Billionaire enterprise capitalist Chamath Palihapitiya says collapsed crypto change FTX was an “monumental 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 one of the prestigious elite non-public universities. His dad and mom train governance of all issues at one of the 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 referred to as ‘efficient altruism’ and the entire 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 will have this cataclysmic occasion, a multi-deca-billion greenback fraud or chapter, thousands and thousands of buyer accounts which are frozen. Tens of thousands and thousands to lots 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, with the intention to do, it’s like consuming your personal tail.”
Palihapitiya says Bankman-Fried architected a “subtle con” that didn’t face any stress from reporters or regulators. The billionaire attributes that lack of stress to Bankman-Fried saying “the entire proper issues.”
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