FTX Founder Sam Bankman-Fried's Ambitious Plan for Alameda Research Disclosed During Fraud Trial

74
1
FTX Founder Sam Bankman-Fried's Ambitious Plan for Alameda Research Disclosed During Fraud Trial

In an unpublished post disclosed during his ongoing fraud trial, Sam Bankman-Fried, the embattled founder of FTX, expressed his intention to shut down Alameda Research, his other company. Bankman-Fried emphasized Alameda's critical role as a buyer during times of market volatility and scarcity of capital, citing its involvement in projects like Solana and Sushiswap. Despite his plans to close Alameda, Bankman-Fried saw it as a global source of liquidity and guidance for the crypto ecosystem, even after his departure. In the post, he also blamed unnamed competitors for spreading fear, uncertainty, and doubt (FUD) about the alliance between FTX and Alameda to divert attention from their own issues. Bankman-Fried envisioned a future for Alameda as an investment firm and infrastructure developer. The intertwined relationship between Alameda and FTX ultimately led to their downfall, resulting in bankruptcy following a bank run. Revelations from the trial unveiled Bankman-Fried's orchestration of the misappropriation of FTX customers' funds, with insiders testifying about Alameda's privileged position at the now-defunct exchange and Bankman-Fried's establishment of systems facilitating fraudulent operations.