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Former FTX CEO Sam Bankman-Fried Was "Freaking Out" About Alameda, Snapchat, and Binance Crackdown, According to Testimony

Former CEO of crypto exchange FTX, Sam Bankman-Fried, was reportedly concerned about Alameda, buying shares in Snapchat, raising capital from Saudi royalty, and getting regulators to crack down on rival exchange Binance before FTX's collapse. According to former Alameda Research CEO Caroline Ellison's personal notes presented in court, Bankman-Fried considered shutting down Alameda and seeking $1 billion in capital from the Saudi Prince after a crash in the Terra ecosystem in May 2022.

Bankman-Fried also sought more funds from crypto lender BlockFi and was concerned about trading bonds issued by the Japanese government, buying Snap Inc stocks, and "Willie being happy." Ellison also admitted to creating "alternative" spreadsheets for Alameda's lenders, hiding the company's financial liabilities with FTX.

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