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.