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Tiger Global’s Now-Worthless FTX Bet Had Bain’s Due Diligence

Bloomberg business news
WATCH: Bobby Lee, CEO of crypto storage provider Ballet Global Inc., discusses the downfall of FTX and the outlook for the market.Source: Bloomberg

Bain & Co. was among consulting firms that helped conduct due diligence for Tiger Global Management’s investment in now-defunct crypto exchange FTX, according to people familiar with the matter. 

Tiger Global, which pays Bain more than $100 million a year to research private companies, has now written down its $38 million FTX stake to zero, the people said. Sam Bankman-Fried’s oversight of a vast web of FTX-linked entities was one of the risks highlighted during the due-diligence process, but the money manager still believed it was a sound investment at the time, one of the people said.