Almost a year after the high-profile collapse of FTX and Alameda, the latter’s former engineer has come forward.
A former engineer at Alameda Research made allegations against X that his former boss, Sam Bankman-Fried (SBF), stole his savings. Aditya Baradwaj paints a vivid picture of the rise and fall of FTX, revealing the ensuing conflicts, grandiose visions and heartbreaking consequences.
The SBF vision that never came
Baradwaj explained the story when he began his transition to Alameda Research after leaving his position at Google. He goes on to talk about his first day at the company and the thrill of working for a small, mysterious crypto company run by SBF. According to the former Alameda engineer, his first meeting with Bankman-Fried was quite unusual, as the CEO was playing a video game during the business call.
He also noted that there is no press release and unknown states about Alameda and the founder of FTX. Over time, he discovered that while the SBF empire supported decentralized finance, it depended on centralized storage platforms, a paradox that became emblematic of his approach.
The former Alameda engineer further emphasized the joint ventures of Alameda and FTX, demonstrating the intertwined relationships, shared spaces and vision that extended beyond crypto exchange. Bahamas
Baradwaj painted SBF’s bold dreams of moving to the Bahamas, where FTX revenues represented a significant portion of the country’s GDP, more than 10 percent. The plan included a vaccine factory to combat slow FDA approvals, political donations, and even considerations related to biotech developments and humanitarian causes such as malaria bed nets and veganism.
Baradwaj said his life began to change in ways he could never have imagined, including luxury homes, traveling the world and “brushing elbows” with celebrities and sports icons.
However, he soon learned about FTX’s reckless risk management and technical debt, which weakened the company’s financial stability. Presented as a force for good, the vision of SBF later collapsed due to the financial ruin of investors, employees and customers who trusted the founder. As a result, the once promising FTX headquarters continued to be abandoned. Sam Bankman-Fried himself ends up in prison for violating the terms of his house arrest, highlighting his inability to follow the rules he often preached. Meanwhile, Baradwaj promised to provide more insight into the situations of FTX and Alameda and to provide transparency into the inner workings of the companies.