Prominent 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 education-focused YouTube channel Daily Gwei, commented below that Kyle Samani has repeatedly profited through dishonesty and accused him of having a close relationship with SBF of FTX/Alameda.
Dragonfly: Multicoin Invests in Undervalued Ideas, Not Consensus
“Kyle Samani is the best investor in the cryptocurrency space,” wrote Haseeb Qureshi on Twitter, adding, “I say this because Dragonfly and Multicoin have been in direct competition. But a game is a game. Investing is a sport, and Kyle is a 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 beat all competitors, Bitcoin is worthless, tokens should always be 100% unlocked, or analogies are useless.” The author added: Multicoin was one of the earliest investors in Solana, participating from the seed round, when only four institutions joined in its seed round financing in May 2018.
“But Kyle is a true contrarian investor. He bets where others won’t,” Haseeb Qureshi described Kyle’s investment style. “But sometimes, when other venture capitalists have misjudged opportunities, Kyle can identify these potential projects. Ultimately, this is the reason for the existence of investors: to allocate funds to those ideas that are undervalued. Kyle is one of the few true contrarian investors in our industry.”
Multicoin is among the top five co-investors in FTX and has been accused of participating in high FDV scams.
However, sassal.eth, founder of the Ethereum education-focused YouTube channel The Daily Gwei, commented below: “He has lied countless times over the years just to make a quick buck. People dislike him for this; the money he has made does not grant him a get-out-of-jail-free card that makes everyone excited about his views without being called out.”
He mentioned a more sensitive aspect: “He has a close relationship with SBF, and I cannot believe he is unaware of what happened with FTX/Alameda. He has been involved in nearly every low liquidity/high FDV scam created by SBF. This is not good investing; this is fraud.”
According to Rootdata, Multicoin is one of the top five co-investors in FTX, with seven instances of co-investing, including Backpack and Aptos.
Accusations of Kyle colluding with SBF are serious and require clear evidence.
Haseeb Qureshi responded: “I know of your unpleasantness with each other, but I must state that I disagree with Kyle on nearly everything.”
“But the accusation that Kyle colluded with SBF is serious and requires clear evidence. After the FBI, DOJ, SEC, bankruptcy estate, and numerous journalists have searched for all information regarding FTX and prosecuted everyone involved, accusing Multicoin (which is one of their many investors, and even had money on the exchange) seems a crazy claim.” The author added: Multicoin is also one of the investors in FTX.
Not accusing Kyle of participating in fraud, but suspecting he is knowledgeable about SBF’s events.
sassal.eth clarified: “I do not claim that Kyle or Multicoin are involved in the fraudulent activities implemented by SBF and Alameda, as I do not believe they did.”
He added: “But I will say that Kyle is very close to SBF, having participated in numerous transactions (many of which are the low liquidity/high FDV scams I mentioned) and was involved with SBF on Solana.” He stated that he and some industry insiders have felt since 2020 that SBF had ulterior motives; SBF has never been an outstanding actor and has displayed many warning signs from day one. Therefore, he does not believe that Kyle, who has had close interactions with him, is unaware.
He believes that Kyle, like many others, simply turned a blind eye out of greed. He noted that the Terra incident was similar, with many insiders remaining silent for profit. He speaks out because he does not want our industry to repeat the mistakes of the previous cycle.
As of the time of publication, there has been no response from Kyle Samani.
Whistleblower mind shares soar! Data reveals the influence of Dragonfly and Multicoin.
Interestingly, sassal.eth’s Yap mind shares have surged to fourth place, while Dragonfly and Multicoin stand at first and sixth, respectively.
(Launched by the AI-driven research platform Kaito, the Yap scoring activity involves multiple emerging public chains and may lead the InfoFi trend?)
(What are Yaps? A comprehensive understanding of Kaito Yaps scoring program, reigniting confidence in the FriendTech community’s new social battlefield.)
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