Sam Bankman-Fried wrote a series of unpublished posts in 2022 announcing Alameda's closure due to the “burden” of “FUD around Alameda's relationship with FTX”
One conclusion I'm drawing from the SBF trial is that Alameda/FTX were very badly managed. Beyond the federal crimes. The strategy and decision making is baffling.
Besides stealing billions from FTX customers, Alameda subsisted on billions of dollars in open term high interest loans that they got by marking up FTT and other illiquid shitcoins. They used these loans to make risky bets, give billions to FTX execs, and for VC investment.