What happened at Alameda Research

If you want to read a poorly researched fluff piece about Sam Bankman-Fried, feel free to go to the New York Times. If you want to understand what happened at Alameda Research and how Sam Bankman-Fried (SBF), Sam Trabucco, and Caroline Ellison incinerated over $20 billion dollars of fund profits and FTX user deposits, read this article. (And follow me on Twitter at @0xfbifemboy!)

To be clear, we still don’t have a perfect understanding of what exactly happened at Alameda Research and FTX. However, at this point, I feel that we have enough information to get a grasp on the broad strokes. Through a combination of Twitter users’ investigations, forum anecdotes, and official news releases, the history of these two intertwined companies becomes progressively less hazy, slowly coalescing into something resembling a consistent narrative.

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The doomer case for the final death of crypto

to pick up the pieces and formulate one concrete picture of what the future might look like. Perhaps none of this will happen! Perhaps crypto will blossom into the foundations of a new financial system based on transparency and equal access! But even if you’re bullish, shouldn’t you try to think through the worst case scenarios?

Well, without further ado, everyone loves a bit of baseless prognostication, so…

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Posted in Crypto | 14 Comments »