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Q

01

0:00/1:34

During Sam Bankman-Fried’s monthlong fraud trial, prosecutors presented damning evidence that the fallen crypto founder knew full well what he was doing from the beginning. He knew that Alameda Research borrowed billions in customer funds from FTX. He knew his fellow executives fabricated balance sheets to send to lenders. He knew FTX wasn’t fine when he told customers it was.

번역 보기
monthlong
한 달간 계속되는
prosecutor
소추자, 검찰관
fabricated
허구의

In cryptoland, the response to these revelations was largely to condemn Bankman-Fried and FTX as an aberration. When the truth about FTX came out, Binance CEO Changpeng “CZ” Zhao slammed Bankman-Fried, saying he “lied to everyone.” Similarly, Coinbase CEO Brian Armstrong wrote on X (formerly Twitter) that “even the most gullible person should not believe Sam’s claim” that the missing funds stemmed from an accounting error.

번역 보기
condemn
(보통 도덕적인 이유로) 규탄[비난]하다
aberration
일탈, 일탈적인 행동[일]
gullible
남을 잘 믿는, 잘 속아 넘어가는 (=naive)

02

0:00/1:34

But as Bankman-Fried awaits sentencing after being convicted on seven criminal counts, including wire fraud, the rest of the industry has been left to take stock of its future. FTX may have been one of the most brazen fraud operations in recent years, but it’s far from the only embarrassing crypto collapse.

번역 보기
brazen
뻔뻔한 (=shameless)
collapse
붕괴되다, 무너지다

While some of the decisions Bankman-Fried made might have been unique to FTX, it’s one of the multiple cases where no one on the outside caught on until it was too late — and in the wake of Bankman-Fried’s trial, it may take work to convince the public he was an outlier. 

번역 보기
outlier
국외자, 문외한

03

0:00/1:34

“Over the past year, our industry took a reputational hit in Washington, but Sam Bankman-Fried’s crimes had nothing to do with the technology underpinning digital assets,” Kristin Smith, the CEO of the Blockchain Association, tells The Verge. “The trial was about a crook — not crypto. And while the trial hasn’t been a net positive for the industry, it has refocused minds on the fundamental promise of decentralization.”

번역 보기
reputational
평판의, 명성이 있는.
underpin
(주장 등을[의]) 뒷받침하다[근거를 대다]
crook
사기꾼 (=criminal)
decentralization
분산, 집중 배제, 지방 분권

Indeed, a lot of Bankman-Fried’s misconduct is not inherently related to cryptocurrency — like falsifying his firm Alameda Research’s finances and spending other people’s money without permission.

번역 보기
misconduct
비행, 위법[불법] 행위, 직권 남용
inherently
선천적으로
falsify
(문서를) 위조[변조/조작]하다

04

0:00/1:34

But much of this appears to have been possible because there was so little meaningful oversight of the crypto industry and so much acceptance of companies playing fast and loose. It’s hard to say if the crypto companies left standing are free from all of FTX’s flaws, or how closely they’ve looked over their partners. And then there’s the simple, inconvenient fact that so many of them are under legal scrutiny. 

번역 보기
oversight
(잊어버리거나 못 보고 지나쳐서 생긴) 실수, 간과
flaw
(사물의) 결함
scrutiny
정밀 조사, 철저한 검토

Earlier this year, the Securities and Exchange Commission sued Terraform Labs, the crypto firm behind the stablecoin that vaporized billions in customer funds when it collapsed last year, for allegedly perpetuating “a fraudulent scheme.” After that, the Federal Trade Commission arrested the CEO of now-bankrupt crypto lending company Celsius over claims he made millions off the lies he spread about the firm’s token.

번역 보기
vaporize
증발[기화]하다, 증발[기화]시키다
allegedly
주장한 바에 의하면
perpetuate
영구화하다, 영속시키다
fraudulent
사기를 치는[치기 위한]

05

0:00/1:34

Witness testimonies and a plethora of evidence have revealed a whole range of things that can and could’ve gone wrong. What would’ve happened if CoinDesk never published the article that revealed the massive hole in FTX’s balance sheet? Would Bankman-Fried continue to go about his business — doling out billions in stolen funds to save sinking crypto companies, donating to politicians, and sponsoring sports teams?

번역 보기
plethora
과다, 과잉
balance sheet
대차 대조표, 재정 증명서

Would he have kept spending FTX customers’ funds until it either all crashed for some other reason, or until one of his bets — like an investment in the AI company Anthropic — hit big enough to clear the books? Alameda’s unlimited amount of credit makes it seem like a possibility.

번역 보기
anthropic
인류의, 인류 시대의, 인류 발생[발달]론의