Cryptocurrency Evening News: Multicoin Co-Founder Accused of Close Ties with SBF, Remains Silent
Renowned venture capital firm Dragonfly’s managing partner Haseeb Qureshi recently praised Kyle Samani, managing partner of another venture capital firm, Multicoin, as one of the best investors in the cryptocurrency space on Twitter. However, sassal.eth, founder of the Ethereum-focused YouTube channel Daily Gwei, commented below, accusing Samani of profiting multiple times through dishonesty and alleging a close relationship with SBF of FTX/Alameda.
**Dragonfly: Multicoin Invests in Undervalued Ideas, Not Consensus**
“Kyle Samani is one of the best investors in the cryptocurrency space,” Haseeb Qureshi stated on Twitter, adding, “I say this because his competitor Dragonfly and Multicoin have been in direct confrontation. But game is game. Investing is a sport, and Kyle is the historical scorer, unmatched by anyone.”
“This does not mean you have to like him; he is arrogant and even off-putting. I have always disagreed with his views: Solana will defeat all competitors, Bitcoin is worthless, tokens should always be 100% unlocked, or analogies are pointless.” The author added that Multicoin was one of the earliest investors in Solana, participating from the seed round. In May 2018, only four firms participated in Solana’s seed round financing.
“But Kyle is a true contrarian investor. He bets where others won’t,” Haseeb Qureshi described Kyle’s investment style. “But sometimes when other VCs have misjudged, Kyle can identify these promising projects. After all, that’s why investors exist: to allocate funds to those undervalued ideas. Kyle is one of the few true non-consensus investors in our industry.”
**Multicoin is One of the Top Five Co-Investors in FTX, Accused of Participating in High FDV Scams**
However, sassal.eth, founder of the Ethereum-focused YouTube channel The Daily Gwei, remarked below, “Over the years, he has lied countless times just to make big money. People dislike him for this, and the money he has made does not grant him a get-out-of-jail-free card that excites everyone about his views and then leaves them unmentioned.”
He also touched upon a more sensitive part: “He has a close relationship with SBF, and I can’t believe he is unaware of what happened with FTX/Alameda. He was involved in almost every low liquidity/high FDV scam created by SBF. This is not good investing; this is scamming.”
According to data from Rootdata, Multicoin is among the top five co-investors in FTX, having co-invested seven times, including in projects like Backpack and Aptos.
**Accusations Against Kyle’s Collusion with SBF are Serious and Require Clear Evidence**
Haseeb Qureshi responded, “I know of the unpleasantness between you two, but I must state that I disagree with Kyle on almost everything.”
“But the accusation that Kyle colluded with SBF is a serious one that requires clear evidence. After the FBI, Department of Justice (DOJ), Securities and Exchange Commission (SEC), bankruptcy trustees, and countless journalists have searched for all information related to FTX and prosecuted everyone involved, accusing Multicoin (one of their many investors, even having money on the exchange) seems like a crazy claim.” The author added that Multicoin is also one of the investors in FTX.
**Not Accusing Kyle of Fraud but Suspecting Him to be Informed of SBF’s Events**
Sassal.eth clarified, “I want to make it clear that I am not claiming Kyle or Multicoin are involved in the fraudulent activities implemented by SBF and Alameda, because I do not believe they are doing so.”
He added, “But what I want to say is that Kyle has a very close relationship with SBF, having participated in countless transactions (many of which are the low liquidity/high FDV scams I mentioned) and was involved with SBF in Solana.” He noted that he and some industry insiders sensed something was wrong with SBF as early as 2020, asserting that SBF had never been a good actor and displayed many warning signs from day one. Therefore, he does not believe that Kyle, who has close ties with him, was unaware.
He views Kyle, like many others, as someone who turned a blind eye out of greed. He stated that the Terra incident was similar, with many insiders remaining silent for personal gain. He expressed that he spoke out to prevent the industry from repeating the mistakes of the previous cycle.
As of the time of writing, no response from Kyle Samani has been observed.
**Whistleblower Mind Shares Soar! Data Reveals Influence of Dragonfly and Multicoin**
Interestingly, sassal.eth’s Yap mind shares have surged to fourth place, while Dragonfly and Multicoin hold first and sixth places, respectively.
(Launched by the AI-driven research platform Kaito, the Yap points activity involves multiple emerging public chains, potentially leading the InfoFi trend?)
(What are Yaps? Learn all about the Kaito Yaps points program, a new social battlefield re-igniting confidence in the FriendTech community.)
**Risk Warning**
Investing in cryptocurrencies carries high risks, and their prices can be extremely volatile, potentially resulting in the loss of all principal. Please assess risks cautiously.
