This episode is sponsored by Nexo.ioArculus and FTX US.

On today’s episode, NLW looks at the latest Financial Stability report from the International Monetary Fund. The report looks at how the war in Ukraine is impacting financial stability. NLW argues that it sends mixed messages on crypto – arguing that the war highlights a set of new risks arising from cryptocurrencies while also recognizing that the prognostications of sanctions evasion haven’t come to pass.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Al Drago/Bloomberg via Getty Images, modified by CoinDesk. Join the discussion at