Cryptonews Does everyone remember's FTX's $420.69 million raise? 🤭
Why would you be surprised when a guy who held a fundraising round of exactly $420.69 million turned out not to be a serious, responsible corporate executive?
After all, the Wall Street Journal has reported Bankman-Fried used the venture funds to cash out $300 million, describing it as repayment of part of the $2.1 billion he spent buying out Binance's roughly 15% stake in his exchange. That was because it was collateral for the $10 billion worth of FTX customer funds he secretly loaned his trading firm Alameda Research after it lost heavily duringand the $48 billion collapse of the Terra/LUNA stablecoin. When FTT tanked and customers began a run on FTX, fearing — accurately — it could not meet withdrawal demands, about $8 billion was found to be missing.
Generally speaking, investors want to get rich before the CEO they are backing does. It keeps them focused.
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