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 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.

This year, customers are 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.

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More To The Story: The growth of crypto—decentralized digital currency that doesn’t rely on the backing of a bank or government—is one of the most transformative financial developments of the 21st century. And yet cryptocurrencies still baffle so many. How risky of an investment is it? Where do I buy it? And, wait, what is crypto again?

On this week’s More To The Story, host Al Letson sits down with independent journalist Molly White for some answers. She examines the growth of cryptocurrency in the US, how digital currencies have begun permeating American politics, and the extreme risks and rewards of investing in crypto as the Trump administration is deregulating the industry. White also recounts the epic rise and fall of FTX, the cryptocurrency exchange started by Sam Bankman-Fried, who was convicted of fraud in 2023. FTX’s collapse and ensuing bankruptcy is the focus of Reveal’s new two-part series, The Secret Story of FTX’s Rise and Ruin.

Producer: Josh Sanburn | Editor: Kara McGuirk-Allison | Theme music: Fernando Arruda and Jim Briggs | Copy editor: Nikki Frick | Deputy executive producer: Taki Telonidis | Executive producer: Brett Myers | Executive editor: James West | Host: Al Letson

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Listen: The Secret Story of FTX’s Rise and Ruin Part 1 (Reveal)

Read: Hodl Be Thy Name: My Adventures With Bitcoin’s True Believers (Mother Jones)

Learn more: Follow the Crypto

Read: Crypto: The Currency of the (Uninhabitable) Future (Mother Jones)

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.

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More To The Story: When Brandon Scott took office in late 2020 as one of the youngest mayors in Baltimore’s history, he pledged to reduce the number of homicides and incidents of gun violence. That year, there were 335 reported homicides in the city of roughly 600,000 people, making it one of the most dangerous cities per capita in the US. Scott began implementing a violence prevention strategy designed to get at the root causes of gun violence. Over the last few years, Baltimore has been witnessing a remarkable drop in violent crime, especially homicides. But that progress doesn’t seem to matter to the White House. Last month, President Donald Trump listed the city as one of several led by Democratic mayors where he’s considering sending the National Guard.

On this week’s episode of More To The Story, Scott talks to host Al Letson about what he thinks is really driving the Trump administration to send troops to Democratic-led cities, why the city’s strategy to reduce gun violence appears to be working, and what his political future might look like.

Producer: Josh Sanburn | Editor: Kara McGuirk-Allison | Theme music: Fernando Arruda and Jim Briggs | Copy editor: Nikki Frick | Deputy executive producer: Taki Telonidis | Executive producer: Brett Myers | Executive editor: James West | Host: Al Letson

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Read: Trump Threatens to Invade More American Cities (Mother Jones)
Listen: Taken by ICE (Reveal)
Watch: Baltimore’s Mayor Slams Trump Troop Threat: “What We Want From the President is Very Simple” (Mother Jones)
Listen: “Madness”: A Retired Brig. General Slams Trump’s Military Power Grab (More To The Story)

When Dr. Mimi Syed returned from her first volunteer trip to Gaza in the summer of 2024, she started flipping through her notes and came to a shocking conclusion: In one month, the ER physician had treated at least 18 children with gunshots to the head or chest. And that’s only the patients she had time to make a note of.

“They were children under the age of 12,” she says. “That’s something I saw every single day, multiple times a day, for the whole four weeks that I was there.”

Syed’s not the only one. Other physicians who’ve worked in Gaza report seeing similar cases on a regular basis, suggesting a disturbing pattern. The doctors allege that members of the Israeli military may be deliberately targeting children.

This week on Reveal, in partnership with Al Jazeera’s Fault Lines, we follow Syed from Gaza to the halls of Congress and the United Nations, as she joins a movement of doctors appealing to US and international policymakers to address the humanitarian crisis in Gaza.

This is an update of an episode that originally aired in May 2025.

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Our two-part series starts September 27th, exposing the inside story of the failed crypto currency exchange & the contentious bankruptcy that followed.

More To The Story: The shocking assassination of conservative activist Charlie Kirk last week was part of a wider, horrific trend: the rise of political violence in America. But Kirk’s murder also seemed to reveal something even darker. Before a suspect was found—when facts were scarce—the race for political retribution was already well underway. This week, Utah prosecutors charged 22-year-old Tyler Robinson with seven counts related to Kirk’s death, including aggravated murder. The charging documents say Robinson described Kirk as someone who “spreads too much hate.” According to prosecutors, Robinson’s mother told investigators her son had started to lean to the left politically and that he was “becoming more pro-gay and trans-rights oriented.” She said her son was in a relationship with his roommate, and that the roommate was transitioning. Prosecutors also released a text exchange between Robinson and that roommate shortly after Kirk’s death, in which Robinson confesses to the crime.

On this week’s episode of More To The Story, Mother Jones National Affairs Editor Mark Follman examines America’s spiraling political discourse, why early explanations of motive in gun violence incidents are almost always misguided, and why the Trump administration is cutting federal funding for programs meant to prevent violent incidents like Kirk’s assassination.

Producer: Josh Sanburn | Editor: Kara McGuirk-Allison | Theme music: Fernando Arruda and Jim Briggs | Copy editor: Nikki Frick | Deputy executive producer: Taki Telonidis | Executive producer: Brett Myers | Executive editor: James West | Host: Al Letson

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Read: Trump Prepares to Wipe Out Years of Progress on Gun Violence (Mother Jones)
Listen: Lessons From a Mass Shooter’s Mother (Reveal)
Read: Trigger Points: Inside the Mission to Stop Mass Shootings in America (Dey Street Books)
Watch and read: No, Charlie Kirk Was Not Practicing Politics the Right Way (Mother Jones)

At 18, Jack Morris was convicted of murdering a man in South Los Angeles and sent to prison for life. It was 1979, and America was entering the era of mass incarceration, with tough sentencing laws ballooning the criminal justice system. As California’s prison population surged, so did prison violence.

“You learn that in order to survive, you yourself then have to become predatorial,” Morris says. “And then, you then expose somebody else to that, and it’s a vicious cycle.”

When California started aggressively targeting prison gangs, Morris was accused of associating with one of the groups. The punishment was severe: He was sent to a special supermax unit at the state’s highest-security prison, Pelican Bay.

The facility was designed to isolate men deemed the “worst of the worst.” Like Morris, most lived in near-total isolation. No phone calls, no meaningful physical contact with another human, no educational classes, no glimpses of the outside world. The only regular time out of a cell was for a shower and solo exercise in another concrete room.

Decades later, prisoners at Pelican Bay, including Morris, started a dialogue through coded messages and other covert communication. They decided to protest long-term solitary confinement by organizing a hunger strike. It would become the largest in US history and helped push California to implement reforms.

This week on Reveal, we team up with the PBS film The Strike to tell the inside story of a group of men who overcame bitter divisions and harsh conditions to build

an improbable prison resistance movement.

This episode originally aired in March 2025.

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