Crypto analytics company Argus has revealed new data on Sam Bankman-Fried’s FTX exchange and Alameda. According to Argus’ analysis, FTX’s sister company, Alameda, has previously invested in coins to be listed on FTX. He reported that Alameda had accumulated tokens before the listings on the exchange were made public. Here are the details…
Alameda kept 18 different coins listed on FTX
With the start of 2021 and mid-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. Koindeks.com As we have also reported, Alameda Research is a trading company founded in 2017 by Sam Bankman-Fried. In 2019, he founded the crypto exchange FTX. He subsequently retired from day-to-day operations in Alameda in 2021.
Fried suggested the two companies were separate entities, but the crash that forced FTX to suspend withdrawals last week and ultimately file for bankruptcy was due to the fact that much 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 words:
What we’re seeing 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 its withdrawal processes. The exchange’s new CEO called in the remaining worker for reinforcements 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 closure of FTX has caused great confusion as some branch players find themselves unable to withdraw balances on the FTX exchange or are directly exposed to FTX shares and FTT tokens.