Involves City.”
—Leo Schwartz, reporter
New York Occasions Journal: This Isn’t the California I Married
By Elizabeth Weil
Elizabeth Weil’s New York Occasions Journal piece on California’s devastating wildfires—and the accompanying images—will hang-out your goals. People have totally failed in stopping and even managing the fires, and it’s time for a wholly new mindset on the right way to coexist with them. “We have to cease considering a dashing rescuer in a crimson slicker or yellow fire-resistant shirt ought to come save us from wildfire,” Weil writes. “We don’t combat hurricanes. We don’t combat tornadoes. Nobody assumes there might be an armed protection from an earthquake or a flood. As a substitute, we bolt our homes to our foundations. We elevate our houses on stilts. Now we, Californians of the Anthropocene, must develop up, take accountability and cease anticipating to be saved.”
—Justin Doom, editor
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