Alameda Research
A former cryptocurrency quantitative-trading and market-making firm that became closely associated with the FTX group.
Last updated August 31, 2026
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Overview
Alameda Research was a cryptocurrency trading and investment firm founded in 2017 by Sam Bankman-Fried and Tara MacAulay. It began as a quantitative-trading operation focused on exploiting price differences across cryptocurrency markets, and later expanded into market making, volatility trading, yield farming, token investments, and other digital-asset activities. The firm was initially based in Berkeley, California, and reportedly moved its headquarters to Hong Kong in 2019. Alameda became known for operating across fragmented and rapidly developing cryptocurrency markets. One early activity was bitcoin arbitrage between markets in Japan and the United States. According to accounts cited in reference material, this trade generated substantial returns before the relevant price discrepancy narrowed in early 2018. The company also recruited a group of young employees, including people with limited conventional financial-market experience, and built a reputation as an aggressive participant in crypto trading. In 2019, Sam Bankman-Fried founded FTX, a cryptocurrency exchange that developed into Alameda's sister company and the central consumer-facing business of the broader FTX group. Alameda acted as an important market maker on FTX and was deeply connected to the exchange through common leadership, ownership relationships, financing, trading activity, and token holdings. Public reporting also described Alameda accumulating digital tokens before some were listed on FTX. These relationships made Alameda an important source of liquidity and trading activity for FTX, but also created conflicts and risks associated with related-party dealings. The relationship became the focus of intense scrutiny in 2022. Alameda reportedly suffered significant trading losses during the cryptocurrency market downturn, particularly in the second quarter of that year. Reports alleged that FTX had extended funds connected to customer deposits to Alameda, while Alameda's balance sheet contained a large quantity of FTT, FTX's native token. The concentration of FTT and the close financial links between the companies raised questions about the quality of Alameda's assets, the independence of FTX's operations, and the treatment of customer funds. In November 2022, disclosure of these problems triggered a liquidity crisis at FTX. A proposed acquisition by Binance was announced and then abandoned, and Alameda's website was taken offline. Bankman-Fried subsequently said that Alameda was winding down its trading activity. Alameda, FTX, and more than 130 affiliated entities filed for Chapter 11 bankruptcy protection in the United States in November 2022. The firm's former trading operations ceased, and the brand no longer functions as an operating cryptocurrency business. Its former executives and related entities have remained subject to criminal prosecutions, civil litigation, regulatory scrutiny, and bankruptcy asset-recovery proceedings.
History
Alameda Research was established in 2017 by Sam Bankman-Fried and Tara MacAulay as a quantitative cryptocurrency-trading firm. Bankman-Fried had previously worked at Jane Street Capital and moved to Berkeley, California, where the company was initially based. Alameda recruited a relatively young team and focused on the fragmented structure of cryptocurrency markets, where prices could vary substantially between exchanges and jurisdictions. One of its early strategies was bitcoin arbitrage. In January 2018, the firm reportedly traded on price differences between Japan and the United States. Reference accounts describe returns in the range of millions of dollars before the arbitrage opportunity narrowed later that year. Alameda subsequently broadened its activities to include market making, trading volatility, yield farming, and investment in digital assets. In early 2019, the business reportedly moved its headquarters from California to Hong Kong. Bankman-Fried founded FTX in 2019. Although Alameda and FTX were separate legal entities, they became tightly integrated businesses within the same commercial network. Alameda served as a major market maker for FTX, providing buy and sell liquidity and at times accepting trading losses to help attract activity to the exchange. The companies also shared senior personnel and had extensive financial and operational links. Public reporting described Alameda purchasing or accumulating tokens before certain FTX listings, further illustrating the potential conflicts created by their relationship. The crypto-market downturn in 2022 placed pressure on Alameda's trading positions. Reporting indicated that Alameda incurred substantial losses in May and June, while its balance sheet became especially vulnerable because it held a large amount of FTT, the token associated with FTX. In November, public disclosure of the relationship between Alameda's assets and FTX's liabilities prompted a crisis of confidence. Reports alleged that FTX had transferred or lent customer-related funds to Alameda. The companies' intertwined finances made it difficult for market participants to assess their solvency independently. On November 8, 2022, FTX and Binance announced a nonbinding plan for Binance to acquire FTX, but Binance withdrew from the proposed transaction the following day after reviewing FTX's financial problems and pending investigations. Alameda's website was taken down during the crisis, and Bankman-Fried said the firm would wind down its trading operations. Alameda, FTX, and over 130 related entities filed for Chapter 11 protection in the United States in November 2022. The bankruptcy proceedings and subsequent criminal and civil cases produced further information about the companies' governance, internal controls, related-party transactions, and handling of customer assets. Caroline Ellison, who had become Alameda's sole chief executive after Sam Trabucco's departure, pleaded guilty in December 2022 to fraud and conspiracy charges connected to her work at Alameda and FTX. Alameda's operating business ceased after the bankruptcy filing, leaving its brand associated primarily with the collapse of the FTX group and continuing asset-recovery and legal proceedings.
- 2022
Leadership changes at Alameda
[1]Sam Trabucco resigns as co-CEO in August, leaving Caroline Ellison as sole CEO.
- 2022
Chapter 11 bankruptcy filing
[2]Alameda, FTX, and more than 130 affiliates file for Chapter 11 protection after the FTX liquidity crisis.
- 2019
Headquarters reportedly move to Hong Kong
[1]The firm reportedly relocates its headquarters from Berkeley, California, to Hong Kong.
- 2019
FTX is launched
[1]Sam Bankman-Fried launches FTX, which becomes Alameda's closely associated sister exchange and major trading venue.
