Deliberate Blindness: Sam Bankman-Fried’s Enablers
Investors, auditors, and regulators need to follow through with due diligence. It’s not enough to say you didn’t know after the fact.
Cryptocurrency news by Protos · Protos
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Show Notes
There was a time when it was easy to be seen as brilliant in crypto. All you had to do was find someone with a great idea -- preferably someone who didn't like to pay attention in meetings -- and throw a bunch of money at them. If you were really brilliant, you would even work out a deal where they'd eventually give you all of that money back. In business, this is called synergy.
Nowadays, things aren't so simple. Pesky people want to know what your 'due diligence' process is, and ask how you failed to recognize the billions of dollars of fraud happening in the company you owned a big chunk of. Many investors tend to act as though they were caught unawares -- but perhaps we must consider that it's just an act.
If it's not an act, at the very least it's a dereliction of responsibility.
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