An eruption of anarchy. A destructive disarray. Tumultuous turmoil. These are a few words we can use to describe the temporary, yet what feels like everlasting, FTX scandal.
Axios writes:
Sam Bankman-Fried had $100,000 left in his bank account last time he checked. In an interview, the former FTX CEO pointed to both personal failures and regulatory gaps to help explain the implosion of his company.
Why it matters: Bankman-Fried’s late Monday phone interview with Axios comes as FTX is working through a messy bankruptcy process and the company’s creditors remain in the dark about what, if anything, they will be able to recoup.
-Fortunes of Sam Bankman-Fried and cofounder Gary Wang vanished in a matter of hours.
-Billionaires Doug Leone, Michael Mortiz and Neil Shen–made a $213.5 million investment.
-The world’s richest crypto billionaire Changpeng Zhao questioned FTX liquidity on twitter.
-Masayoshi Sun’s Softbank, which was WeWork’s biggest backer, and Chase Coleman’s Tiger Global Management, are involved.
-Coinbase Ventures, the investment arm of billionaire Brian Armstrong’s rival exchange Coinbase and more than 59 others, were part of an investment rally.
-Hedge fund investor Daniel Loeb invested, as well as Israel “Izzy” Englander, Alan Howard, Paul Tudor Jones and Dan Och. Carl Thoma and Orlando Bravo, as well.
Forbes continues:
That’s a lot of money lost. But don’t feel too bad for these billionaires. They’re still a lot better off than FTX employees: According to the capitalization table Bankman-Fried shared with Forbes, the company’s stock option pool owned 3% of FTX–more than any individual outside investor listed on the document–a stake worth $950 million after the January funding round–but likely worth nothing now that FTX has gone bust.
The future of Crypto and FTX is a venture that is still mysteriously unfolding. Time will reveal all.
Are you invested in Crypto? Pat explains more:
Add comment