Bankman-Fried and FTX Execs Received $4.1B in Personal Loans from Alameda

Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by ramish94 on Thursday November 17, 2022 @08:35PM (#33648668)

The more I read about this, the more Im absolutely dumbfounded that Sequoia poured money into them. It took an outside executive 1 day to find out how effed their balance sheet was. Did Sequoia not perform any due diligence?

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by nojito on Thursday November 17, 2022 @09:00PM (#33648854)

Most of the partners lost it when SBF mentioned that his dream was to create an app that lets people buy bananas on FTX

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by turmeric_root on Friday November 18, 2022 @09:33AM (#33655256)

I LOVE THIS FOUNDER!!

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by blitzar on Friday November 18, 2022 @11:00AM (#33656650)

I am a 10 out of 10!!

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by ilrwbwrkhv on Thursday November 17, 2022 @09:10PM (#33648946)

How many of that billions flowed into Sequoia pockets too is the question ;)

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by notch656a on Thursday November 17, 2022 @10:24PM (#33649679)

Exactly lol. Way too many people are getting hung up on how sophisticated VC / funds could have invested in FTX/SBF. We often forget these "investors" want above all an exit plan where they get their money back and more. They couldn't give a shit if the company is run with a balance sheet drawn in mspaint with the spraypaint tool by teenage ponzi schemers as long as they know they get the exit before it topples down.

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by JauntTrooper on Thursday November 17, 2022 @10:16PM (#33649594)

One interesting story that's gotten a little lost in the chaos is that after Sequoia invested in FTX, Bankman-Fried also invested $200M into two Sequoia funds:

https://www.ft.com/content/993942cb-1a7e-4689-9d9d-8434d4a74...

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by zktrust on Friday November 18, 2022 @05:12AM (#33652693)

doesn't make sense. if this guy invested 200M USD into Sequoia and then Sequoia invested 150M into FTX. This is not even breaking even and also washtrading.

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by thisarticle on Saturday November 19, 2022 @04:59PM (#33675220)

Got Sequoia’s name on their site though didn’t it?

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by zktrust on Friday November 18, 2022 @05:11AM (#33652678)

True. Excellent.

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by xwolfi on Friday November 18, 2022 @06:05AM (#33653032)

They were too busy learning League of Legends to care.

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by thisarticle on Saturday November 19, 2022 @04:58PM (#33675213)

You think Sequoia wasn’t made whole (or more)? They likely received tokens and immediately cashed them out (tokens which cost FTX nothing to produce).

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by detaro on Saturday November 19, 2022 @05:00PM (#33675230)

According to themselves, they've lost 150 million: https://twitter.com/sequoia/status/1590522718650499073

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Re:Bankman-Fried and FTX Execs Received $4.1B in Personal Lo... by thisarticle on Saturday November 19, 2022 @06:13PM (#33675960)

Right.

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