FTX fallen founder Sam Bankman-Fried wanted to shutdown Alameda before bankruptcy

Embattled FTX laminitis Sam Bankman-Fried (SBF) wanted to adjacent down his different company, Alameda Research, according to an unpublished station revealed astatine his ongoing fraud trial.

In the extended post shared connected X by a erstwhile Alameda employee, SBF described Alameda arsenic 1 of his “largest successes–and then, briefly, largest failures–and past again successes.” However, the disgraced laminitis wanted to unopen the institution due to the fact that the FUD its narration with FTX generated was “too overmuch of a load to warrant its existence.”

The praises

While admitting helium mightiness beryllium somewhat biased, SBF stated that Alameda had “contributed a batch to the integer plus ecosystem,” pointing retired that the institution “contributed liquidity, of course–in markets, and stablecoins, and venture.”

“Alameda has been 1 portion backstopping the ecosystem.”

SBF continued that the institution “has been a purchaser erstwhile nary 1 other is acceptable to buy–when markets are chaotic and volatile, and prices are crashing, and superior is scarce–whether that’s projects, tokens, oregon companies.” And further highlighted the company’s relation successful definite crypto projects similar Solana and Sushiswap.

According to the thread, SBF viewed Alameda arsenic “a ample planetary root of liquidity, guidance, and backstopping for the full ecosystem” adjacent aft helium left.

The blames

In his post, SBF blamed unnamed competitors for spreading FUD astir the narration betwixt FTX and Alameda to distract from their problems.

According to SBF, the actions of these competitors are “too atrocious for the [crypto] space.” He said:

“It’s particularly galling due to the fact that immoderate competitors person interior trading desks that are an (open) secret, which specifically usage confidential lawsuit accusation to manipulate their ain markets.”

The station further revealed that SBF had plans for Alameda to modulation into an concern steadfast and an infrastructure developer.

Alameda, FTX

Alameda’s narration with FTX proved to beryllium the undoing of the once-great SBF-led crypto empire. The companies filed for bankruptcy past twelvemonth aft the speech suffered a slope run.

The ongoing proceedings has revealed that SBF orchestrated the misappropriation of FTX customers’ funds. Insiders astatine the exchange, similar Gary Wang, FTX co-founder, and  Caroline Ellison, the erstwhile CEO of Alameda, person testified that Alameda enjoyed peculiar privileges astatine the defunct speech and that SBF established the systems that facilitated the fraudulent operations.

The station FTX fallen laminitis Sam Bankman-Fried wanted to shutdown Alameda earlier bankruptcy appeared archetypal connected CryptoSlate.