From ashes of 3AC's blowup, KyleLDavies emerges with baffling proposal for FTX
, few stories compare to that of FTX's sudden decline. This was compounded by Kyle Davies, the cofounder of 3AC, suggesting an audacious plan for the beleaguered platform. Given 3AC's disastrous track record, Davies' announcement could not have been more out of touch withIn a quick recap, 3AC's catastrophic implosion resulted in the evaporation of millions in investor funds.
If I still had 10b, the first thing I'd do is buy FTX and switch it back on. The playbook's clear. Couple tweaks - close Alameda, run the investment side more like 3AC, slash the amphetamine budget. Otherwise it'd be the same best in class user first product. Run it back turbo.November 2022 was particularly brutal for FTX.
The ripple effects were profound: FTT lost 80% of its value in just one day, with $6 billion in withdrawals from FTX. This financial hemorrhage was so intense that Binance, in an effort to guarantee customers' fund recoveries, entered into a preliminary agreement to buy FTX.
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