I was shocked. I mean, who would have guessed FTX would crumble just like that?
What’s more, Sam Bankman-Fried, who was the founder, was supposedly one of the more reliable cryptocurrency entrepreneurs, trying to make crypto happen.
First was Do-Kwon and Terra. Then a crypto hedge fund — Three Arrows Capital — defaulted on a US$670 million loan.
Is it me, or it seems like these days, we have been sucked in by the huge successes of entrepreneurs and their ventures. I don’t understand why there’s so much public adulation around them.
Clearly, I’m from a different era.
What caught my eye in this whole FTX saga, was how some of the biggest investors also got scammed into FTX.
There were sources reported that the Ontario Teachers’ Pension Fund, Tiger Global, Sequoia and Temasek had lost hundreds of millions of dollars invested in FTX.
I can tell you their investments will be written off....