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FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

businessinsider.com

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Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#22

Post by threeseed »

benmmurphy wrote: post #9

FTX are now claiming they were hacked https://mobile.twitter.com/WatcherGuru/status/15913016792025...

And I can't confirm the truth of this:

https://twitter.com/AltcoinPsycho/status/1591312517049257984

But apparently both FTX and FTX US were both hacked meaning the probability of this being an insider job just increased an order of magnitude or two.

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#23

Post by biztos »

baq wrote: post #19
user_named wrote: post #17

Earlier quoted context omitted.

He's supposedly fled to Argentina. Probably just a stop on the way to his final destination

The aircraft was registered in Argentina, so maybe it was just pulled back as sbf can’t pay for it. But yeah, I’d assume he’s on the run.

I always wonder about escape plans when people are doing really dodgy things with large amounts of money.

Do you come up with an escape plan when you start doing the thing you know is probably illegal and will definitely get you in serious trouble if it doesn't work?

Or do you just convince yourself it's gonna work, because it worked for long enough to convince you that you're too smart to fail?

I think I'd get me an extradition-proof mountaintop lair if I had even tens of millions and they were squeaky clean. Because you never know, right?

(Or, maybe I watch too many movies.)

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#24

Post by threeseed »

0xy wrote: post #11
epgui wrote: post #5

Earlier quoted context omitted.

There's no need to talk about any defence strategy if there are no specific accusations. And by specific I mean specific: what is the accusation? (Just to be clear, I am not on his side. I'm just pedantic.)

Securities fraud. SBF almost certainly misrepresented the company during negotiations with investors in its most recent fundraising attempts. If his Twitter deception is anything to go by, he liked lied to investors about pilfering customer funds to bail out failed Alameda Research. Forget about lying, it's illegal to even withhold pertinent information when pitching to US investors. The Bahamas is no safe haven. The…

We don't know whether they misrepresented the situation or not.

But what we do know is that they had no Board of Directors and the level of independent oversight was completely inadequate given the sums of money involved.

If I was the SEC I would do nothing and simply remind investors like Sequoia of their responsibility to do basic due diligence. Because I really don't know how you can class them as professional investors given the level of incompetence.

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#27

Post by threeseed »

biztos wrote: post #23
baq wrote: post #19

Earlier quoted context omitted.

The aircraft was registered in Argentina, so maybe it was just pulled back as sbf can’t pay for it. But yeah, I’d assume he’s on the run.

I always wonder about escape plans when people are doing really dodgy things with large amounts of money. Do you come up with an escape plan when you start doing the thing you know is probably illegal and will definitely get you in serious trouble if it doesn't work? Or do you just convince yourself it's gonna work, because it worked for long enough to convince you that you're too smart to fail? I think I'd get me an…

From all accounts this situation has moved far quicker than anyone expected.

There's tweets that say that CZ wasn't trying to tank FTX with his "I'm selling FTT" announcement but rather just wanted to fire a shot across the bow. And we should believe him when he says that this isn't good for him or the industry - because it really isn't.

And so in this case you have a few days to make a simple binary decision. Do you steal a few hundred million, bail to some country and hope you can live the next 50+ years without being extradited or risk staying in the US, being poor and spending the next 20+ years in jail.

Many people would happily roll the dice and pick the former option.

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#28

Post by notimetorelax »

polote wrote: post #10

Vc are always the first to take ownership of the success of one of their company but also the first to blame the founder when it goes wrong

I don’t think this comment applies here. They portrayed the founder in a very positive light initially.

Re: FTX investor Sequoia removed its glowing profile of Sam Bankman-Fried

#29

Post by csomar »

0xy wrote: post #11
epgui wrote: post #5

Earlier quoted context omitted.

There's no need to talk about any defence strategy if there are no specific accusations. And by specific I mean specific: what is the accusation? (Just to be clear, I am not on his side. I'm just pedantic.)

Securities fraud. SBF almost certainly misrepresented the company during negotiations with investors in its most recent fundraising attempts. If his Twitter deception is anything to go by, he liked lied to investors about pilfering customer funds to bail out failed Alameda Research. Forget about lying, it's illegal to even withhold pertinent information when pitching to US investors. The Bahamas is no safe haven. The…

There is serious money missing here (8-10bn) and serious connected investors that have been duped. I doubt his political donations will make a difference.

Best case scenario he was working with the cia and was helping them finance some of these donations or other stuff. Then they’ll arrange his disappearance in another country or the afterlife.

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