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FTX and Alameda Research Were Caught Engaging in Insider Trading

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The intimate links that existed between FTX and Alameda Research, a trading business that was linked with FTX, have just come to light, revealing a textbook instance of insider trading. The brokerage business made a profit by purchasing tokens that were going to be offered on FTX before the public announcements were made and then selling those tokens.

According to the WSJ, Owen Rapaport, CEO of compliance software business Argus. Alameda Research, stocked up on tokens in the twelve months beginning March 2021, before they were launched by sister company FTX, in an effort to possibly establish a favorable market position.

According to the public information on the Ethereum blockchain that Argus was able to access, Alameda had about $60 million invested in 18 different listings of FTX coins that were connected to the Ethereum blockchain.

“What we observe is that in the month preceding up to it, they’ve almost nearly always bought into a position that they previously didn’t have,” the analyst said. “It’s fairly obvious that there’s something in the market indicating them they should be purchasing things they previously hadn’t,” said Omar Amjad, co-founder of Argus. “They should be buying things they previously hadn’t.”

Sam Bankman-Fried established Alameda Research in the year 2017, which is a quantitative trading business. In 2019, he established FTX, a cryptocurrency exchange that is no longer in operation. He continued to insist that the two businesses were distinct organizations, despite the fact that FTT was responsible for a significant amount of Alameda’s overall assets and liabilities.

Compiled by Coinbold

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