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Mario Nawfal\u2019s viral interview casts Patrick Gruhn as one of the few FTX insiders who not only survived but materially profited from the wreckage.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Patrick Gruhn, the former CEO of FTX Europe who sold his business to Sam Bankman Fried\u2019s empire for around $400 million before buying it back for roughly $30 million after the collapse, is now<\/a> pitching a \u201cyou never lose\u201d AI trading platform called UpsideOnly that uses only company capital to place trades on user predictions.<\/p>\n US court filings later described the deal as part of a roughly $376 million spending spree to secure a European license.<\/p>\n After the exchange imploded<\/a>, the FTX estate sued to claw back hundreds of millions, but ultimately agreed to sell FTX Europe\u2019s assets back to Gruhn and co founder Robin Matzke for $32.7 million under a February 2024 settlement reported by the Wall Street Journal and others.<\/p>\n In the interview, Nawfal summarizes the arc with tabloid clarity, saying Gruhn \u201csold his company to FTX for $400 million before it collapsed, watched it implode, then bought it back for $30 million,\u201d before pivoting to tout UpsideOnly as \u201cthe most interesting idea in trading right now.\u201d<\/p>\n Gruhn, who previously outlined FTX Europe\u2019s ambitions to dominate derivatives and win retail traders across the bloc in an\u00a0Insider<\/a>\u00a0profile, now leans on that history to argue that the problem was not leverage or innovation but how platforms weaponized both against their own customers.<\/p>\n In Nawfal\u2019s telling, Gruhn\u2019s take is unsparing on his former partners: \u201cFTX would probably be bigger than Binance today if Sam Bankman Fried<\/a> hadn\u2019t destroyed the company,\u201d and what happened was \u201cnot outright fraud from day one, it was embezzlement, the same thing banks do legally, except FTX wasn\u2019t a bank.\u201d<\/p>\n UpsideOnly, built under the Nasdaq listed Perpetuals.com umbrella, is described in the interview as a trading and market prediction platform where \u201cyou trade with their money, lose nothing if you\u2019re wrong, split the profits 50 50 if you\u2019re right.\u201d<\/p>\n\n\n
How did Patrick Gruhn turn a $400M FTX saga into UpsideOnly\u2019s \u2018risk free\u2019 pitch?<\/h2>\n
What is UpsideOnly and can \u2018you never lose\u2019 trading actually work?<\/h2>\n