When Sam Bankman-Fried’s crypto empire began to crumble this week and reach unbelievably stupid new lows, I knew I had to get on the phone with the writer behind the Substack newsletter Dirty Bubble Media. Since January, Mike Burgersburg (a pseudonym) has been diligently tracking the sketchy mechanics of the crypto economy. He plumbs the complicated blockchains and wallets and clarifies them for readers both interested in and weirded out by crypto. He’s often uncovered important developments before the rest of the tech and crypto press covers them, making Dirty Bubble an essential resource for anyone who wants to understand celebrity NFTs, market crashes, and the rich people who’ve poured all their money into these strange finances. For a while now, he’s also been keeping close watch on Bankman-Fried and his companies—Alameda Research and FTX—and warning of potential dangers to come.
I spoke with Burgersburg on Thursday evening, after FTX lost a chance at getting bailed out. Since our conversation, even more has happened: The Securities and Exchange Commission is looking into Bankman-Fried, his net worth has plummeted to zero, he’s seeking counsel of a former Enron lawyer, and his companies have registered for Chapter 11 bankruptcy. (All the other firms that depended on them are also going for broke.) Oh, and Bitcoin is crashing again. Still, Burgersburg had plenty of valuable things to say about tracking crypto, how to be a…
