was 30% higher at times and in Japan, it was 10% higher. There’s a slew of reports that highlight Alameda making millions from crypto arbitrage, but a recent report from the Wall Street Journal published on Dec. 31, 2022, details Alameda’s trades were not always profitable.
The report says that while SBF stepped down as chief executive from Alameda, he was still very much in control of the company until the very end. The WSJ reporter Vicky Ge Huang detailed that Alameda “took big gambles, winning some and losing plenty.” Further, the WSJ report says SBF continuously borrowed money to bolster such bets and he promised investors double-digit returns if they helped him.
“The thing that I picked up on immediately that was causing us heartburn was the complete lack of a risk-management framework that they could articulate in any meaningful way,” Campbell detailed.According to people familiar with the matter and Alameda’s trading, the arbitrage opportunities quickly stopped and Alameda’s trading algorithm allegedly made a lot of bad bets. In the spring of 2018, Alameda took a huge hit betting on xrp losing over two-thirds of Alameda’s assets.
Other people familiar with the matter said SBF sought lenders in Jan. 2019 at a Binance Blockchain Week event in Singapore. While Alameda sponsored the event with $150K, the conference was allegedly used by SBF to solicit lenders and a pamphlet was handed out to potential investors. The pamphlet claimed Alameda held $55 million in assets under management but whether or not that data was factual remains to be seen. By Feb. 2019, SBF decided to move Alameda from California to Hong Kong.
Yikes! It's important that we stay vigilant and ensure crypto projects are able to stay afloat. DeFi will only be successful with rules in place for its growth & sustainability. We must HODL tight and remain educated on the latest news. 🚀
There is no financial problems when he needs to go out of jail
They are still major thieves everything they have should be taken back and shared out with the people they fleeced.
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