A former Alameda Research Engineer has let the cat out of the bag, revealing sordid details of his former employer and founder of FTX, Sam Bankman-Fried via an X (formerly known as Twitter) post.
Employee Reveals The Truth About FTX Behind Closed Doors
The crypto community has been in a state of shock after former Alameda Research engineer, Aditya Baradwaj disclosed information on the activities of FTX and Sam Bankman-Fried (SBF) behind closed doors.
The former Alameda Research ( a sister company to FTX) employee took to X on Wednesday, August 23, and lamented on how Bankman-Fried pilfered his life savings and left him broke.
He said that it took months for him to get some form of stability, and now he has recovered from the aftereffects of FTX’s downfall he is ready to reveal his side of the story of the FTX collapse as well as his experience working for the bankrupt crypto exchange.
“As an engineer at Alameda Research, I had my entire life savings stolen from me by my former boss: Sam Bankman-Fried. Now, after months of recuperation from the craziness of the FTX collapse, I’m ready to tell my story,” Baradwaj stated.
Baradwaj explained when he started working for Alameda, FTX had little to no press coverage, and an unremarkable office. He mentioned that when he became an employee, FTX had not gained as much popularity as it had in 2021 following its launch in 2019.
He stated that he found out about the crypto exchange through students at Berkeley who had become employees at FTX. Baradwaj illustrated how he met SBF for the first time seated at his desk speaking on the phone while playing the popular League of Legends video game.
He disclosed a portion of SBF’s side of the conversation.
“Decentralization is the future. The single most valuable thing you can do for yourself is to drop whatever you’re doing and get into crypto,” SBF seemingly said.
Baradwaj stated that SBF would constantly proclaim the transformation decentralized technology would have in the financial industry and the world as a whole. He went on to remark about his reservations about SBF’s glorification, saying that “a custodial, KYC’d derivatives exchange isn’t exactly a paragon of decentralization.”
FTT price sitting at $1.06 | Source: FTTBUSD on Tradingview.com
Bankman-Fried’s Legacy Of Unfulfilled Promises
While commenting on his experience working for Alameda, Baradwaj disclosed SBF’s unfulfilled promises and company visions. He explained that SBF had goals that went beyond the reach of cryptocurrency and the decentralized industry.
He mentioned that the former FTX founder had relayed plans to develop a vaccine factory in the Bahamas to help resolve the series health crisis resulting from bureaucratic delays. Adding that SBF spoke of building technologies for embryo selection while growing the biotech industry to reduce China’s monopolization of transformative technologies.
Baradwaj stated that SBF had also mentioned plans to help eradicate malaria and encourage veganism.
The former Alameda research engineer disclosed that he was captivated by SBF’s visions and goals. He said that during his time working as an employee for the former FTX founder, he had lived a high life, traveling around the globe to luxurious locations and occasionally meeting politicians and celebrities.
He stated that while he was having these new experiences, he noticed a lack of responsibility in the organization. He mentioned that the crypto exchange had subpar risk management, and technical debts and had lost millions from frivolous transactions.
He said that SBF did not fulfill any of his promises or visions, and all he ended up achieving was putting his staff in financial disarray and destroying a multi-billion dollar company by allegedly engaging in fraudulent activities and scams.
According to the engineer, all of it summed up to irresponsibility on the part of FTX’s management, claiming that “Even after all this, it seems he is incapable of following the rules.”
Featured image from The Verge, chart from Tradingview.com