Several months after Bloomberg’s initial report on the relationship between the two firms, on November 2, 2022, CoinDesk reported that a significant portion of Alameda Research’s assets were held in FTT, the exchange token issued by FTX. In the weeks immediately preceding the publication of the story by CoinDesk, Bankman-Fried was characterized by anonymous sources cited by Bloomberg as “desperately” attempting to raise money for FTX. It said that there were $5.1 billion worth of FTT tokens in circulation, and that Alameda’s balance sheet held $3.66 billion of “unlocked FTT”, $2.16 billion of “FTT collateral”, and $292 million of “locked FTT”.
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FTX sponsored a number of sports teams and organizations. The professional esports organization TSM also had a naming rights deal with FTX, thus the organization became TSM FTX. Mercedes-AMG Petronas F1 Team to add the FTX logo to their cars and merchandise. Following the bankruptcy of FTX in November 2022, Mercedes-AMG F1, TSM and the Miami Heat cut ties with the company, with the latter also announcing that they would be seeking a new naming rights partner for the FTX Arena. FTX held talks with American singer-songwriter Taylor Swift starting in the fall of 2021 regarding a $100 million sponsorship deal but negotiations were broken off the following spring without a deal being reached.
Its staff said they had no knowledge of the investments. Handler stated that Bankman-Fried did not respond to the emails sent from Jefferies staff on Handler’s behalf. The sudden collapse of FTX has been compared to the bankruptcy of Lehman Brothers in publications such as The New York Times and the Financial Times. Chanos criticized the cryptocurrency sector as “designed to extract fees from really unsuspecting investors”. Richard Handler, CEO of American financial firm Jefferies Group, tweeted on November 10 that he had attempted to meet with Bankman-Fried in July and again in September, as he perceived the FTX CEO – you can check here – was “in over his head”. Investment manager and short selling specialist Jim Chanos predicted in November 2022 the collapse of FTX would lead to “increased scrutiny and regulation” over cryptocurrencies.
Investments by September 1 of that year.
Japan’s Financial Services Agency ordered FTX Japan to suspend some operations. Anonymous sources cited by the New York Times said that the exchange owed as much as $8 billion. On November 10, the team running the FTX Future Fund, an ostensibly charitable group bankrolled by Bankman-Fried, announced that they had resigned earlier that day. Crypto lender BlockFi, which was affiliated with FTX, announced on November 10 that it was suspending operations as a result of FTX’s collapse. Investments by September 1 of that year. The company’s Australian subsidiary was placed under administration. Future Fund had committed $160 million in charitable grants.
In August 2023, it was reported that the company plans to restart offering cryptocurrency trading services after a restructuring of the bankrupt company is completed. In September 2022, Bloomberg reported on the close relationship between Alameda Research and FTX. Bloomberg noted that Alameda had functioned as a market maker for FTX early in the exchange’s history, and that the trading firm remained, in June and July 2022, the biggest known depositor of stable coins on FTX.