Alexander Pack
@alpackaP_Crypto investor in ~20x . Managing Partner @Hack_VC. Previously: co-founder @Dragonfly_xyz, advisor @HuobiGlobal, @BainCapVC, @AngelList. To ÓVTOS OV
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Announcing our new $200M cryptofund at @hack_vc We're crypto-native, one of the most active users of protocols, and one of the largest communities of crypto engineers. Backing crypto founders, weirdos, and hackers at the earliest stages. tcrn.ch/3HjTJrK
In 2020 #SamBankmanFried tweeted about a #VC 'horror story.' Now that investor is telling his side of the story about what he saw at #AlamedaResearch—and why he walked fortune.com/2022/11/29/ale… #fintech #crypto @LuisaRBeltran @FortuneMagazine @alpackaP @hack_vc
.@alpackap talks about *almost* investing in Alameda + possibly being the LAST team to see Alameda’s balance sheets before it became the “black box” where 😵 “all the bad stuff happens.” Watch the full episode: youtube.com/watch?v=6ai3yI…
1/ We are excited to announce a $10MM #fundraise round for Across Protocol at a $200MM valuation! The protocol will now have the strategic input and support from three of the top #Web3 funds: @hack_vc, @placeholdervc, and @blockchaincap medium.com/across-protoco…
Why is this journo uncritically accepting Sam’s ludicrous spin? Well let’s start with Sam’s “donations” to Semafor, the publication she writes for
This mostly makes sense to me. FTX had a lot of collateral ($60bn) against not that many liabilities ($2bn). The problem is that collateral was monopoly money and the liabilities were ... real money. Just real basic banking stuff.
I had similar experience in 2019 - he basically described to me how he was trying to screw over these earlier investors, while simultaneously trying to get us to invest in FTX / buy FTT. Back in those days, he wasn't even good at hiding his sliminess
In my next tweets, I’ll talk more about what I learned from my up-close encounter with a future super villain. And what I think VCs, the crypto community, and regulators (!) can do better to stop these kind of catastrophes from bad actors in the future.
Including me. I sat on this story for years because I was afraid of Sam's retribution. Which I think was a reasonable fear. I mean, read his original tweets about me! They're very mean. Still, my 'horror story' with Sam is small potatoes vs the millions of lives he’s hurt today.
My heart goes out to everyone affected by this catastrophe. Crypto is a technology of freedom, but it makes it easier to do bad things as well as good. As a community, we in crypto need to do better to catch and call-out bad actors before they become supervillains.
Sadly, Sam found other marks for his shell game after we left the picture. Today, FTX's investors, customers, and even employees have found that their money was transferred to an "unaffiliated," privately owned, highly levered trading firm (Alameda) that they know nothing about.
Even back in 2018, it was clear to us that Sam took reckless risks with other people's money, and wanted to use our capital to finance his own secret projects, to our detriment It didn’t seem right to support someone like that, no matter how smart or good he was at making money
Ultimately, I decided not to invest in FTX. I continued to avoid all of Sam’s other token projects like Serum and FTT, now infamous as the collateral used to prop up his levered trading.
4. We were taking awhile, so Alameda decided to also try raising debt. They bought a booth at a crypto conference and handed out fliers that advertised “HIGH RETURNS WITH NO RISK” and “no downside.” Seriously. We warned them this was nuts, they said oops, but like... what.
3. Alameda had received starter loans from several wealthy people in the Effective Altruism community. Sam was worried that they might not want him taking on new investment, so he proposed to keep them in-the-dark about us. We didn’t think that was honest to his backers.
2. Following Sam’s $10M+ "trade errors" (known internally at Alameda as "the April fiasco"), the co-founder of Alameda - who may also have been Sam’s girlfriend? - quit, along with about half the team. They also broke up 😢
1. A few months before we met Sam, Alameda lost north of $10M - a huge amount of their assets - on “trade errors.” We could never figure out if this was due to fraud, incompetence, or a well-meaning mistake.
We also learned some other questionable things while investigating Alameda:
This is a big conflict of interest: in 2018, Sam tried to use our investment in Alameda to start FTX, an entity that we neither knew of nor owned It's also ironic! Since, last week, Sam was caught doing the opposite: siphoning $10B+ from FTX to bail out Alameda, his private firm
Alameda and FTX were the same people, used the same computers, and Alameda was hemorrhaging money to pay for FTX’s startup costs… but Sam felt that it should be a separate deal, with a separate price.
Ok, that’s fine, although weird that Sam didn’t disclose his new exchange idea upfront. We like backing founders with new ideas! Except Sam said that Alameda and FTX were separate. Huh?
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