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A former engineer at Alameda Research, the sister hedge fund of FTX, alleges that the firm incurred losses exceeding $190 million due to preventable scams. Aditya Baradwaj, the whistleblower, emphasized the frequent “significant security incidents” resulting from the firm’s fast-paced operations. These allegations were documented in a post titled “The Hacks” on the platform X.
Baradwaj detailed that this approach resulted in minimal code testing and incomplete balance accounting. Safety checks for trading were only implemented when deemed necessary. This lax approach led to a significant security incident where an outdated version of plaintext files containing keys to Alameda’s wallets was
Since the collapse of Alameda and FTX in November of the previous year, the former engineer has publicly discussed the various shortcomings of both entities. He has explained how the founder, Sam Bankman-Fried,many of his actions, which Baradwaj deemed “ridiculous,” under the guise of an idealistic philosophy known as Effective Altruism.Baradwaj’s revelations coincide with former Alameda CEO Caroline Ellison testifying against Bankman-Fried on the sixth day of his fraud trial.
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Alameda Research lost $190M to scams and ‘questionable’ blockchains: WhistleblowerFormer 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.
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