Paradigm co-founder Matt Huang testified at Sam Bankman-Fried's criminal trial that his top concerns of investing in FTX were its lack of formal structure and that it may have been giving privileged treatment to its sister hedge fund Alameda Research.
Matt Huang said he was led to believe that Alameda Research was not being provided any special treatment by FTX.Sam Bankman-Fried was “very resistant” to having investors join the board of directors at FTX, claims Matthew Huang, the co-founder and managing partner of crypto investment firm Paradigm.
Testifying on the third day of Bankman-Fried’s trial in a New York Federal Court, Huang claimed Bankman-Fried believed having investors on FTX's board of directors wouldn’t bring much to the table. Huang admitted to not conducting enough due diligence and that he relied too heavily on information supplied by Bankman-Fried.
Still, Huang noted he and other investors at Paradigm were concerned that Bankman-Fried may have been spending more time working on Alameda instead of FTX, a distraction that would have been at the expense of Paradigm’s investment.
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