Alameda Research & FTX Venture Websites Go Offline

The Alameda and FTX Saga continues to add more layers as their websites go offline on Wednesday, Nov. 9. As of press time, public access to both websites– Alameda-research.com and ventures.ftx.com— appears to have been disabled. 

• Rumours of both firms’ insolvency had spread earlier this week after Alameda balance sheets leaked to the public, revealing a red balance. 
• FTX had also disabled withdrawals on its platform as it could not meet several requests that followed reports of insolvency. As a result, many users have been unable to retrieve their funds. 
• Meanwhile, the entire crypto market has reacted negatively to the recent developments. Furthermore, a Solana unlock of almost 1 billion tokens by validators scheduled for today, is likely to cause a further market cascade.
• Solana is trading at $14 at the time of writing this report after falling by 41%. 
• There’s also the report that FTX’s legal and compliance team has exited the firm. This presents an even gloomy image of the once leading crypto exchange with various expansion strides.
• FTX appears to have mismanaged users’ funds, several reports suggest. The exchange reportedly bailed out Alameda Research which was impacted by the LUNA/UST debacle in May with its customers’ deposits.  
• FTX’s CEO Sam Bankman-Fried (SBF) dismissed reports about the exchange’s insolvency earlier. While rival exchange Binance tried to lend a helping hand, due diligence into FTX’s books has made such a deal impossible. 
• Meanwhile, SBF has declared bankruptcy, confirming rumours that users will not get their funds back. Several VCs and investors were also affected. Sequoia Capital released a statement earlier today, noting that it was marking its $230 million investment in FTX down to zero. 

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