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How to blow up a $32B crypto exchange, with Binance Labs MD of Token Engineering, David Shuttleworth

In this conversation, we chat with David Shuttleworth, the managing director of token engineering at Binance. Prior to this, David was a Senior DeFi Economist at ConsenSys, where he focused on mechanism design, tokenomics, and protocol design. David’s experience is extensive and includes leading the development of the Medical Advanced Analytics team at GlaxoSmithKline and was a data scientist at various stage startups in FinTech and predictive analytics.  

David also conducted research in behavioral economics and health outcomes at the University of Pennsylvania and has published his work in peer-reviewed scientific journals such as JAMA, the Annals of Internal Medicine, and the Lancet.


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2’21”: A high level overview of what happened to FTX and the bizarre coverage of Sam Bankman-Fried

6’56”: How BitMEX fits into the equation

11’34”: Addressing the relevance of the conspiracy theories surrounding FTX

16’19”: Tokenomics of FTT (FTX’s token) overview – explaining trading on the margin, how this differs from buying at spot rates, and liquidation machanics

20’24”: Crypto holding attacks and why this is profitable for the attacker

22’59”: FTX and Alameda Research’s Balance sheet – collateralization, strategy, and leverage

27’16”: The collapse of Terra LUNA and Three Arrows Capital, how this impacted FTX, and who is likely to fall next

35’02”: Remediation strategies: The Binance Billion Dollar Recovery Fund and Proof of Reserves

39’12”: Channels to use to connect with David

  • Lex Sokolin

    Chief Cryptoeconomist @Consensys , repeat fintech founder, artist in love with systems. Follow me for insider analysis of Web3, Fintech, and DeFi.