This month, customers of FTX — Sam Bankman-Fried’s cryptocurrency exchange, which collapsed in 2022 — were told that they would get their money back, with interest.

David Yaffe-Bellany, our technology reporter, explains what was behind this change in fortune and what it says about the improbable resurgence of crypto. 

Guest: David Yaffe-Bellany, a technology reporter for The New York Times, covering the crypto industry from San Francisco. 

Background reading: 

• Is crypto back? Here’s a guide.
• And here’s a guide to the risks of Bitcoin E.T.F.s.
• This is how The Times covered Sam Bankman-Fried’s sentencing.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.