Sam Bankman, Gary Wang, Nashad Singh discussed on Bloomberg Crypto

Bloomberg Crypto


I mean, he did have a really impressive resume prior to joining FTX U.S.. He had worked at Jane street. We've talked about as this very elite quantitative trading firm. And that's where he met Sam bankman fried. He'd actually trained Sam bankman freed in a programming course for traders. He was above him. When they were at James street. And he also was that Citadel. This is a guy who had an incredible pedigree. I mean, he's 2° from Harvard. In talking to him about this, he was like, yeah, it's the weight of my past accomplishments. The success I've had at other places that has helped me get to where I am today. So he really wants people to look at the whole picture and not just focus on his time at FTX U.S.. Among the inner circle as it were at FTX, you know, the people who really lived in The Bahamas, you had someone named Gary Wang, who has kind of come up a lot, especially recently, what do folks need to understand about Wang, what was his role and how did he come to know back when freed in the first place? Gary Wang is this powerful, but very elusive figure within the FTX empire. He and Sam bankman freed met at math camp and then later attended MIT together. So just in general, doing smart person stuff together. And Wang yes had a an extremely powerful position within FTX. He was not only a cofounder, but he was also the chief technology officer. And yeah, very quiet dude from what we know, he really, I don't think he ever gave. Any sort of media interview. And he wasn't the most involved manager from what we know. And that kind of left space for other executives to step in and one of those was in the shot saying. And nashad Singh was also on the engineering team. Yeah, so Hughes head of engineering for FTX. And he had gone to high school with Sam bankman free and his little brother Gabe. That's how Sam knew him. He had gone on to Berkeley, both he and Gary considered to be very gifted, coders, and has been credited with allowing Alameda to essentially have an advantage on FTX with trading advantage. Using code. In the sense that he was the person who allegedly enabled Alameda to be exempt from the risk position controls that everyone else trading on FTX was subject to. Yeah, that's right. It was a GitHub account, you know, that you could trace the code to a GitHub account under his name. And GitHub is where folks, especially engineering teams, they use it to collaborate on code. It's almost like Google Docs, but for software. Now, so that was the engineering team. There were a couple of other important execs. And I am particularly fascinated with Sam trabuco. Now, the reason that I'm fascinated with some is because he like Bret Harrison seemed to have extricated himself from the FTX Alameda orbit before there were any real signs of trouble. He was the co CEO of Alameda research. Is that correct? Yeah, that's correct. Both he and Harrison were part of this mass exodus of CEOs that happened in early fall 2022. Where really the market downturn in crypto was helping to clean out C suites at various various crypto companies. So yeah, I mean, there is this question about tribute, you know, he seems to be keeping a low profile, there is a big question of whether he is collaborating with authorities, the way Gary Wang and his former co CEO, Caroline Ellison, the way they have and they've both taken guilty pleas at this point. So yeah, I mean tribute in theory would seem to know a lot. But yeah, there is this question I think a lot of the people who are still out there who haven't publicly struck deals yet. Their argument, at least this is the case with Brett Harrison, is that there was this wall up around the inner circle. I mean, one of the most shocking things to me that came out of my interview with Harrison was that he didn't know about major deals involving his own company that he found out about FTX U.S.'s bailout agreement with BlockFi from the news. So to me, that was shock aiming the president. Exactly this company. You're ostensibly in charge. Yeah, and he said he hadn't talked to Sam in months before he stepped down, you know, that there was just this communication breakdown. So yeah, I mean, the argument here is, all right, well, you know, I was not part of the inner circle, therefore I did not know about any sort of alleged wrongdoing happening here. Up next, more from Bloomberg reporter Hannah Miller on the very many FTX power players on what they're up to now. These days, every new potential higher can feel like a high stakes wager for your small business. 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