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Crypto investor saw serious ‘red flags’ with FTX founder Sam Bankman-Fried

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Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Wednesday, Feb. 9, 2022.

Sarah Silbiger | Bloomberg | Getty Images

Serious red flags around Sam Bankman-Fried’s FTX emerged before the now-embattled cryptocurrency exchange even launched, according to an early would-be investor.

Alex Pack, now the managing partner of New York-based venture capital firm Hack VC, said he met Bankman-Fried in 2018. At the time, the entrepreneur hadn’t yet founded FTX and was seeking funding for another company he started, Alameda Research.

Bankman-Fried stepped down as CEO of FTX last Friday as the crypto company filed for Chapter 11 bankruptcy protection. The crypto powerhouse, once valued at $32 billion, collapsed in a matter of days amid a liquidity crunch and allegations that it was misusing customer funds. The Securities and Exchange Commission and the Department of Justice are investigating what happened, according to The Wall Street Journal.

And on Thursday,…

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