Tag Archives: Sam Bankman-Fried (SBF)

The Executive Chairman of MicroStrategy and prominent bitcoin bull – Michael Saylor – likened the CEO of FTX – Sam Bankman-Fried – to the notorious Jordan Belfort, also known as “The Wolf of Wall Street.” In his view, SBF “was using stolen money” and cooperated with corrupt regulators to keep his business going. Make a Movie About Him Bitcoin evangelist Michael Saylor believes Bankman-Fried lobbied against “all of the virtues of the industry,” including bitcoin, by using...

Sam Bankman-Fried, the former CEO of the now-bankrupt FTX, tried to rally financial support for his beleaguered crypto exchange. This comes as the platform is facing bankruptcy amid an $8 billion black hole in its balance sheets. FTX collapsed in spectacular fashion over the past week, triggering a contagion that has impacted the broader crypto space. Several projects have now reported having funds stuck in limbo with the exchange. Sam Bankman-Fried tried to source funds from...

FTX has lost several potential rescuers after shady details of the internal workings continue to emerge. The biggest setback was Binance pulling out of the deal. But according to the crypto giant’s CEO, the deal with FTX did not make sense. While speaking at the Indonesia Fintech Summit, Changpeng “CZ” Zhao weighed on the takeover that never materialized and the reason behind it. “From a financial perspective, there is a big hole. From new users, we have very high overlaps....

Europe’s largest digital asset investment and trading group – CoinShares – revealed that approximately 11% of its total net asset value is situated on the crypto exchange FTX. Another firm experiencing similar issues is Mike Novogratz’s Galaxy Digital, which holds more than $76 million worth of exposure to the troubled firm. In a recent interview for Bloomberg, CoinShares said nearly $26 million of its exposure to FTX consists of US dollars and Circle’s stablecoin USDC....

Major venture capital firm Sequoia Capital has written down the value of its investment in the beleaguered crypto exchange FTX, to zero. Notably, the company was part of the investors who participated in FTX’s $900 million funding round in July 2021, which brought the exchange’s valuation to $18 billion at the time. Sequoia Marks Down FTX Investment to $0 In a note to limited partners (LPs), which was revealed via Sequoia’s Twitter handle on Thursday (November 10, 2022), the...

Investment banking company Jefferies Group’s CEO, Richard “Rich” Handler, took to Twitter to reveal that he unsuccessfully tried to get in touch with FTX CEO Sam Bankman-Fried earlier this year when the latter was offering bailouts to several troubled firms. While sharing his “personal email trail” on “non-meeting with FTX,” Handler revealed several snapshots that he had sent to an unknown person enquiring if they knew Bankman-Fried. The emails were dated July 2022. The...

The past few days were unnerving as the crypto industry watched the fall of FTX, one of the world’s largest crypto exchanges. With FTX now insolvent, some of the biggest and oldest players in the space have started expressing disappointment at the company’s CEO, Sam Bankman-Fried (SBF), popularly known as crypto’s white knight. Jesse Powell Blasts SBF One such person is Jesse Powell, co-founder and former CEO of crypto exchange Kraken, who has taken to Twitter to blast SBF,...

FTX had reportedly reached out to several other large exchanges, including Coinbase and OKX, but was turned down. Its finances were one of the factors after the reviewal of which, Binance backed out of a planned takeover. While Binance may have averted more scrutiny from regulators in Europe and the United States but the botched deal further aggravated the meltdown in the prices of cryptocurrencies. The Billionairs’ Feud Binance and FTX have been at loggerheads long before...

Sam Bankman-Fried issued an official apology following the collapse of his cryptocurrency exchange. He talked about making customers whole and finding a solution that would be best for all parties involved. FTX’s CEO took it to Twitter earlier on November 10 to shine some light on the current situation with his distressed crypto exchange. At first, he apologized for the entire fiasco, and said he should have done better as he had made at least two big mistakes, including...

A few months earlier, FTX CEO SBF said several “third-tier” crypto exchanges were insolvent but yet to be exposed. This was when several crypto lending platforms suffered massive financial contagion following Three Arrows Capital’s (3AC) fallout as a result of Terra’s spectacular collapse. His comments, obviously, did not age well now that his empire appears to be crumbling. Crypto Projects Fail, FTX Not an Exception Sam Bankman-Fried’s story of building his crypto empire...