Crypto insiders paint a picture of a charismatic tech founder who became the darling of high-powered investors, even as he was brazen about his cryptocurrency exchange’s shaky business model and kept the books closed to all but a few confidants.
–leaving even the company’s high-level executives in the dark on FTX’s financials.
From the start, “Sam wanted to take riskier decisions than the others wanted to take,” said another early Alameda employee. Specifically, he pushed back against efforts by some to slow down risky trading efforts, and overlooked the challenges of extracting capital from shady exchanges. “Sam ran the shop, Sam ran everything, we all trusted him, and believed him,” said an early employee of Alameda who worked with Sam and his close circle.
The collapse has also underscored the lack of diligence performed by investors like Temasek and Tiger Global to ensure appropriate financial controls: none were on FTX’s board. One investor toldthat they only had access to FTX’s balance sheets as part of due diligence, which “looked fine.” The investor said they had no visibility into Alameda’s operations, but saw no red flags because they saw large sums of tokens moving between the two firms “all the time.
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