This episode is sponsored by, Circle and Pastel Network.

"The Hash" hosts dive into the extensive and nuanced parallels between FTX and Enron, including the strange twist that Enron's former lawyer is now the new CEO of FTX. Plus, Secret Foundation founder Tor Bair shares his thoughts on the tradeoffs between open ledgers and privacy-preserving approaches to the blockchain.

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This episode has been edited by Michele Musso. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.”