41 min
FTX's demise part 3: How Sam Bankman-Fried's crypto empire imploded The Scoop
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- Inversiones
In this breaking news episode of The Scoop, we continue our coverage of FTX’s demise with Jim Greco, a general partner at F9 Research, and Douglas Colkitt, founder of Crocodile Labs.
According to Greco, many market participants knew about the relationship between Alameda and FTX. Still, few thought former FTX CEO Sam Bankman-Fried would risk jeopardizing the success of his exchange:
“Most professionals knew of the Alameda connection, but we all thought that this exchange is so valuable — it's worth $32 billion — why would he do something that would destroy the equity value in this exchange?” said Greco.
Not only did Bankman-Fried end up destroying the value of his exchange, but it’s now apparent that he did so in an effort to prop up Alameda’s unsuccessful trading operation, said Greco.
Colkitt added that recent events have shattered the perception that Alameda was one of the top performing firms in the space:
“Nobody really expected FTX to run out of money because they thought Alameda must be making so much money, but it's really quite the opposite — they just seemed so incompetent that even with all these advantages they were losing money,” said Colkitt.?
Episode 112 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro, F9 Research General Partner Jim Greco, and Crocodile Labs Founder Douglas Colkitt.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Tron, Ledn
About Tron
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |
About Ledn
Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io
In this breaking news episode of The Scoop, we continue our coverage of FTX’s demise with Jim Greco, a general partner at F9 Research, and Douglas Colkitt, founder of Crocodile Labs.
According to Greco, many market participants knew about the relationship between Alameda and FTX. Still, few thought former FTX CEO Sam Bankman-Fried would risk jeopardizing the success of his exchange:
“Most professionals knew of the Alameda connection, but we all thought that this exchange is so valuable — it's worth $32 billion — why would he do something that would destroy the equity value in this exchange?” said Greco.
Not only did Bankman-Fried end up destroying the value of his exchange, but it’s now apparent that he did so in an effort to prop up Alameda’s unsuccessful trading operation, said Greco.
Colkitt added that recent events have shattered the perception that Alameda was one of the top performing firms in the space:
“Nobody really expected FTX to run out of money because they thought Alameda must be making so much money, but it's really quite the opposite — they just seemed so incompetent that even with all these advantages they were losing money,” said Colkitt.?
Episode 112 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro, F9 Research General Partner Jim Greco, and Crocodile Labs Founder Douglas Colkitt.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Tron, Ledn
About Tron
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |
About Ledn
Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io
41 min