- Paradigm Co-founder Matt Huang shocked with the revelations about FTX, SBF, and Alameda Research.
- The FTX founder “did not align with crypto’s values,” states Huang.
- Crypto investor Choi chronicles the story of FTX and its founder, Sam Bankman-Fried.
Co-founder of Paradigm Matt Huang tweeted that he was shocked by the revelations made about Sam Bankman-Fried, FTX exchange, and Alameda Research. Additionally, Blockcrunch Podcast Co-Founder Jason Choi composed a “Definitive Twitter Thread on FTX.”
We are shocked by the revelations about FTX, Alameda, and SBF.— Matt Huang (@matthuang) November 15, 2022
On November 15, Matt Huang shared his thoughts about FTX on Twitter. In the 5-part thread, Huang talked about his regrets and thoughts on the future of crypto as a result of the FTX scandal.
“We feel deep regret for having invested in a founder and company who ultimately did not align with crypto’s values and who have done enormous damage to the ecosystem.”
Moreover, Huang commented that the FTX fiasco has caused some to question crypto’s value. However, he instated that the issues at FTX are precisely ones that decentralized finance can solve through increased transparency and security.
He further added that crises such as this one help clarify the true merits of what the crypto industry towards.
Similarly, Jason Choi, Co-founder of the Blockcrunch Podcast and Partner at Tangent Ventures, composed a “definitive” Twitter thread on FTX. In the 64-part thread, Choi chronicled the journey of FTX from 2019 until everything crashed.
Moreover, Choi made a very deliberate point on the decisions that Bankman-Fried and his company made. In the tweet, Choi stated:
Every major decision they have made is related to acquiring more leverage – via deceptive fundraises, financial engineering, and ultimately, outright fraud, as we will see below.
Notably, in the fourth point of his Twitter thread, Choi states:
“From my primary sources (who will remain undisclosed), @FTX_Official was allegedly started as an easy way to access capital by Alameda due to difficulties in raising for the latter. This is unprovable short of leaking internal chats, so we’ll leave that for the courts.”
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