Problems at Sam Bankman-Fried’s Alameda Started Long Before the Crypto Crash

Sam Bankman Fried built the FTX cryptocurrency exchange on the reputation of its trading company, Alameda Research LLC.

Alameda was applying Wall Street-style magic to the crypto world – and outsiders thought it was winning big. But little was known beyond the company about its trades, which included a lucrative early bet involving bitcoin in Japan. Alameda had no outside investors and did not disclose its performance.