Former Alameda Research engineer Aditya Baradwaj claims that Alameda lost more than $190 million from a series of mistakes and exploits, as then FTX CEO Sam Bankman-Fried heavily prioritized speed over safety.
Former Alameda Research engineer Aditya Baradwaj says one trader lost more than $100 million after clicking on a fake link.FTX’s sister hedge fund, Alameda Research, lost at least $190 million of its trading funds due to arguably avoidable scams, according to a former engineer at the firm.
Baradwaj wrote that FTX founder Sam Bankman-Fried believed that the “single most important thing” for Alameda and FTX was their ability to move quickly. This ethos led to Alameda routinely ignoring industry-standard engineering and accounting practices for such firms, he said. “Blockchain private keys and exchange API keys were stored in plaintext in a file that several employees could access.”
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