### For most people that discovered the fraudulent allegations against Sam Bankman-Fried (SBF), it seemed like the financial issues were a new thing and that the alleged fraud was just a recent thing that caught so many people unaware. Unfortunately, if people looked hard enough, there was trouble even years before. 

It turns out that SBF’s Alameda Research financial problems many years before. The Wall Street Journal published a [report] (https://www.wsj.com/articles/alameda-sam-bankman-fried-ftx-crypto-crash-11672434101) that revealed: 

1. Alameda Research was already incurring heavy losses from its trading algorithm; 
2. In 2018, Alameda Research lost nearly two thirds of its assets due to the fall of the XRP token; 
3. SBF saved Alameda Research by obtaining investment with the promise of up to 20%; 
4. In 2018, Alameda Research sponsored the Binance Blockchain Week Conference; 
5. SBF used the Binance Blockchain Week Conference to connect with investors. 

The report is shocking and disheartening because, in hindsight, there were already signs that Alameda Research was shaky and that should have been picked up by due diligence. 

Had people looked hard enough, there would have been some red flags with regard to Alameda Research and SBF. The long history of trading losses of Alameda Research make SBF look incompetent. 

However, what he seemingly lacked in trading skills, he made up for in being an excellent salesman. SBF was able to connect with politicians of the highest caliber. SBF was even touted as the ‘largest’ donor to the Biden campaign among crypto circles. He was able to secure the support and endorsement of some of America’s top celebrities. 

Sports celebrities like Tom Brady and Steph Curry to celebrity investor Kevin O’Leary - the TV show, Shark Tank’s “Mr. Wonderful” were brought onboard to SBF’s crypto empire. 

Not all celebrities were easily roped in or swayed by SBF’s large offers. Taylor Swift rejected SBF’s proposed sponsorship deal, and Elon Musk refused SBF’s offer to join in the Twitter purchase. Elon Musk later on shared that his “Bullshit Meter” was “red-lining.”

For most people that discovered the fraudulent allegations against Sam Bankman-Fried (SBF), it seemed like the financial issues were a new thing and that the alleged fraud was just a recent thing that caught so many people unaware. Unfortunately, if people looked hard enough, there was trouble even years before. 

Wed Jan 04 2023

SBF's Alameda Issues Were Not New

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Wed Jan 04 2023 SBF's Alameda Issues Were Not New

FTX Creditors File Class Action Against Bankruptcy Law Firm

Revolut to Distribute $1.2 Million in BONK

Starknet Foundation’s Plan to Distribute STRK Token

The Korea Times: South Korea to Remove ‘Unfit’ Crypto Exchanges

DecenTrader Founder Notes Bearish Signal

Revolut to Distribute $1.2 Million in BONK

Wed Jan 04 2023

SBF's Alameda Issues Were Not New