No rest for Sam Bankman-Fried! As the markets continue to stutter, the latter is constantly at the center of the discussion. Recently, his crypto empire officially split in two. However, some details raise awareness. And the track record of FTX and Alameda Research?
Alameda entirely dependent on FTX?
Alameda Research the trading company and FTX the exchange crypto by Sam Bankman-Fried are both giants in their respective fields. Having long been part of the same empire, the two companies are now split into two separate parts. However, although they are now autonomous, it appears that Alameda is under the control of FTX.
According to a private financial document, Alameda Research’s balance sheet is filled with exchanges of SBF, more precisely than the exchange’s native token, FTT. While it reveals nothing 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.
We therefore have proof that the two structures are not as autonomous as we think. If until now analysts have wondered what size the trading company could have, the truth finally comes out. According to the financial data, Alameda is very big. As of June 30, the company’s assets amounted to $ 14.6 billion.
However, there are more native FTX tokens among its $ 8 billion in liabilities, made up of $ 7.4 billion in loans and 2.92 million in blocked FTTs. However, the big asset of the commercial giant remains the 3.66 billion FTT unlocked. Faced with all these revelations, Caroline Ellison, CEO ofAlameda and FTX declined requests for comment.
Others like Swan’s CEO Bitcoin did not hesitate to speak. The latter criticizes Alameda’s capital management, which is based on the FTX token, a centralized and unexpectedly printed asset. Note that the company’s other important assets come from the Solana (SOL) blockchain. It should also be remembered that Sam Bankman-Fried was one of the first investors there.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. As the crypto community manager at the base, I am interested in anything directly or indirectly related to the blockchain and its derivatives. To share my experience and introduce a field that fascinates me, nothing better than writing informative articles and relax at the same time.