🚀Crypto drama alert! FTX's sudden collapse has investors like Paradigm, Sequoia, and BlackRock feeling the burn. Turns out, FTX's founder, Sam Bankman-Fried, wasn't keen on having investors on the board of directors. Oops! 😅
- Paradigm's Matthew Huang admits to not doing enough due diligence before investing $125M in FTX's $900M Series B round.
- Huang and other investors were concerned about FTX's lack of structure and potential entanglement with sister hedge fund Alameda Research.
- FTX co-founder Gary Wang testified that Alameda had access to a near-unlimited flow of capital from the exchange. Yikes!
Stay tuned for more juicy updates from this crypto courtroom saga! 💼💥
- Paradigm's Matthew Huang admits to not doing enough due diligence before investing $125M in FTX's $900M Series B round.
- Huang and other investors were concerned about FTX's lack of structure and potential entanglement with sister hedge fund Alameda Research.
- FTX co-founder Gary Wang testified that Alameda had access to a near-unlimited flow of capital from the exchange. Yikes!
Stay tuned for more juicy updates from this crypto courtroom saga! 💼💥