What happened at Alameda Research (21 minute read)
This article takes an in-depth look at what happened at Alameda Research and how three people burned over $20 billion dollars of fund profits and FTX user deposits. Alameda and FTX lost a large amount of money throughout 2021-2022 due to excessive spending, illiquid venture investments, bad strategy, risky lending practices, lackluster internal accounting, and general deficiencies in overall organizational ability. When loans were recalled in 2022, they were paid back using FTX users' deposits.