Alameda made big losses during the 2018 crypto crash SBF was seeking new lenders since the start of 2019 and even sponsored Binance Blockchain Week for the same purpose FTX was founded after SBF was inspired by the failures of crypto exchanges in 2019 The FTX and Alameda tale continue to increase with a day […]
SBF was seeking new lenders since the start of 2019 and even sponsored Binance Blockchain Week for the same purposeThe FTX and Alameda tale continue to increase with a day left for Sam Bankman-Fried’s. The latest in the row is that FTX was founded in order to keep Alameda from sinking because of the 2018 crypto collapse. Moreover, Alameda played a key role in FTX’s growth in its inception period. And, all this when SBF was spearheading both firms.
However, Alameda’s automated trading algorithm started to make the wrong calls on price movements, incurring losses for the firm. And, right around this time, Skype co-founder Jaan Tallinn recalled the $100 million loan given to the firm for trading. The investment arms woes grew at the height of the crypto crash in 2018. Alameda’s assets were down to $30 million, with the firm making a big loss on XRP – the third-largest cryptocurrency in the market at the time. The coin, however, lost this position because of the lawsuit launched by the
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