sequoia ftx league of legends: A brief story of how Ftx CEO, Bankman-Fried lured Sequoia capital a company that builds legendary companies from idea to IPO and beyond in terms of investing and funding into investing $2 billion in his company FTX while playing league of legends.
- Sam Bankman-Fried was once caught playing ‘League of Legends’ at a meeting with Sequoia investors.
- He pitched a vision for crypto application FTX where people can do and buy whatever with their money
- How Bankman-Fried defrauded millions from innocent VC’s
In July 2021, Ftx Ceo sam had a pitch deck with a group of senior investors from Sequoia a Vc firm in which he gave them solid reasons why FTX will be the next big thing in crypto and how his goal is to make FTX what no other organization in the world has ever achieved when it comes to seamless transaction across the globe.
This a plan that 95% of the investors in that zoom meeting queued into and Sam also did justice to their numerous questions with confidence which led the sequoia capital team of investors to seal a $2 billion deal with FTX.
Towards the end of the meeting, one of the investors figured out Sam was actually playing league of legends all through the meeting a clear sign of an unserious business owner but it was overlooked.
Fast forward to November 2022, less than 1 year into the deal, Bankman-Fried’s cryptocurrency exchange is now telling investors it needs $8 billion or it will most likely file for bankruptcy, Bloomberg reported. A deal that later turned out to be one of the biggest crypto fraud in history to date which led to a collapse of different Defi platforms that had their investor’s funds on ftx
Sequoia Capital marked down its $214 million investment in the platform to $0 on Wednesday, saying in a letter to its investors that “the full nature and extent of this risk is not known at this time,” in relation to the FTX’s liquidity crunch following a failed deal to be acquired by rival crypto platform Binance.
Lastly, it played out that Ftx and the CEO had other evil plans for their investors as they had a lot of background deals that were illegal and linked to money laundering.
And this selfish interest of this group of inhuman founders led to the collapse of well-meaning companies like
- Galois Capital
- Galaxy Digital. …
- Multicoin Capital.
- Voyager Digital.