David Yaffe-Bellany’s initial encounter with the complex realm of cryptocurrency, introduced by a childhood friend, sparked only a mild curiosity. However, his perspective shifted dramatically in 2021. An editor at The New York Times, where Yaffe-Bellany had previously served as a reporting fellow on the Business desk, presented him with an exciting new challenge: covering the burgeoning cryptocurrency industry.
“Just ten minutes of preliminary research was enough to convince me,” says Yaffe-Bellany, now 28 and a seasoned technology reporter for The Times since 2022. “It was clear this beat offered a vibrant cast of characters and presented significant, often overlooked risks that deserved deeper investigation.”
Over three years and more than 300 articles, Yaffe-Bellany has meticulously documented the volatile journey of this emerging sector. His extensive coverage includes the dramatic downfall of FTX, the cryptocurrency empire founded by Sam Bankman-Fried. More recently, he contributed to a sprawling international investigation uncovering two massive deals in crypto and artificial intelligence, reportedly involving former President Trump.
“I’m a firm believer that the most compelling stories emerge when you’re on location,” explains Yaffe-Bellany, whose assignments have taken him to diverse places like Singapore, Spain, and the United Arab Emirates. He notes, “At a crypto conference, you can often approach and speak directly with someone who would typically be shielded by layers of PR, taking weeks to reach by phone.”
Based in New York, Yaffe-Bellany recently discussed his approach to covering such a dynamic and rapidly changing industry, reflecting on the insights gained over his three years on the beat. The following are edited excerpts from our conversation.
What keeps you excited about covering crypto?
It’s fascinating to see individuals who seemingly vanished after past scandals re-emerge and restart their ventures. This continuous cycle of crisis and reinvention is incredibly engaging. Cryptocurrency remains a nascent industry, still in the process of establishing the robust safeguards common in more mature sectors.
Can you share some memorable experiences from your on-the-ground reporting?
One of my most pivotal early experiences in crypto reporting was attending an FTX conference in the Bahamas in 2022. This was for a profile piece on Sam Bankman-Fried, about half a year before his company spectacularly collapsed and he was indicted for defrauding investors out of billions.
I remember a beach party at the lavish resort where FTX employees were housed. It was a stark, vibrant snapshot of a crypto era defined by immense wealth and extravagant spending. Gaining such direct insight into that world proved invaluable when it all unravelled just months later.
Do you find people in the crypto space generally open to speaking with reporters?
Initially, I was cautioned that sourcing in crypto would be challenging. Surprisingly, my experience has been quite the opposite. Despite their often-guarded circles and political leanings, individuals in the crypto world are remarkably candid. I believe this stems from a dual motivation: being part of a young industry eager to engage the public, and a strong desire for the legitimacy that coverage in a prominent publication can offer.
Has your age been an advantage in this field?
To some extent, yes. Crypto is largely driven by younger individuals, many of whom are men. This demographic often seems more inclined to trust a younger male reporter.
What’s been the most unexpected aspect of your reporting?
The biggest surprise is how often straightforward concepts are deliberately obscured by complex jargon, designed to make them appear far more sophisticated or groundbreaking than they actually are.
How do you approach fact-checking the myriad claims and stories you encounter?
A common hurdle is the expectation that online pseudonyms are sufficient, rather than revealing real names. This poses a challenge when sources are hesitant to be quoted using their legal identity, a practice rooted in the crypto culture’s pervasive concern for personal safety.
Which of your stories stands out as a personal favorite?
In 2023, I reported on Three Arrows Capital, a major Singapore-based crypto hedge fund that had imploded the year prior. Its founders, Su Zhu and Kyle Davies, vanished from public view, seemingly without facing significant repercussions. I tracked down Su in Singapore and Kyle in Barcelona, documenting their astonishingly extravagant lives in the aftermath of their company’s collapse. They openly shared details of trips to Bali, experimenting with psilocybin, meditating on beaches, and learning to surf. It offered a fascinating, albeit unsettling, glimpse into a world where significant financial failures sometimes come with surprisingly few personal consequences.
It seems readers are always captivated by these ‘crazy crypto lifestyles.’
While intriguing, it’s crucial to avoid an overabundance of such narratives. They can inadvertently divert attention from more serious financial concerns, such as the controversies surrounding a former president’s crypto company and its potential blurring of lines between private business and government influence.