This episode is sponsored by and Circle.

On this edition of “Long Reads Sunday,” a reading of Nic Carter’s 2020 essay “How to Stop the Next Quadriga: Make Exchanges Prove Their Reserves.”

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang. Image credit: Alex_Doubovitsky/Getty Images, modified by CoinDesk. Join the discussion at