The Definitive Post on the FTX Scandal
An Insider's Take of What Happened
Last week, I wrote a thread on the recent FTX saga that 12,000,000 of you read - including a certain meme-loving rocket scientist.
A few of you requested the thread in a more detailed and readable blog form, which I have created below for Blockcrunch VIPs.
Since then, a few more things have come to the light and numerous publications have reached out asking for clarification, including revelations that SBF’s lawyer terminating their partnership, his chief regulatory officer being tied to an online poker scandal, as well as the new CEO for FTX castigating SBF’s complete lack of internal risk oversight.
More is likely to surface, and I’ll leave the rest of this saga to journalists.
Below, I’ll share my account as an insider in the industry as to what led us to this point, which hopefully services as a cautionary tale for founders and investors for spotting future fraud. Most views are subjective and I have done my best to verify the veracity of each source and piece of “evidence”, but cannot guarantee 100% reliability as the event is still unfolding.
I have also shied away from the more salacious/ sensationalist aspects of the event and SBF’s personal life except for aspects that were directly relevant to the FTX implosion.
For those who want a 20-minute audio overview, you can check out our podcast here.