The story:
3.1 billion dollars.
That’s how much the cryptocurrency exchange company FTX owes to its 50 largest investors.
Sam Bankman-Fried, the founder and CEO, has been arrested and charged with fraud.
He’s accused of transferring FTX money to his own hedge fund.
Key words and phrases:
file
make something official by law
- The company have no more money so they are filing for bankruptcy.
- Ahmed and Mila have filed for divorce – they couldn’t make the relationship work.
rise and fall
success and then failure of a person, organisation or thing
- What are you reading? The Rise and Fall of the Dinosaurs
- The rise and fall of DVDs: why no-one buys them now
white knight
someone or something that helps others
- They were saved by a white knight who bought the company.
- The donation was a white knight for the charity.
0:00 – Introduction
0:23 – Story
1:10 – Headline 1: New York Times: Sam Bankman-Fried Arrested in the Bahamas After US Prosecutors File Charges
2:48 – Headline 2: Al-Jazeera: Timeline: The rise and spectacular fall of FTX
4:46 – Headline 3: Reuters: Sam Bankman-Fried’s sudden turn from white knight to detainee
6:45 – Language summary
For a quiz and downloads, check out our website: https://www.bbc.co.uk/learningenglish/english/course/newsreview-2022/unit-1/session-49