What Alameda Research is
Alameda Research was a quantitative cryptocurrency trading firm founded in 2017 by Sam Bankman-Fried, operating out of Hong Kong and later the Bahamas. It ran market making and arbitrage across all the main exchanges and was long among the sector's biggest traders. Its fate is tied to FTX, the exchange founded by Bankman-Fried himself in 2019: in November 2022 it emerged that Alameda was operating with FTX customer funds, and the collapse of one dragged down the other within days. On 11 November 2022 both companies filed for bankruptcy protection (Chapter 11) in the United States. Today Alameda no longer exists as an operator: it survives only as a bankruptcy estate within the FTX proceedings.
Regulation and licences
- Alameda Research was never an exchange nor a MiCA/CASP-authorised entity: it was a proprietary trading firm, and the licensing question does not apply. (Verified: September 2026)
- Corporate status: in liquidation within the FTX bankruptcy proceedings. FTX's reorganisation plan became effective on 3 January 2025 and distributions to creditors began in the first months of 2025 through partner platforms (Kraken and BitGo); under the plan, 98% of creditors receive at least 118% of the value of their claim as calculated at the bankruptcy date (in dollars, at November 2022 prices). (Verified: September 2026)
- Today there is no Alameda service to access: any website or offer using this name should be considered suspicious.
Security
The Alameda affair is the opposite of a technical security incident: it was a fraud. The company used, through a privileged and unchecked "line of credit", billions of dollars of FTX customer deposits for trading, investments and the executives' personal spending. The judicial outcomes are final at the stages reached so far:
- Sam Bankman-Fried (founder): convicted in November 2023 on seven counts of fraud and conspiracy; in March 2024 he received 25 years in prison, which he is serving. On 12 June 2026 the US Court of Appeals for the Second Circuit rejected his appeal. On 10 September 2026 the defence asked the US Supreme Court to review the conviction and the forfeiture of around 11 billion dollars: the petition (No. 26-349) is pending and the government must respond by 16 November 2026. (Verified: October 2026)
- Caroline Ellison (former CEO): pleaded guilty and was the prosecution's key witness; sentenced in September 2024 to 2 years, she was released on 21 January 2026 after around 440 days between prison and reintegration. (Verified: September 2026)
- Sam Trabucco (former co-CEO): never criminally charged; in November 2024 he agreed with the FTX estate to give up around 70 million dollars in claims, two San Francisco apartments and a yacht. (Verified: September 2026)
Alternatives
Alameda is not a replaceable service. For comparison, see the related profile:
- Pantera Capital — an example of a crypto investment firm still in operation
FAQ
Does Alameda Research still exist? No. It ceased all operations with the bankruptcy of 11 November 2022 and is today part of the FTX bankruptcy estate, whose reorganisation plan has been effective since 3 January 2025. (Verified: September 2026)
Have FTX/Alameda creditors been repaid? Distributions began in 2025: the plan provides for 98% of creditors to receive at least 118% of their claim calculated in dollars at November 2022 values — therefore not at current crypto prices, a point heavily contested by creditors. (Verified: September 2026)
Who was leading Alameda at the time of the collapse? Caroline Ellison, sole CEO from August 2022 after the departure of co-CEO Sam Trabucco; the company remained controlled by Sam Bankman-Fried.
Verified sources
- https://www.supremecourt.gov/search.aspx?filename=/docket/docketfiles/htmlhttps://cdn.spaziocrypto.com/public/26-349.h
- https://abcnews.com/US/sam-bankman-fried-loses-appeal-fraud-conviction-ftx/story?id=133817
- https://unchainedcrypto.com/sam-bankman-fried-asks-the-supreme-court-to-overturn-his-fraud
- https://www.coindesk.com/policy/2024/11/11/former-alameda-co-ceo-sam-trabucco-agrees-to-fo
- https://www.theblock.co/post/383754/caroline-ellison-prison-release-ftx
- https://www.prnewswire.com/news-releases/ftx-announces-effective-date-and-record-date-of-j
- https://en.wikipedia.org/wiki/Sam_Trabucco
