Troubles at Sam Bankman-Fried’s Alameda began well before crypto crash
1 year, 11 months ago

Troubles at Sam Bankman-Fried’s Alameda began well before crypto crash

Live Mint  

Alameda was applying Wall Street-style wizardry to the crypto world—and outsiders thought it was winning big. When one prospective lender asked about Alameda’s financials, Mr. Bankman-Fried’s lawyer explained that the firm often handled large amounts of bitcoin but offered no detailed financial information, according to a document viewed by the Journal. Mr. Bankman-Fried devised a plan for Alameda to borrow funds from the exchange, according to recent lawsuits by the Securities and Exchange Commission and the Commodity Futures Trading Commission, the nation’s top market regulators. Mr. Bankman-Fried also made sure that Alameda’s collateral on FTX wouldn’t automatically be sold if its value fell below a certain level, the SEC said. Mr. Bankman-Fried ordered Ms. Ellison, with whom he had been romantically involved, to use Alameda’s buying power to artificially inflate the value of a cryptocurrency the trading firm was borrowing against, the SEC said.

History of this topic

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