• Fri. Sep 29th, 2023



The insider spoke about the “destroyed lives” of FTX employees


Nov 2, 2022

The insider spoke about the “destroyed lives” of FTX employees

The founder and CEO FTX Sam Bankman-Fried “destroyed the lives” of many active and former employees of the company. This was stated by a familiar source with the situation.

The screenshot of his messages was published on Twitter. The owners of accounts, including journalist Colinin Wu, assured that they made sure of authenticity. Presumably, we are talking about an employee of Bitcoin-Birzhi.

“All in FTX are shocked and upset. They fought for Sam until they learned about what was happening from Twitter. Only his close circle was aware of where everything goes, ”the statement said.

According to its author, the head of FTX promoted the platform as a reliable storage not only among external users, but also in the team. As a result, many deposited a salary to the exchange immediately after receiving.

Bonuses to employees usually consisted of FTX shares and FTT tokens, which were also stored on the platform.

In October 2021, the company bought a share belonging to Binance. https://gagarin.news/news/how-are-trading-volumes-useful-in-cryptocurrency-analysis/ According to the insider, Bankman-Fried and the director of the product ramp Arra invited employees to purchase stocks at a 50% discount. The purchase limit was $ 500,000.

The leadership represented these investments as an “amazing opportunity”, which “100%” in the coming years will grow 4-5 times.

“Many people have invested more than they could afford. Everyone believed in Sam. Most lost life savings because they saw a win -win bet in FTX thanks to him. Now employees are afraid that their money was sent by AlaMeda, ”the employee emphasized.

He also spoke about the practice of dismissal in the company. According to him, in early June, Bankman-Frida in an interview with CNBC said that against the backdrop of staff reductions by many FTX industry companies intended to expand it. The next day, more than 20 people were fired. Through Slack, the head of the exchange explained that this happened “due to cultural disagreements”. Since January 2022, a similar reason was often used to dismiss the leadership dissatisfied with the position, the employee noted.

Recall that the “hole” in the FTX balance is up to $ 8 billion, according to media reports. To maintain the solvency of the company, it is necessary to inflict $ 4 billion.

Bankman-Fried assured that the value of FTX assets exceeds obligations to customers, but recognized problems with the liquidity of funds.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.

Leave a Reply

Your email address will not be published. Required fields are marked *