Funny how nobody was calling him a sociopath before the crash. Wunderkind. Yup. Genius. Visionary… But never a sociopath… And some other pretty derogatory descriptions. But only AFTER the fall do the knives come out.
And no.. this is not about Trump.
💬 John Philpin Sequoia Capital, an investor in FTX, claimed that FTX could have possibly overtaken banking giants like Wells Fargo or Bank of America, which the VC firm used to justify its $32 billion valuation of the exchange. This week, Sequoia wrote their $214 million investment in FTX down to zero.
Bankman-Fried is still a poster child for crypto, but now he represents what hubris, lack of oversight, and wildly levered amounts of risk can do. “I f***ed up, and should have done better,” he wrote on Twitter. That’s true, but the industry should have done better, too.
<p class=“attribution”>💬 Ashwin Rodrigues</p>
“That’s true, but the industry should have done better, too.” … But it didn’t … And it won’t.