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Demises of FTX’s “King of Crypto” Bankman-Fried, Sam
Demises of FTX’s “King of Crypto” Bankman-Fried, Sam
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- The former CEO of the troubled cryptocurrency exchange FTX, Mr. Bankman-Fried, enjoys playing video games.
- He used the team fantasy war game to take his mind off managing two businesses.
- Federal probes into how he managed the company’s finances may now be under way.
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Sam Bankman-Fried went from being dubbed the “King of Crypto” to having his company declare bankruptcy and his stepping down as CEO in less than eight days. He may now be subject to federal probes into how he managed the company’s finances.
Long interviews with him chatting through video chat from his workplace in the Bahamas have been all over the internet for the past few years.
There is an irritating clicking sound in several of them.
The sound is constant and obviously coming from the American entrepreneur’s mouse as his interview subjects pay close attention to his astonishing tale of how he rose from nothing to multibillionaire in just five years.
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“Click, click, click,” it goes, in rapid, on-off bursts.
Mr. Bankman-eyes Fried’s flit about the screen in the meantime.
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The videos don’t make it clear what he’s doing on his computer, but his tweets can provide us with a good amount of information.
He tweeted in February 2021, “I’m (in)famous for playing League of Legends while on phone calls.
The former CEO of the troubled cryptocurrency exchange FTX, Mr. Bankman-Fried, enjoys playing video games. And he gave an explanation for this in a series of tweets to his close to one million followers. He used the team fantasy war game to take his mind off managing two businesses that traded billions of dollars every day.
“Some people drink too much; some gamble. I play League,” he said.
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Another anecdote about the 30-year-gaming old’s has reappeared online after his bitcoin empire abruptly crashed this week.
During a high-level video call with their investment team, Mr. Bankman-Fried reportedly engaged in a fierce League of Legends combat, according to a blog post from venture capital behemoth Sequoia Capital.
But it didn’t appear to bother them at all. The firm then invested $210 million in Mr. Bankman-business, Fried’s FTX.
Sequoia Capital revealed this week that it is now writing down its investment in FTX as a loss and erased the glowing blog article.
The company is hardly the only investor to have suffered eye-popping losses since Mr. Bankman-$32 Fried’s billion enterprise crumbled.
FTX had an estimated 1.2 million registered customers who bought Bitcoin and thousands of other cryptocurrency tokens on the exchange.
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Many people, from big traders to regular crypto enthusiasts, are left wondering if they will ever be able to recover their savings that are locked up in FTX’s digital wallets.
It’s a dizzying plummet, and Mr. Bankman-ascent Fried’s is also a thrilling tale of dangers, gains, and beanbags.
Mr. Bankman-Fried attended the prominent US research university Massachusetts Institute of Technology (MIT), where he majored in math and physics.
However, the young, intelligent undergraduate claims that it was lessons he gained while living in dorms that set him on his route to success.
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