[Cali Panthers Fan]

Originally Posted by Wormius

Theranos had seemed legit though, so I could see an intelligent investor being had as there weren’t a lot of red flags initially. FTX though is on a totally different spectrum. Like, you’d need to be certified brain dead to trust them with any assets. Crypto is all about FOMO now.

Initially starts at what point? Sure, when Ian Gibbons was initially running the engineering it seemed legitimate. As soon as he was pulled out it lost all legitimacy because they went into full clandestine mode. Nobody could ever see the actual prototypes perform tests and investors were not allowed to see the lab. They had so many red flags after the first year or so, but that's when the investors came pouring in with promises of massive wealth. Many on the board knew there were red flags, but didn't question anything. It's a classic case of failure to do due diligence before investing in a company. It will be used in economics classrooms for decades to follow.