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Fortune

Luisa Beltran

In 2020 Sam Bankman-Fried tweeted about a VC ‘horror story.’ Now that investor reveals what he saw at Alameda Research—and why he walked

Sam Bankman-Fried Alameda FTX Dragonfly Alameda Research VC Fortune Crypto FTX US FTX Ventures

(Credit: Courtesy of Hack.VC)

Gallons of ink have been spilled on the venture capital firms that ignored the red flags surrounding Sam Bankman-Fried and his crypto firm FTX. But there were some who saw problems—and actually heeded those warning signs.

Consider Alexander Pack, a managing partner at crypto startup investor Hack.VC, who said he met Bankman-Fried in November 2018, according to an interview with Fortune. At this time, Pack was a managing partner and cofounder of his prior firm, Dragonfly Capital, an early-stage investor of blockchain companies. Bankman-Fried had just launched Alameda Research, a quantitative trading firm, and Pack was in talks to be the firm’s first institutional investor.

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