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Crypto industry is not as ethical as private equity, says buyout billionaire

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Orlando Bravo, the billionaire co-founder of Thoma Bravo and bitcoin enthusiast, has said he was disappointed to find that ethical standards in parts of the crypto industry are not as high as in private equity.

Bravo, whose buyout group invested about $150mn in Sam Bankman-Fried’s cryptocurrency exchange FTX last year and has stakes in four other businesses in the sector, said in an interview with the Financial Times that his firm is pausing investments in other crypto companies.

The private equity executive said he was happy with the deals Thoma Bravo had done so far but he had come across problems in the wider industry.

“I’ve gotten to know that world a little bit more, and some of the business practices don’t rise to the level of ethics that we’re all used to in private equity with your investors and your customers and your community, and that has been a bit disappointing,” he said. 

Bravo, who has said he personally owns bitcoin, criticised the crypto market for what he called a “disturbing” lack of transparency. But he stressed that he was still bullish…

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