There is little to be added to the colossal shit storm that is FTX.

Thousands of people lost millions of dollars directly (Sequoia $213MM) or indirectly (Ontario Teachers’ Pension Plan $95MM). Wow, that is a lot of teacher pension money.

Crypto Wunderkind Sam Bankman – Fried who raised $1.7B in funding over 7 rounds since 1 Jan 2018.

The enablers are coming out of the woodwork to ensure that everybody knows this is NOT an indictment of the entire Crypto World or WebIII. Good luck with that.

It is just some low grade incompetence or imprudence with a possible bit of criminal behavior – the SEC and the FBI are looking into that wrinkle.

What is not happening is any chatter from FTX’s celebrity endorsers. Continue reading →