An Alameda balance sheet revealed just how fraught FTX’s situation was.
95% of those projects’ token supply in a state of limbo that seems to continue to this day. Those projects’ tokens have since lost much of their value but even back then they were unlikely to be worth that much in practice. Attempting to trade them at scale on the open markets would have shattered their value.
Alameda had multiple ties to Bonfida, the project behind Solana’s version of ENS, the popular wallet naming service in the Ethereum ecosystem. It was the primary market-maker for Bonfida’s native token FIDA. It acquired millions of FIDA tokens by investing in that startup. Notably, Bonfida developers inherited development duties over the purportedly decentralized Serum crypto exchange, another FTX production.
In SRM the bounds of reality and believability began to break down for Alameda. It was a token that FTX Group coders had conjured out of nothing for the benefit of Serum, the SBF-founded trading infrastructure for much of Solana blockchain-based DeFi. Alameda reported holding nearly $183 million worth of locked SRM and $300 million unlocked, plus nearly $320 million in SRM collateral and an additional $330 million in locked SRM as a liability.
But it was Alameda’s miles-deep holdings of FTT, the exchange token minted specifically by FTX, that proved to be the empire’s undoing.revealed that billions of dollars of FTT backed up Alameda’s largess – a fact that spooked market participants and eventually set off a run on FTX. It was during that chaos that people began to realize that the emperor had no clothes.
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