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Investor Studied Crypto for Years, Then Missed FTX’s Red Flags

  • Ontario Teachers was an early booster of corporate governance
  • The pension fund will write its $95 million investment to zero
Sam Bankman-Fried

Sam Bankman-Fried

Photographer: Lam Yik/Bloomberg

When Sam Bankman-Fried was all of 25 years old, he pitched his nascent crypto investment business to Silicon Valley investors -- only for them to laugh at him and his acolytes over their lack of experience and knowledge of crypto.

“None of us has run a company before and we’d like $100 million by next Tuesday,” Bankman-Fried told David Rubenstein in August about the request. “It was not a very compelling pitch for investors.”