The reputation of Sam Bankman-Fried’s trading company, Alameda Research LLC, served as the foundation for the cryptocurrency exchange FTX.
Alameda brought Wall Street’s tricks to the world of cryptocurrency, and observers believed it was doing well. But little was known about the company’s trades, which included a successful early wager with bitcoin in Japan, outside of the company. Alameda did not reveal its performance and had no outside investors.
Before being charged with fraud and other offenses by federal prosecutors in December and then taken into custody, Mr. Bankman-Fried claimed in interviews that Alameda had succeeded up until a collapse in cryptocurrency prices in November tripped it up. He claimed that by the time he realized what had gone wrong, it was too late because he was no longer in charge of Alameda at that point.
However, a closer examination of Alameda reveals that it has never been very successful at investing, and Mr. Bankman-Fried remained heavily invo
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