Bitcoin venture investor Marty Bent of Ten31 saw red flags with the FTX cryptocurrency exchange long before its historic collapse under founder Sam Bankman-Fried.
Some, though, were wary of the growth and overnight success of the platform. Marty Bent, a venture partner at Ten31, a bitcoin-focused venture fund, hasand the ways it multiplied its growth and value over the past four years.
founded by Bankman-Fried, to FTX through a tangled array of financial and personal relationships, there was a striking lack of fundamental good business practices that should be present in any business — especially one the size and value of FTX. Sam Bankman-Fried, founder and former CEO of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance annual membership meeting in Washington, D.C., on Oct. 13, 2022.
From right, Terrence A. Duffy, CEO of the Chicago Mercantile Exchange; Sam Bankman-Fried, CEO of FTX US Derivatives; Christopher Edmonds, chief development officer of the Intercontinental Exchange; and Christopher Perkins, president of CoinFund, test "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," he wrote in the bankruptcy filing. Ray’s filing highlighted myriad issues in Bankman-Fried’s empire. Among the most egregious was the failure to keep thorough financial books, records or security controls to protect customers’ money.
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