cryptocurrencyinvestment2.195 min read SBF's Reluctance to Include Investors on FTX Board, Reveals Paradigm Co-founder
Matthew Huang, co-founder of Paradigm, testified in court that Sam "SBF" Bankman-Fried, the founder of FTX, was resistant to having investors join the board of directors at FTX. Huang admitted to not conducting enough due diligence and relying heavily on information provided by Bankman-Fried. Concerns were raised about the lack of formal structure at FTX and potential preferential treatment given to Alameda Research, FTX's sister hedge fund. Huang also expressed concerns about Bankman-Fried's focus on Alameda instead of FTX, which could have impacted Paradigm's investment. Huang stated that if he had known about the alleged use of customer deposits for investment purposes, his decision to invest in FTX would have changed.
2 years ago•Source: Cointelegraph
