From the NY Times to WaPo, the media is fawning over Bankman-Fried
From the NY Times to WaPo, the media is fawning over Bankman-Fried
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Nearly three weeks have passed since FTX founder Sam “SBF” Bankman-Fried announced that his exchange was facing a deep liquidity crisis, was unable to find a last-minute bailout, and was forced to file for Chapter 11 bankruptcy. The insolvency impacted millions of investors, leaving many portfolios completely wiped out.
Bankman-Fried has openly admitted that FTX loaned customer deposits to Alameda Research, FTX’s sister hedge fund, although he has characterized this as a mistake that was caused by “confusing internal labeling.” FTX’s terms of service explicitly state that customer funds will never be lent to other financial institutions or used by FTX for proprietary trades. Sam publicly stated in a now-deleted tweet, “We don’t invest client assets (even in treasuries).”
Matthew Liu is the co-founder of Origin Protocol, a blockchain platform that brings NFTs and DeFi to the masses through its two flagship products, Origin Story (story.xyz) and Origin Dollar (ousd.com). A serial entrepreneur, he previously co-founded PriceSlash (acquired by BillShark) and Unicycle Labs. He was one of the earliest PMs at YouTube before it was acquired by Google (NASDAQ:GOOGL), and also served as VP of Product at Qwiki (acquired by Yahoo!) and Bonobos (acquired by Walmart (NYSE:WMT)). He bought his first BTC in 2012 and participated in the Ethereum crowdsale in 2014.