- 2018
Early bitcoin-arbitrage operation
[1]Alameda pursues price differences between Japanese and American bitcoin markets before the opportunity contracts.
- 2017
Alameda Research is founded
[1]Sam Bankman-Fried and Tara MacAulay establish Alameda as a quantitative cryptocurrency-trading firm.
Products and positioning
Institutional and quantitative digital-asset trading, market making, and investment
Trading strategy · 2017
Cryptocurrency quantitative trading
Alameda used quantitative methods to trade digital assets across multiple cryptocurrency exchanges. Its approach sought to identify market inefficiencies, price discrepancies, and other systematic opportunities in markets that were fragmented by geography, exchange infrastructure, and differing levels of liquidity.
Trading strategy · 2017
Digital-asset arbitrage
Arbitrage was among Alameda's earliest reported activities. The firm traded price differences for cryptocurrencies between exchanges and regions, including an early bitcoin strategy involving Japan and the United States. The opportunity reportedly diminished as market participants and infrastructure became more efficient.
Market liquidity · 2019
Cryptocurrency market making
Alameda supplied buy and sell quotations in digital-asset markets and acted as an important market maker for FTX. Market making provided liquidity to other traders and supported the growth of the associated exchange, while also exposing Alameda to inventory, volatility, and counterparty risks.
Investment
Digital-asset investment
The firm invested in and traded a broad range of cryptocurrencies and tokens. Public reporting described Alameda acquiring tokens ahead of some FTX listings, particularly assets associated with the Ethereum ecosystem. These activities later became relevant to scrutiny of the relationship between Alameda and FTX.
Controversies
2022
FTX customer-fund and related-party allegations
The FTX collapse brought allegations that customer funds connected to FTX had been transferred or lent to Alameda, while the two companies maintained close ownership, management, and financial relationships. The allegations became central to bankruptcy investigations and criminal proceedings.
2022
FTT concentration and insolvency crisis
Alameda's reported concentration of FTT on its balance sheet exposed the fragility of its finances when confidence in FTX and the token deteriorated. The resulting liquidity crisis contributed to the collapse of the broader FTX group.
Marketing campaigns
- 2022Guarding Against Pandemics contribution
United States
Reference material reports a $5 million donation by Alameda to Guarding Against Pandemics, a political action committee associated with Sam Bankman-Fried's brother Gabe.
Outcome. Donation later examined in the broader scrutiny of FTX-group finances.
- 2020Future Forward USA contribution
United States
Reference material reports that Alameda donated $5 million to Future Forward USA, a liberal political action committee supporting Joe Biden during the 2020 United States presidential election.
Outcome. Political contribution reported in public accounts; no continuing commercial campaign is identified.
- Worldwide Online Olympiad Training support
International
Alameda provided financial support to the Worldwide Online Olympiad Training program operated by Art of Problem Solving.
Outcome. Educational-support activity; date and financial terms are not established in the supplied material.
Brand decisions
2022
Wind down trading operationsStrategyBackground
The decision followed the November liquidity crisis at FTX, the collapse of the proposed Binance acquisition, and the loss of confidence in the FTX group.
Action taken
Alameda announced that it would wind down its trading business and close.
Aftermath
The firm entered Chapter 11 proceedings with FTX and its affiliates, and its former operating business ceased.
2019
Build a closely linked exchange ecosystemStrategyBackground
After FTX was launched, Alameda and the exchange operated as closely connected businesses with overlapping personnel, ownership relationships, trading activity, and financial links.
Action taken
Alameda became a major market maker for FTX and supported liquidity and trading activity on the exchange.
Aftermath
The arrangement helped connect the two businesses but later created severe related-party, governance, and solvency concerns.
Recent events
Reported
Eizper Chain raises seed funding and proceeds from private NFT sale[4]
Eizper Chain reportedly raised $2 million through a seed round and private NFT sale, including $1.625 million in seed funding from investors and $375,000 from the completed private NFT sale.
Reported
Subspace Labs raises $32.9 million[5]
Subspace Labs announced it had raised $32.9 million to further develop its blockchain. Pantera Capital led the round alongside Coinbase Ventures, Crypto.com, Alameda Research, ConsenSys Mesh and other investors.
SEBA Bank raises CHF 110 million in Series C funding[6]
SEBA Bank announced that it had secured CHF 110 million in Series C funding, co-led by a consortium including Altive, Ordway Selections, Summer Capital and DeFi Technologies, with Alameda Research also participating.
Reported
Messari closes $21 million Series A funding round[7]
Messari announced that it had closed a $21 million Series A funding round led by Point72 Ventures. The company said the investment would support expansion of its product suites, team, and offerings.
Reported
MathWallet secures Series A+ investment[8]
Math Global Foundation announced an investment in MathWallet from Alameda Research, with the financing round also including Multicoin Capital. The announcement described the investment as strategic capital to support development and expansion.
Linear Finance raises $1.8 million in private funding[9]
Linear Finance announced that it had raised $1.8 million in private funding from six lead strategic investors and additional participating investors.
Sources9 sources
- 1Alameda Researchen.wikipedia.org
- 2FTX files for bankruptcy in the United Statesreuters.com
- 3United States charges Sam Bankman-Fried with fraud and conspiracyjustice.gov
- 4Eizper Chain通过种子轮融资和私人NFT销售筹集资金crowdfundinsider.com
- 5Subspace Labs融资3290万美元techcrunch.com
- 6SEBA Bank完成1.1亿瑞士法郎C轮融资financialit.net
- 7Messari 完成 2100 万美元 A 轮融资prnewswire.com
- 8MathWallet获得A+轮投资prnewswire.com
- 9Linear Finance 完成180万美元私募融资news.pedaily.cn
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