Mike Silagadze survived what he calls a sectorwide “atom bomb” – the blow-up of cryptocurrency exchange FTX Trading Ltd. – scathed and chagrined, but not critically harmed.Grand Cayman-based Gadze Finance
“I went through all the stages of grief,” Mr. Silagadze said in an interview. “Mostly, I feel awful for our investors. I feel I let people down because I was supposed to be protecting their money – and my own.”The loss may sound like a relatively modest hit from a historic wipeout; it’s certainly not a fund-killer. But Mr. Silagadze had pitched Gadze as a relatively safe bet in the Wild West of crypto, a low-risk yield fund that could generate 10 to 12 per cent a year.
“As investors we were all happy,” Michael Hyatt said in an interview. “What we didn’t see was the counterparty risk of a giant like FTX being a bad player.” In a previous statement, Teachers spokesperson Dan Madge said the fund conducts “robust due diligence on all private investments.” Teachers will write down its investment in FTX to zero by year-end.“Obviously we were wrong about the risks we were taking,” he said. “We could have been more careful, we could have made sure we had less exposure to FTX.”
Mr. Seif of Purpose Investments, which launched Canada’s first Bitcoin ETF in early 2021, said FTX is not representative of the crypto industry. “Unfortunately, it is wrongly being reflected upon crypto as a whole, carrying forward this narrative that crypto sucks and that the whole thing is a sham when it really is not.”
Man, that Democrat party laundering operation really hit a lot of left wing money “managers”, what a bunch of suckers. Go woke, go broke.
To what? To new strategies to help people lose their money?