Last week, nearly $32 billion worth of crypto exchange FTX filed for bankruptcy, and its founder, Sam Bankman-Fried, went from being the crypto space’s only ethical genius to a dude like the rest of us if also one of the customers and investors alike lost a fortune. He was even a Normie at League of Legends. Despite notorious play while bringing $200 million investments to the attention of major venture capital firmsnew research shows he sucked at that too.
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In memory of: Bankman-Fried operated FTX. In just a few short years, the crypto exchange has grown from nothing to plaster its name on all manner of sporting events and magazine covers. It was seen as very valuable because it charged customers to buy and bet on crypto, but also because Bankman-Fried was thought to be the next tech genius FTX would use to create a “super app” for finance to launch that would make crypto legit.
For example, he told one version of this to venture capital firm Sequoia Capital during a meeting where he was actually playing League of Legends. Sequoia knew about it, gave Bankman-Fried over $200 million, and was happy about it League of Legends playing in a profile on its website and then deleted it after FTX flattened and Sequoia had to tell investors it was one of those holding the bag in what appeared to be Crypto’s latest Ponzi scheme.
Where has all that money gone? No one knows for sure, but one place it certainly didn’t go was paying for Bankman-Fried’s League of Legends coaching According to investigation by the financial times, he apparently was terrible at the Riot Games MOBA and played over 1,000 games without going platinum. In fact, he never seems to have left Bronze Tier II.
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“There is no clear pattern here: as expected [sic] For a reasonably low-tier player, SBF maintained average to poor win rates with its top champions (plant lady Zyra, crossbow-wielding witch hunter Vayne, and Egyptian-inspired godhound Nasus). financial times reports.
Bankman-Fried’s last known game appears to be in September 2021, possibly not long after the now infamous Sequoia pitch. In it he played Vayne, the monster slayer who dedicated her life to destroying the demon that killed her family. He had six kills and four assists but died 11 times. A very understandable feat, although unlikely to inspire cosmic brain state.
But with his mediocre league Revealing the record is the least of Bankman-Fried’s concerns at this point. Somehow, things just got worse for him and the investors and clients he fleeced out of billions. He was questioned by the Bahamian police and the US Attorney’s Office in Manhattan examine him now. FTX may have been hacked after $600 million over the weekend just mysteriously drained from the exchange. And the balance sheet that has been shopped around with potential buyers and has now become public following the opening of bankruptcy proceedings makes absolutely no sense.
It appears to be composed almost entirely of crypto that Bankman-Fried personally helped create, in addition to hidden columns, poorly explained entries, seemingly fake numbers, and typos. The worst part is that it doesn’t really explain where all the money went. “It’s an Excel file full of howls of ghosts and the shrieks of tortured souls,” wrote Matt Levine at Bloomberg. “If you look at this chart for too long, you’ll go insane.”
