Sam Bankman-Fried, the CEO of FTX, went on a victory tour last year. The “crypto kingpin” presided at Bloomberg’s Crypto Summit over the summer and was hailed as the midterm election mega donor savior for Democrats. Even during high-level meetings with investors who would later invest hundreds of millions of dollars in his expanding crypto exchange empire, his company brazenly boasted about him playing League of Legends. Now, everything has fallen apart in the course of just one week.
It all began on November 2 when Coindesk revealed that FTT coin, a token produced by Bankman-cryptocurrency Fried’s exchange, FTX, was held in escrow by his trading company, Almeda Research, for $14.6 billion. This was viewed as extremely bad for a number of reasons, including the fact that it’s never a good sign when one company holds a token valued at $14.6 billion. Each token had a peak value of over $70. Depending on when the tokens were purchased, they are currently trading for under $4, a loss of almost 95%.
FTX CEO Sam Bankman-Fried Reportedly Played ‘League Of Legends’ During High-Level Meetings With Investors
This led to a kind of “run on the bank” with people attempting to withdraw their money from FTX after Binance, the largest cryptocurrency exchange in the world and FTX’s main rival, tweeted about how this didn’t look good. The token’s value plummeted. Binance proposed to purchase FTX.
It then looked at FTX’s financial records and replied “no thanks.” FTX, which was only worth $32 billion a few months ago, is currently circling the drain as a result of regulatory investigations, potential legal action, and apparent bankruptcy. Update as of November 22 at 4:00 p.m. ET: Bankman-Fried has resigned as CEO and FTX
And many others were persuaded. Even if you don’t believe you’ve ever heard of FTX or Bankman-Fried, it’s likely that you saw the roughly $25 million commercial for both companies during this year’s Super Bowl. The commercial featured Larry David. He invested $40 million in the midterm elections of 2022 in order to emphasize the significance of pandemic preparedness.
The NFT partnership between GameStop and FTX, according to stonk memelords, was going to help the struggling video game retailer reach the moon.
What do you think? Have you been following this story and are you a League player? Let us know in the comments below.
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