FTX is bankrupt! 500,000 Taiwanese victimized founder’s attitude exposed

The world’s second largest virtual currency exchange, FTX, declared bankruptcy last week, causing market shock. Taiwanese investors initially estimated that about 500,000 people, and the total investment amount was 3 billion. With the collapse of FTX, it evaporated instantly. 

Sam Bankman-Fried (SBF), founder and CEO of FTX, admitted in an interview that the speed of business expansion was too fast, and he did not notice that there were problems, and even said, “If I could focus more on these things, I believe It can be done better.” He also revealed that during this time, he has been playing games to pass the time, helping him relieve stress and reorganize his thoughts.

After the FTX incident, SBF was investigated by U.S. regulators, and it was revealed that it misappropriated up to US$10 billion (approximately NT$310 billion) from customers to its virtual currency hedge fund Alameda. Facing huge doubts and criticism from shareholders, investors and public opinion, When the connection was interviewed by The New York Times, SBF also refused to disclose where it was, citing security reasons.

During the interview, SBF admitted that the company’s business expansion was too fast, and it did not notice that there were problems in the process. It also mentioned that Alameda had accumulated a large margin position in FTX, which amounted to billions of dollars, but SBF did not provide more details.

The outside world attributed the bankruptcy to Alameda’s financial problems. The insolvency led to the loan of a considerable amount of funds, and the closely related FTX was implicated, which in turn led to Binance CEO Changpeng Zhao selling a huge amount of FTX’s virtual currency FTT, triggering a run on investors , FTX, which was underfunded, broke out in a financial crisis and finally declared bankruptcy. If it is estimated based on market share, about 500,000 people in Taiwan were victimized, and the loss amounted to 3 billion.

In addition, SBF’s attitude has also become the focus of attention. Even though he apologized on Twitter after the incident, the reporter observed that he was quite calm during the interview. SBF said, “You would think I can’t sleep now, but I did get some sleep, or it could have been worse.”

SBF even revealed that he has been playing the Storybook Brawl card battle game to pass the time during this time, “It makes me relax a little bit and keeps my mind clear.”

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