No rest for Sam Bankman-Fried! As the markets continue to stammer, the latter is constantly at the center of discussion. Recently, his crypto empire officially split in two. However, some details raise awareness. What about the track record of FTX and Alameda Research?
Alameda entirely dependent on FTX?
Alameda Research the trading company and FTX the crypto exchange of Sam Bankman-Fried are two giants in their respective fields. After being part of the same empire for a long time, the two companies are now split into two separate parts. However, although they are now autonomous, it seems that Alameda is under the control of FTX.
According to a private financial filing, Alameda Research’s balance sheet is replete with SBF’s exchange, specifically the exchange’s native token, FTT. While it doesn’t reveal anything obscure or unhealthy, it does show that Alameda, the billionaire’s trading giant, is partly based on a token invented by a sister company rather than an independent asset.
Thus, we have proof that the two structures are not as autonomous as we think. If until now analysts wondered what size the trading company could have, the truth finally comes out. According to financial data, Alameda is very large. Through June 30, the company’s assets stood at $14.6 billion.
However, there are more FTX native tokens among its $8 billion in liabilities, consisting of $7.4 billion in loans and 2.92 million FTT locked. However, the great asset of the commercial giant remains the 3.66 billion FTT unlocked. Faced with all these revelations, Caroline Ellison, the CEO ofAlameda and FTX declined requests for comment.
Others like the CEO of Swan Bitcoin did not hesitate to speak out. The latter criticizes the management of Alameda’s capital, which is based on the FTX token, a centralized and unexpectedly printed asset. Note that the other important assets of the company come from the Solana (SOL) blockchain. We should also remember that Sam Bankman-Fried was one of the first investors there.
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