FTX CEO Sam Bankman-Fried has spent the last year on a winning journey. “crypto kingpin” Trial held and bloombergcrypto summit during the summer mega donor savior Democrats in the midterm elections.his company even praised him for playing league of legends During a high-level meeting with an investor who will pour hundreds of millions of dollars into his burgeoning cryptocurrency exchange empire. Now it all fell apart after just one week.
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Starts November 2nd coin desk report Bankman-Fried’s trading firm, Almeda Research, held $14.6 billion in FTT Coin, a token created by his cryptocurrency exchange FTX. This was considered very bad for many reasons, including that when one company holds $14.6 billion worth in his one token, it is never a good sign. At its peak, each token was worth over $70. It currently trades below $4, a loss of nearly 95% depending on when the token was purchased.
Binance, the world’s largest cryptocurrency exchange and FTX’s biggest competitor, murmured As to how this looks bad, it caused a sort of “bank run” with people trying to withdraw money from FTX.The value of the token crashed. Binance offered him to buy FTX. Then I looked up the FTX book and said no thank you. Now just a few months ago he was valued at $32 billion and his FTX Regulatory investigation, potential litigationWhen bankruptcy. Update 11/11/2022 4:00 PM: FTX is Submitted to Chapter 11 Bankman-Fried has stepped down as CEO.
But at the heart of it all is Bankman-Fried.was there in every way Cryptographic scam, but the whole point of FTX was that it was supposed to be legal. Doesn’t this crypto shit make sense to you? do not worry, this Man He gets it and he’s going to make you and him billions with his really smart ideas about finance and cryptocurrencies.and he’s going to do it ethicallyReads “30-year-old crypto billionaire wants to give up his fortune” 1 bloomberg headline“Sam Bankman-Fried drives a Corolla, sleeps on beanbags, and has a Robin Hood-like philosophy.”
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And a lot of people were convinced. Even if you don’t think you’ve ever heard of FTX or Bankman-Fried, you probably saw the roughly $25 million commercial Both feature Larry David at this year’s Super Bowl. The man put his $40 million into the 2022 midterm elections, Pandemic preparednessStonk’s memelords are GameStop’s NFT partnership with FTX I was going to help bring an ailing video game retailer to the moon.
In fact, Bankman-Fried was so smart that he was able to sell some of the world’s biggest investors why they should give him money. league of legends team fight.according to Bankman-Fried September profile, he was doing just that during a Zoom call with venture capital firm Sequoia, talking about how the cryptocurrency exchange could become a “super app,” as he seeks to secure additional funding for FTX. rice field. Here is an excerpt:
At that time, SBF told Sequoia about the so-called super app: You can buy Bitcoin. Send money to your friends in any currency, anywhere in the world. You can buy bananas. You can do whatever you want with your money from within FTX. ”
Suddenly, the chat window on Sequoia’s side of Zoom lights up, startling my partner.
“I LOVE THIS FOUNDER,” typed one partner.
“I am 10 out of 10”
“Yes!!!” cried the third.
What Sequoia was reacting to was the scale of SBF’s vision. It was not about how we will use fintech or cryptocurrencies or new kinds of banking in the future. It was a vision of the future of money itself, with a complete market for everyone on the planet.
“I was sitting 10 feet away from him and I was like, oh my god, I’m so glad I walked away,” Arora recalls. “And it turned out that the fucker was playing League of Legends for the entire meeting.” “We were very impressed,” Bailhe said. “It was one of those hair-blown type meetings.”
Not only that, but Arora says, league of legends is a kind of multiplayer online battle arena video game where tactical maneuvers are interrupted by ten seconds of action approximately every four minutes. You and your team swarm the enemy in an action known as a gank (gamer slang for “gang killing”). “Basically, a fight ensues,” says her Arora, who was watching over SBF’s shoulder as he answered the last question from Sequoia.
After that meeting, Sequoia ended up investing over $200 million in FTX. But in reality they were investing in his Bankman-Fried. Magic: The Gathering Otaku And after stomping a few rands in the pubs, the financial gurus (FTX also $210 million sponsorship of Pro League Team TSM). Yesterday, Sequoia zeroed out its entire investment as worthless.
“I don’t know how I know, I just know,” Adam Fisher, author of the excerpt above, wrote in his glorious September profile. “[Sam Bankman-Fried] Winner. ”
“Published 6 weeks ago,” a commenter quotes that part. answered online“You’ve aged well.”
Fisher wrote: I didn’t quit my day job to become a tech investor.
But Fisher is just a freelancer. Who paid for the profile? Sequoia, of course. you can read “Sam Bankman-Fried has a savior complex, and maybe you should too‘ is posted on that website, but with a new editor’s note.
“We are in the business of taking risks,” he said. letter renewal partner“At the time of our investment in FTX, we performed a rigorous scrutiny process.”
Updated at 9:23am Nov 11, 2022: Sequoia has removed Bankman-Fried’s profile from its website. The company did not respond to a request for comment.
