Reveal

When the cryptocurrency exchange FTX imploded, customers around the world lost access to their money. Founder Sam Bankman-Fried was convicted of fraud and sent to prison. But the story didn’t stop there. For the past three and a half years, FTX has been in bankruptcy, a legal process that determines who will be paid back and how much they’ll receive. 
From the start, some customers and FTX insiders have criticized the bankruptcy. Legal experts and a bipartisan group of senators objected to the law firm tapped to run it, raising concerns about potential conflicts of interest. But the bankruptcy court and an independent examiner signed off on the firm’s appointment as lead counsel.  
Customers are now receiving compensation for their losses, but many say they’re being shortchanged. Instead of being paid in cryptocurrency, they’re receiving cash, with their claims pegged to the value of crypto when the market was at an all-time low. 
“Under this plan, my contractual rights and my ownership rights have been trampled; my property rights have been disregarded,” says Lidia Favario, an Italian artist who argued in court that customers should be repaid in crypto, not cash.
This week on Reveal, in the second part of our series on FTX, we examine the decisions that shaped what’s become one of the most expensive bankruptcies in US history. 
Read the FTX bankruptcy estate’s on-the-record statement to Reveal. 
This is an update of a show that originally aired in October 2025.

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More To The Story: OpenAI and its revolutionary chatbot ChatGPT have single-handedly accelerated AI’s boom and threatened to upend much of how we work, create, learn, and communicate in the process. But when OpenAI was founded a decade ago, the company’s approach to artificial intelligence wasn’t taken seriously in Silicon Valley. Tech journalist Karen Hao has been covering OpenAI’s astounding rise for years and is the author of Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI. She says that while many in Silicon Valley warn of AI’s sci-fi-like threats, the real risks are already here. (The Center for Investigative Reporting, which produces Mother Jones, Reveal, and More To The Story, is currently suing OpenAI and Microsoft for copyright infringement.) On this week’s More To The Story, Hao sounds the alarm about the risks to the planet from AI’s growth, examines the Trump administration’s efforts to deregulate the industry, and explains why the version of AI being developed by Silicon Valley could destabilize democracy.
This episode first aired in October 2025. 
Producer: Josh Sanburn | Editor: Kara McGuirk-Allison | Theme music: Fernando Arruda and Jim Briggs | Copy editor: Nikki Frick | Intern: Joni Binder | Deputy executive producer: Taki Telonidis | Executive producer: Brett Myers | Executive editor: James West | Host: Al Letson
Read: America’s Worst Polluters See a Lifeline in Power-Gobbling AI—and Donald Trump (Wired)
Listen: Is AI Pushing Us Closer to Nuclear Disaster? (More To The Story)
Read: Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI (Penguin Press)
Read: The Center for Investigative Reporting Sues OpenAI, Microsoft for Copyright Violations (Mother Jones)

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Sam Bankman-Fried was once called the “crypto king.” But in November 2022, his company, FTX, imploded within a matter of days. All around the world, customers of the cryptocurrency exchange were suddenly cut off from their money. 
“I tried to withdraw an amount, you know, and it would spin and say, your, your withdrawal is pending,” says Tareq Morad, an investor from Canada. “I remember myself doing that around 7, 8 o’clock at night, checking back, going to look: Okay, did it go through? Did it go through? No. No. No.”
Meanwhile, inside the company, employees were panicking. “All that we were told was there's been a run on the bank and, somehow, money is missing and we don't know who to trust,” remembers Caroline Papadopoulos, part of FTX’s accounting leadership at the time. 
This week on Reveal, through prison interviews with Bankman-Fried, his parents, FTX insiders, and customers, we take you through the frantic week of FTX’s collapse and the controversial and less well-known bankruptcy that followed. At a cost of nearly $1 billion, it has become one of the most expensive in history. 
Read the FTX bankruptcy estate’s on-the-record statement to Reveal. 
This is an update of a show that originally aired in September 2025. 

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More To The Story: Last month, the Supreme Court issued a number of landmark opinions involving transgender rights, campaign finance, executive power, and immigration. Those decisions were issued in the traditional way many of us recognize: pages and pages of arguments and citations, with each justice on the record voting yea or nay. But over the last decade, the court—led by Chief Justice John Roberts—has increasingly relied on a fast-track way of making decisions that was once rarely used. It’s known as the shadow docket. Few reporters have done more to shine light on the shadow docket than New York Times investigative journalist Jodi Kantor. Along with her colleague Adam Liptak, Kantor recently published a number of previously undisclosed memos detailing the shadow docket’s unprecedented expansion under the Roberts court. On this week’s More To The Story, Kantor talks to host Al Letson about what’s driving the Roberts court to bypass the traditional ways of issuing decisions and how that’s affecting public trust in the court. Plus, Kantor looks back at her Pulitzer Prize–winning reporting on sexual abuse allegations against Harvey Weinstein that helped set off the #metoo movement and argues that obituaries for the movement almost 10 years later are dead wrong.
Producer: Josh Sanburn | Editor: Kara McGuirk-Allison | Theme music: Fernando Arruda and Jim Briggs | Copy editor: Nikki Frick | Digital producer: Artis Curiskis | Intern: Joni Binder | Deputy executive producer: Taki Telonidis | Executive producer: Brett Myers | Executive editor: James West | Host: Al Letson
Read: This Is All John Roberts’ Fault (Mother Jones)
Listen: Why Conservatives Are Trying to Kill the Voting Rights Act (More To The Story)
Read: The Inside Story of Five Days That Remade the Supreme Court (The New York Times)
Read: She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement (Penguin Books)
Read: How to Start: Discovering Your Life’s Work (Little Brown and Company)

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When Bryan Stevenson moved to Montgomery, Alabama, in the 1980s, the city—one of America’s most prominent slave trading spaces before the Civil War—had dozens of Confederate monuments and memorials, but nothing commemorating slavery. 
Today, thanks to Stevenson’s efforts, the city looks much different. Over the last decade, the executive director of the non-profit Equal Justice Initiative has transformed parts of Montgomery through markers acknowledging the legacy of slavery while building the Legacy Sites, a museum and memorials that commemorate the nation’s history of lynching, enslavement, and racial terror across the South. 
“We have to now fight to correct the historic record, to have an honest accounting of what happened to our parents and grandparents and their parents,” Stevenson says. “Because without an honest accounting, we will not make it to the next step.”
This week on Reveal, host Al Letson travels to Montgomery to interview Stevenson as America marks its 250th anniversary. He talks about the importance of memorializing the nation’s darkest chapters as the Trump administration attempts to erase slavery from America’s museums and explains why he sees today’s narrative struggle for racial justice as a generational battle.

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