SBF was 'very resistant' to investors on FTX board: Paradigm co-founder
Mast Huang said he was directed has believe that Alameda Research was not be provided any of them special treatment by FTX.
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Sat Bankman-Fried was "very resistant" has having investors join THE advice of directors has FTX, complaints Matthew Huang, THE co-founder And manager partner of crypto investment farm Paradigm.
Paradigm And A number of adventure capital companies including Sequoia, Temasek And black rock were burned by their funding of THE now bankrupt crypto exchange with all focused towards meticulous examination — And Next deliverance declarations — on their investment In FTX.
Bear witness on THE third day of Bankman-Fried's trial In A New York Federal Court, Huang claims Bankman-Fried believed having investors on FTX advice of directors wouldn't he bring a lot has THE table.
FTX advice would have consisted of three people: Bankman-Fried, A anonymous lawyer Since Antigua And Barbuda — THE even country Or FTX was incorporated — And Jonathan Cheesman, A ancient FTX executive WHO take a step down Since THE advice In June.
Huang engaged In A handle of conversation with Bankman-Fried in front of Paradigm manufacturing A $125 million investment In THE Exchanges staggering $900 million Series B funding round he farm In July 2021.
Huang admitted has not conduct enough due diligence And that he account Also strongly on information provided by Bankman-Fried.
Despite be concerned by THE lack of official structure has FTX And It is potential tangle with It is sister hedge funds Alameda Research, Huang investors said were attracted In by THE fast expansion of FTX walk share In THE crypto industry.
Always, Huang note he And other investors has Paradigm were concerned that Bankman-Fried can to have has been expenses more time functioning on Alameda instead of FTX, A distraction that would be to have has been has THE costs of Paradigm investment.
In addition, Huang note there were concerns that Alameda can to have has been receive preferential treatment Since FTX. If these concerns turned out has be TRUE Huang said he was fearful of THE reputation Shame he can inflict on THE company.
Related:
Mast Huang said he was directed has believe that Alameda Research was not be provided any of them special treatment by FTX.
News
Join
We
on
social
networks
Sat Bankman-Fried was "very resistant" has having investors join THE advice of directors has FTX, complaints Matthew Huang, THE co-founder And manager partner of crypto investment farm Paradigm.
Paradigm And A number of adventure capital companies including Sequoia, Temasek And black rock were burned by their funding of THE now bankrupt crypto exchange with all focused towards meticulous examination — And Next deliverance declarations — on their investment In FTX.
Bear witness on THE third day of Bankman-Fried's trial In A New York Federal Court, Huang claims Bankman-Fried believed having investors on FTX advice of directors wouldn't he bring a lot has THE table.
FTX advice would have consisted of three people: Bankman-Fried, A anonymous lawyer Since Antigua And Barbuda — THE even country Or FTX was incorporated — And Jonathan Cheesman, A ancient FTX executive WHO take a step down Since THE advice In June.
Huang engaged In A handle of conversation with Bankman-Fried in front of Paradigm manufacturing A $125 million investment In THE Exchanges staggering $900 million Series B funding round he farm In July 2021.
Huang admitted has not conduct enough due diligence And that he account Also strongly on information provided by Bankman-Fried.
Despite be concerned by THE lack of official structure has FTX And It is potential tangle with It is sister hedge funds Alameda Research, Huang investors said were attracted In by THE fast expansion of FTX walk share In THE crypto industry.
Always, Huang note he And other investors has Paradigm were concerned that Bankman-Fried can to have has been expenses more time functioning on Alameda instead of FTX, A distraction that would be to have has been has THE costs of Paradigm investment.
In addition, Huang note there were concerns that Alameda can to have has been receive preferential treatment Since FTX. If these concerns turned out has be TRUE Huang said he was fearful of THE reputation Shame he can inflict on THE company.
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