Number Go Up: Inside Crypto's Wild Rise and Staggering Fall

Fascinating journey of a journalist trying to find the smoking gun of the crypto stablecoin Tether. He reveals a lot about the industry as a whole: crypto bros, NFTs, lost savings, scammers, and the real-world harms caused by crypto (evidently Tether is the money dispenser of choice for scammers in Cambodia who entrap then enslave people… if you get one of those “accidental” texts turned crypto-scam, it could be someone being held against their will). You also learn about a crypto-earning phone game that went viral in the Philippines and made money for people… for a while, many of whom lost their savings when it crashed.

Well-written, with quite a few satisfying turns of phrase. There’s a nagging feeling the narrative wasn’t tight enough, and I think that’s because he began with a friend bragging about money he’d made, while the author’s hunch was SCAM ALERT… and yet people are making money. He set it out to prove the hunch right. The collapse might have done that for him, except that it had little impact on the primary target of his investigation: Tether. So there isn’t any closure about what they’re actually doing. Time will tell, but I became invested in his search for transparency.

A good read for anyone curious/uninformed about crypto brotopia as it touches on so many different aspects of it.