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

Alexander Pack says he met Sam Bankman-Fried in November of 2018. He says he and his team met with Alameda executives more than a dozen times over a five-to-six-month period from 2018 to 2019. Pack said he found the young founder, who was in his 20s, very charismatic and captivating. Alameda’s profits were dropping by a few percentage points each month, he said. Pack: Alameda execs confessed that most of his time, and most of their senior team’s time, was being spent on a new exchange they were building they were developing. “So, we’ve been losing a little bit of money,” he said. “And that was a big red flag, obviously for our investment, . . .