There were not many Sam Bankman-Fried doubters out there. But there were a few. KevinTDugan reports on the small, loosely connected group of investors and researchers that saw early signs of a scam at FTX
for Bankman-Fried, where he reveals a version of himself that few people had ever seen before: one who was contemptuous of all regulation, who mocked one of his own former co-founders for having ethical concerns, who saw his own philanthropic pledges as “this dumb game we woke westerners play where we say all the right shibboleths and so everyone likes us.” The next day, the current FTX CEO, John J.
Of course, while these do now look like warning signs, they were not at the level of the self-dealing that would ultimately cause FTX to implode, and the fact that they never went anywhere reinforced SBF’s aura as the markets went up and up and up in 2020 and 2021. Previous crashes have had their big winners: Michael Burry pulled off his Big Short in 2008; George Soros saw the Bank of England careening toward the disaster. Barring some lucky loner who saw this coming, the big winner appears to be Changpeng Zhao, the head of another crypto exchange, Binance, and Bankman-Fried’s personal rival.
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