Billionaire Chamath Palihapitiya Calls FTX Implosion a Refined Con Perpetrated on Thousands and thousands of Individuals



Finance


Billionaire enterprise capitalist Chamath Palihapitiya says collapsed crypto change FTX was an “huge monetary fraud” that impacted tens of thousands and thousands of individuals.

In a brand new interview on the All-In Podcast, Palihapitiya says disgraced former FTX CEO Sam Bankman-Fried is manipulating the media for a second time together with his ongoing “apology tour.”

[Bankman-Fried] went to the proper elite non-public highschool. Then, he went to probably the most prestigious elite non-public universities. His mother and father educate governance of all issues at probably the most elite liberal establishments in America. They’re within the institution of the progressive left.

And what occurred was, he took buyer funds and all of this cash, he made tens of thousands and thousands of {dollars} of political donations, he wrapped himself on this blanket of a progressive, left-leaning trigger known as ‘efficient altruism’ and all the mainstream media fell for it and embraced him, in addition to some politicians, as a result of it met all the things that they themselves additionally purchased into.

And now you’ve got this cataclysmic occasion, a multi-deca-billion greenback fraud or chapter, thousands and thousands of buyer accounts which might be frozen. Tens of thousands and thousands to tons of of thousands and thousands to billions of {dollars} misplaced and stolen from them, they usually refuse to re-underwrite this child, and the reason being as a result of, as a way to do, it’s like consuming your individual tail.”

Palihapitiya says Bankman-Fried architected a “refined con” that didn’t face any stress from reporters or regulators. The billionaire attributes that lack of stress to Bankman-Fried saying “all the proper issues.”




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