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Alameda Research bore the brunt of a $1 billion loss incurred by its sister firm FTX after a leveraged trade on the now bankrupt crypto exchange backfired early last year, the Financial Times ...
While Bankman-Fried initially intended for Alameda’s borrowing to come from trading revenue generated by FTX, Wang said the trading firm dipped into FTX customer coffers by late 2019 or early ...
Other insiders, including FTX executives and SBF himself, received a share of the tokens, but, according to Ellison, between 60% and 70% of the initial distribution went to Alameda Research.
Alameda Research was a cryptocurrency trading firm, co-founded in September 2017 by Sam Bankman-Fried and Tara MacAulay. [2] [3] In November 2022, FTX, Alameda's sister cryptocurrency exchange, experienced a solvency crisis, and both FTX and Alameda filed for Chapter 11 bankruptcy. [4]
FTX's in-house legal and compliance teams had, for the most part, resigned by 10 November. [59] [60] Anonymous sources cited by the Wall Street Journal on 10 November said that Alameda Research owed FTX some $10 billion, as FTX had lent funds placed on the exchange for trading to Alameda so that Alameda could make investments with the money. [61]
Alameda did not segregate FTX investor funds and Alameda investments, the SEC said, using that money to “indiscriminately fund its trading operations," as well as other ventures of Bankman-Fried.
Caroline Ellison (born November 1994) is an American business executive who was convicted of fraud in 2023 in relation to the bankruptcy of FTX. She was the CEO of Alameda Research, a trading firm affiliated with the FTX and founded by Sam Bankman-Fried. [6] Ellison was terminated from her position after FTX and Alameda filed for bankruptcy. [7]
Interest payments on the loans became so cumbersome, Wang added, that he took out yet another loan from Alameda Research for $1 million to cover those costs. (He spent $200,000 of that loan on a ...