Sam Bankman-Fried genuinely believed he was doing the right thing, which may explain why it's been so hard for the founder to admit fault, a former Alameda Research engineer said, days before SBF's criminal trial begins.
"No sane person would make those decisions,” says a former engineer at Alameda Research about what ultimately led to the collapse of Sam Bankman-Fried's crypto empire.Effective altruism was used to justify “increasingly risky and ridiculous” actions at crypto exchange FTX prior to its ultimate collapse in November 2022, says a former software engineer at Alameda Research.
Baradwaj claimed that effective altruism — which advocates that people make as much money as possible to give it away later — tipped the scales from reason and moved many of the decision-making processes at the company toward insanity. Prevalent throughout the tech circles of Silicon Valley and quantitative finance firms in New York, Baradwaj said effective altruism was an alluring and integral part of the cultural DNA at FTX and Alameda Research.
“But the problem is when it veers into an ends-justify-the-means style of thinking, especially when the ends you’re talking about are just so bizarre and ridiculous that no sane person would make those decisions.”
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