Alameda Covered a $1 Billion Loss for FTX in 2021
Alameda lost hundreds of millions covering a client’s unusually large margin position on an obscure token in April 2021. This news comes amid claims from former FTX CEO Sam Bankman-Fried that FTX and Alameda were independently operated firms. FTX’s sister trading desk, Alameda Research, bailed out the exchange before it suffered a possible $1 billion trade loss in early 2021. As reported by the Financial Times on Friday, people familiar with the matter said FTX suffered massive losses after a client’s leveraged trade on an obscure crypto token went south. Meanwhile, the “buffers” designed to shield the exchange from losses on a bad trade failed to protect FTX.
Source
https://t.me/Kucoin_Coins_Token
