Alameda Research funnels $3.2 billion to former FTX CEO’s personal circle
It seems like if you’re in Sam Bankman-Fried’s inner circle – you’re making out like a bandit. The former CEO of FTX and current CEO of Alameda Research saw $3.2 billion of the company’s funds allocated to various entities that Sam or his close contacts have ties to.
The Motley Crew
Just who are the lucky individuals and entities that are making bank off of Alameda Research? Well, so far we know of these:
- Matthew Ballen – Sam’s business partner and former FTX head trader
- Alameda Research itself
- Organics Exchange – an electronic commerce platform founded by Sam that was acquired by FTX
- SkyBridge Capital – an alternative investment firm founded by Anthony Scaramucci that managed to get their hands on a large chunk of the money.
What’s the point?
It’s a reasonable question. On the surface, it seems like Sam’s distributing the funds as though it was his own personal ATM. Of course, Alameda Research has been pulling in healthy profits as a crypto-asset trading and market maker, so it really isn’t as outrageous as it seems.
Still, it’s an eyebrow-raising affair that could easily give the impression of favoritism. “Crony capitalism” as it were.
The Bottom Line
If you’re familiar with Sam, his shenanigans shouldn’t come as a surprise! Whether it’s his latest venture or highly-anticipated move from FTX to Alameda, Sam always has a plan and this is yet another example of where his cunning and business acumen is taking him. It’s impressive, to say the least!
