Rogan and Pappas were talking about the crypto exchange FTX, which has collapsed recently. The company led by Sam Bankman Fried came under the radar of authorities for money laundering and the founder filed for bankruptcy. The company fell into a downward spiral after rumors of the company not having enough liquid assets to support withdrawals.

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Talking about the Founder Sam Bankman Fried, Yannis Pappas said that he doesn’t understand where did Sam Bankman Fried get his money from? Rogan then talked about the youngest billionaire ever and Bankman Fried not being all bad. He said “Like all things, he is probably not all bad, it just didn’t workout as though he is going to. It was for so long and he probably thought he can get away with what he was doing.”

The youngest billionaire doesn’t impress Joe Rogan.

Joe Rogan said that like all things, Sam Bankman Fried wasn’t all bad. “super charitable, but things didn’t go the way he thought they would.” He added, “he is like super charitable. He probably also thought that he was way smarter than he actually was, right? Because he has decision-making authority, he is a billionaire already. He also thinks he is the s**t.”

Rogan also pointed out the founder’s lifestyle and his thought process. He said, ” you would think you could do whatever and also you are banging 9 people in the house.” The FTX founder has come under heavy fire after the debacle. Authorities are also investigating for further misuse of money or criminal associations.

FTX went from glory to gloom pretty quickly

Once thought of as “bulletproof” by traders and investors FTX showed its first sign of trouble when withdrawals were denied to many traders. The company then filed for bankruptcy. It has now entered the crypto Hall of Shame. Companies like Gox, Celsius, and Three Arrows Capital are some other names from the crypto world that announced bankruptcy earlier.

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FTX users got a fake sense of security when crypto joint Binance said it was going to help FTX with a rescue deal but backed out soon after corporate Due Diligence. It mentioned that there was gross mismanagement of funds. Sources around the deal said the FTX books looked like a black hole. It was impossible to differentiate between assets and liabilities.