From the New York Times, I'm Sabrina Tavernisee, and this is the Daily.

The FDA.

FDX founder, Sam Bankman Freedreed was sentenced to 25 years in federal prison.

When the influential cryptocurrency exchange, FTX, collapsed in 2022, it lost billions of dollars in customers money.

The man behind one of the biggest financial frauds in American history.

Lost $10 billion of customer deposits, all while living a relatively lavish lifestyle in the Caribbean.

Cryptocuracies have spent the better part of this year in a tail spin, fueled by financial losses.

But in a surprising twist earlier this month,

those customers were told they would get their money back.

Today, my colleague David Yaffey Bellany,

on what was behind this change in fortune and on what it says about the

improbable resurgence of crypto. It's Tuesday, May 21st.

David, welcome back to the show. Thanks so much for having me.

So the last time we spoke, Sam Bankman Freed, the disgraced founder of the company

FTX, and in many ways, you know, the face of the crypto industry, was about to go on

trial for stealing money from his customers. And it really looked like

that money was never going to come back. Billions of dollars disappeared. But then

something surprising happened. Tell us about it.

You're right, when FTX collapsed, customers were in total despair.

You know, they were convinced they were never going to see this money again.

And Sam Bankmanfreed was convicted of fraud, stealing this money, and sentenced to 25 years in prison.

But after the company collapsed, a team of bankruptcy professionals came in.

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