His company managed billions in assets and made him one of the world’s richest people. Then, almost overnight, it collapsed. With a fraud trial beginning next week, a documentary asks how he bewitched so many
in 2019, with $190m vanishing with him. It was hard to feel sympathy with the people who were bitten, though, since it was never clear why anyone trusted him in the first place.
“An exchange is not a bank,” says Kavuri. “You have to imagine it’s like going to a lawyer and giving them the money to buy a house. They take that and then they run off and buy a yacht. That’s your money – and he went and bought a yacht.” Kavuri says: “I think the fundamental premise of crypto remains unchanged. You have to distinguish between the bad actors and the asset class itself. I had to take time to digest what happened, then I got caught up in becoming a creditor-activist.” In that process, he has met a lot of people who bet the farm, including one guy in Turkey whose entire savings, bar $600, went on FTX.
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