The tides finally changed after Gary Wang and Nishad Singh (both FTX directors who have since pled guilty to fraud in the ongoing trial) joined the firm.
Millions of dollars from the first-ever tranche of funds raised by Sam Bankman-Fried were almost lost after trading firm Alameda Research initially started in 2017, author Michael Lewis claimed in his biography of Bankman-Fried “Going Infinite.”
The then 26-year-old SBF intended to invest these funds in the growing and inefficient crypto markets, capturing price differences across markets and creating high-frequency trading strategies to pick up pennies every few seconds.
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