Alameda Research

Alameda Research

Alameda Research was founded in 2017 by Sam Bankman-Fried, who had previously worked at Jane Street Capital as a quantitative trader — a background that shaped the firm's data-driven approach to cryptocurrency markets. The firm operated as a proprietary trading company and market maker, eventually becoming closely linked to FTX, the exchange Bankman-Fried also founded. Its wealth-origin context remains tied to Bankman-Fried's trading acumen, though the firm did not disclose a single-family-office structure. The firm's primary strategy involved quantitative trading across crypto spot, futures, and options markets, with additional exposure to venture investments in blockchain projects and private credit deals. Alameda made notable investments in firms like Genesis Digital Assets and BlockFi, often co-investing alongside other crypto-native funds (per The Wall Street Journal, 2022). Its geographic footprint spanned Hong Kong and New York, with reported operational hubs in both cities. At its peak, Alameda employed roughly two dozen professionals, including CEO Caroline Ellison, who took the helm in 2021. The firm maintained a single-office structure in Hong Kong with a secondary presence in New York. In November 2022, Alameda Research and its affiliated entities filed for Chapter 11 bankruptcy in the United States, following the collapse of FTX (per Reuters, November 2022). The central structural differentiator of Alameda was its dual role as both market maker and FTX affiliate, creating conflicts that became central to its downfall. The firm's collapse represents one of the largest failures in modern asset management, highlighting risks in opaque, cross-entity capital structures.