Sam Bankmanfried was having lunch at a fancy restaurant in Dubai about two weeks before his co-founded cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection. It was October 26th.
Bankman-Fried has been keeping an eye on the tone of funding from financiers, bankers and founders, including Anthony Scaramucci, who was head of public relations during the Trump administration.
It was a last ditch effort before FTX’s problems became public knowledge. The company, once valued at $32 billion (about 4.45 trillion yen at the current exchange rate), went bankrupt within weeks, leading to a fall in cryptocurrency prices and the loss of major global exchanges.causing a large outflow of money.
The United Arab Emirates (UAE), which has been promoting the attraction of the largest companies with policies favorable to the digital currency industry as part of its strategy to diversify its industry away from dependence on fossil fuels, had been particularly serious, especially in the Emirate of Dubai. The repercussions continued.
The UAE’s efforts have contributed to its dominant position as a digital currency hub.industry leaderIt has also attracted bankers, legal professionals and technical executives to switch jobs.From real estate brokers to high-end real estateCash inflows were also reported. But with the bull market coming to an end, some are now facing a turning point and are now regretting it.
local exchangeFinancial Rain aHajim Sheesh, a former Barclays banker who recently launched a crypto hedge fund in the emirate of Abu Dhabi while BitOasis moved to cut jobs in Dubai, is among those rethinking a move into the crypto sector.
After performing well in the first few months, the market turmoil made it difficult for institutional investors to raise money, according to people familiar with the matter, who asked not to be identified because the information is private. I had no choice but to withdraw from the operation.
Sheesh declined to comment.
Sam Bankmanfried Mr
Photographer: Ting Shen/Bloomberg
news-rsf-original-reference paywall">Original title:FTX Chaos Prompts Account on Dubai Trading of Crypto Giants (抜粋）
