- Insider engineer reveals FTX’s rise, grand plans, and pitfalls under SBF’s leadership.
- Adithya Baradwaj’s personal blog sheds light on FTX’s complexities and downfall.
- He syas if the article gains enough interest he will turn his experience into a series.
In a candid account, a former engineer at Alameda Research recently shares a firsthand glimpse into the workings of the crypto trading firms. Specifically, the engineer, Adithya Baradwaj, details encounters with Sam Bankman-Fried (SBF), the mastermind behind Alameda Research and FTX.
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The narrative begins with the engineer’s first day at the office, leaving a stable position at Google to join the enigmatic world of crypto trading. Sam Bankman-Fried, known as SBF, was the head of Alameda Research and FTX, though the latter’s distinct independence was only on paper.
The engineer describes an office that seemed far from the image of a multi-billion-dollar trading firm. The atmosphere was casual, with SBF often found trading crypto while playing video games. Despite SBF’s advocacy for decentralization, his companies’ structure was closely intertwined and centralized in practice.
Amid the engineer’s observations, SBF’s grand visions for FTX unfolded—plans that went beyond being a mere crypto exchange. SBF envisioned FTX as a force for global good, discussing topics ranging from vaccines and biotech research to humanitarian causes and even veganism.
However, the narrative takes a turn as the engineer describes the pitfalls of the companies, from financial mismanagement and risk-taking to unfulfilled grand plans. Eventually, FTX’s promised projects faltered, its headquarters in ruins, and SBF in legal trouble.
The engineer’s account aims to shed light on the behind-the-scenes reality of FTX and Alameda Research, debunking speculations and highlighting both the allure and pitfalls of their operations.
Baradwaj concludes his exposé by promising a deeper dive into the complexities of FTX’s saga. He even hints at turning it into a regular series of revelations if there’s sufficient interest. One response to his tweet says this series should be a whole Netflix series.
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