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Is Cryptocurrency Dead? Will the FTX Fallout Kill Crypto?
Money For the Rest of Us
Bankman-Fried's Alameda Research
Bankman-Fried founded Alameda Research in 2017. It was a trading firm that made millions of dollars initially exploiting inefficiencies in the Bitcoin market. As of June 30, it had almost $15 billion of assets, but close to $4 billion was FTT. Members of those FTT tokens could get discounts on FTX trading fees. But as Nick Carter partner at venture capital firm Castle Island Ventures says, they printed this token out of thin air and then Alameda used it as collateral.
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