In the battle of the billionaires, Sam Bankman-Fried had to bend the knee.
A few months earlier, FTX CEO SBF said several “third-tier” crypto exchanges were insolvent but yet to be exposed. This was when several crypto lending platforms suffered massive financial contagion following Three Arrows Capital’s fallout as a result of Terra’s spectacular collapse.Crypto Projects Fail, FTX Not an Exception
No one in history got so much ahead that young. As he debuted on Forbes’ cover last year, the business magazine said that only “Zuck has been as rich this young .” to his willingness “to do a somewhat bad deal here, if that’s what it takes to sort of stabilize things and protect customers.”During the same period, the exec also highlighted the existence of certain companies that have “basically too far gone, and it’s not practical to backstop them for reasons like a substantial hole in the balance sheet, regulatory issues.” He then added that “there is not much of a business left to be saved.” These words have now come to haunt him.
This soon turned out to be perceived as “unfriendly” by many, including CZ himself, who had earlier taken a jibe at the FTX chief by, “Don’t perpetuate bad companies. Let them fail.” In retrospect, CZ did contradict himself with the latest buyout offer for the firm that now has one foot in the grave.
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