Eventually, the arbitrage window closed, and Alameda’s consistent source of profits dried up. Although during the heady days of 2021-22 Bankman-Fried would recount the trade as a legendary period, it’s likely that the firm actually blew through any accumulated profits, which is why it sought outside funding for venture capitalists. In fact, Alameda co-founder Tara MacAulay led an attempted mutiny to oust SBF, after his accumulated losses began to add up, discredited his commitments to the EA cause. SBF reportedly rejected the $1 million buyout offered him, so many of Alameda’s earliest employees including MacAulay left to start their own firm called Pharos Capital.
DePIN’s Solution to AI’s Biggest Blind Spot
Decentralized machine perception, managed by tokens and cryptographically secure, could offer a privacy and effectiveness upgrade over centralized systems, says...