A few months ago, the cryptocurrency exchange FTX was valued at about $32 billion. Its brand was plastered on the Miami Heat’s arena and on the umpires during the World Series. Tom Brady was hawking it during the Super Bowl.

Now, FTX is entering bankruptcy. More than a million creditors could have lost their money. And FTX’s founder, Sam Bankman-Fried, is facing the possibility of civil or criminal charges.

The spectacular collapse of FTX is causing shockwaves across the finance and business worlds, but it’s particularly bad for the future of crypto. Bankman-Fried — or “SBF” as he is known in crypto-land — was the boy wonder of the industry, the friendly face leading the charge to integrate crypto into the traditional financial system.

Semafor business and finance editor Liz Hoffman told Today, Explained host Sean Rameswaram that, with Bankman-Fried disgraced, that integration effort is likely set back years, if not longer. “I do think, you know, we’re talking a lot about crypto winter,” she said.

Below is an excerpt of the conversation, edited for length and clarity. There’s much more in the full podcast, so listen to Today, Explained wherever you get podcasts, including Apple Podcasts, Google Podcasts, Spotify, and Stitcher.

Sean Rameswaram

Liz, I think a lot of people out in the world who aren’t investing in crypto feel like it’s all smoke and mirrors and far too wild of a West. And this story sort of confirms it. But you’re telling…