Crypto analytics firm Argus has revealed new data on Sam Bankman-Fried’s FTX exchange and Alameda. According to Argus’ analysis, FTX’s sister company, Alameda, has already invested in coins to be listed on FTX. He reported that Alameda had accumulated tokens before the listings on the exchange went public. Here are the details…
Alameda kept 18 different coins listed on FTX
Between the start of 2021 and March of this year, Alameda held 18 different tokens worth $60 million, which were eventually listed on FTX. The analysis was first mentioned in a report published Monday in The Wall Street Journal. Alameda Research is a trading company founded in 2017 by Sam Bankman-Fried. In 2019, he founded the crypto exchange FTX. Then in 2021 it stepped away from day-to-day operations at Alameda.
Fried suggested the two companies were separate entities, but the collapse that forced FTX to suspend withdrawals last week and ultimately file for bankruptcy was due to the fact that a large portion of Alameda’s balance sheet was made up of FTX exchange’s token, FTT. Omar Amjad, co-founder of Argus, a London-based firm, used the following statements:
What we see is basically almost every month they buy a coin they haven’t invested in before. It’s clear that there is something in the market that tells them to buy things they haven’t bought before.
The company is in collapse
Alameda has since shut down, and FTX filed for Chapter 11 bankruptcy protection last week after the exchange paused withdrawals. The exchange’s new CEO called in the remaining staff for support as the company went bankrupt and tried to figure out how to close an $8 billion gap in the financial books. The liquidity crisis caused by the sudden shutdown of FTX has caused a great stir as some industry players find themselves unable to withdraw balances on the FTX exchange or are directly exposed to FTX shares and FTT tokens.
36888
