- The chart reveals over 15 significant firms own more than $2.7 billion equity in FTX.
- BAYC, Polygon, and Near protocol invested $50 million in FTX.
- Previously, Bankman-Fried framed FTX’s collapse as mismanagement due to its large scale.
A Web3 researcher, FinanceYF3, has compiled a more detailed chart illustrating the investments of the bankrupt FTX Group. According to the chart shared on Twitter, over 15 significant firms own more than $2.7 billion equity in FTX.
Notably, the famous NFT clique, Bored Ape Yacht Club (BAYC), alongside Polygon, the issuer of the MATIC token and Near protocol, all invested $50 million in FTX.
A more detailed chart of FTX Group investments. By @FinanceYF3 Absurd invested $1.15 billion and 500 million US dollars in Bitcoin mining companies and AI companies, invested $900m in Sequoia K5 Modulo. BAYC Polygon Near each invested $50m; Sui $100m and Aptos $75m. pic.twitter.com/0z07zq20tb— Wu Blockchain (@WuBlockchain) December 7, 2022
Additionally, the Financial Times noted in a recent publication that the disparate bundle of nearly 500 illiquid investments in FTX is split across ten holding companies with a total of over $5.4 billion. In an interview with the New York Times (NYT), the former CEO of FTX, Sam Bankman-Fried, claimed the company collapsed because of its large size.
Furthermore, Bankman-Fried added:
[It was] massive oversight of risk management and failure of oversight. I did not knowingly commingle funds. We got too big, and I did not properly create enough oversight.
On the other hand, Bankman-Fried continuously claimed that if the CEO of Binance, Changpeng Zhao (CZ), had remained silent about FTX’s insolvency, the company would have been more stable. In a tweet yesterday, Zhao openly labeled Bankman-Fried as one of the greatest fraudsters in history, adding that Bankman-Fried is a master manipulator of the media.
He said, “A tweet cannot destroy a healthy business. FTX killed themselves and their users because they stole billions of dollars of user funds.”
3 “SBF had good intentions, but just made some mistakes.” Lying is never with good intentions.— CZ Binance (@cz_binance) December 6, 2022
In the interview with NYT, Bankman-Fried assured that FTX.US was still solvent and that withdrawals could commence soon.
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