Former engineer at Alameda Research, Aditya Baridwaj, has claimed that FTX’s sister hedge fund lost at least $190 million due to avoidable scams. Baridwaj alleges that the firm’s agility led to major security incidents occurring every few months. One example cited is a trader at Alameda losing over $100 million after clicking on a malicious link. Another incident involved yield farming on a blockchain of questionable legitimacy, resulting in losses of over $40 million. Baridwaj also highlighted the firm’s disregard for industry-standard practices, such as code testing and balance accounting. He revealed that private keys and exchange API keys were stored in plaintext, leading to further security breaches. Baridwaj’s revelations come as former Alameda CEO Caroline Ellison testifies against FTX founder Sam Bankman-Fried in his fraud trial. Bankman-Fried has pleaded not guilty to the charges.

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Information	Details
Geography	Global
Countries	🇺🇸
Sentiment	negative
Relevance Score	0
People	Adam Yedidia, Caroline Ellison, Sam Bankman-Fried, Gary Wang, Aditya Baridwaj
Companies	FTX, Effective Altruism, Cointelegraph, Google, Alameda Research
Currencies	google search, Samsunspor Fan Token, alameda research, HairyPlotterFTX, inSure DeFi
Securities	None