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The strategy was something like the opposite of Binance’s. When FTX launched, in May 2019, Binance was merely one of a handful of crypto exchanges with roughly the same market share, of roughly 10 percent. One of those, BitMEX, soon ran afoul of the US Department of Justice, for “willfully failing to establish, implement and maintain an anti-money
... See moreMichael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Those first few weeks, they made no real money, but then they had only a few people and Sam’s bonus money. By the end of December, they’d hired a bunch of people and raised $25 million in capital. Gary, basically all by himself, had written the code for an entire quantitative system. That month they generated several million dollars in profits. In
... See moreMichael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Cory
@prtcl
In New York, a WeWork employee started showing up at locations operated by Knotel, another competitor, claiming to be the CEO of a start-up urgently seeking office space.
Reeves Wiedeman • Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork
CZ was Changpeng Zhao, CEO of the crypto exchange Binance. Born in Jiangsu province, he was raised, from adolescence, in Canada, and educated there, returning eventually to China, with Canadian citizenship. He’d run through some ordinary jobs on the fringes of high finance—including a stint as a developer at Bloomberg—before landing as the chief
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