Divisions in Sam Bankman-Fried’s crypto empire blur on his trading titan Alameda’s balance sheet

11/02 15:24

According to CoinDesk, billionaire Sam Bankman-Fried’s cryptocurrency empire is officially broken into two main parts: FTX (his exchange) and Alameda Research (his trading firm), both giants in their respective industries. However, despite officially being separate businesses, the division breaks down in a key place: on Alameda’s balance sheet, according to a private financial document reviewed by CoinDesk. (It is conceivable the document represents just part of Alameda.) That balance sheet is full of FTX – specifically, the FTT token issued by the exchange, which grants holders a discount on trading fees at its marketplace. While there is nothing per se untoward or wrong about that, it shows Bankman-Fried’s trading giant Alameda rests on a foundation largely made up of a coin that a sister company invented, not an independent asset like a fiat currency or another crypto. The situation adds to evidence that the ties between FTX and Alameda are unusually close.
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