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Alameda Crypto Fund Apparently Owes $55,000 to Bar in Bahamas

Tue, 11/29/2022 - 08:32
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Arman Shirinyan
List of entities Alameda owes money to will surprise everyone
Alameda Crypto Fund Apparently Owes $55,000 to Bar in Bahamas
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If you did not already have enough with the Alameda and FTX show, here's yet another fact that has surprised the whole crypto community. According to its list of creditors, Alameda owes more than $50,000 to a resort bar in the Bahamas called Margaritaville Beach Resort.

The sheet released recently contains information about the creditors that loaned Alameda any amount of money, which explains why we see a bar and Amazon Web Services on the list. Still, Alameda's bar debt is no small amount.

Singaporean Crypto Exchange Next to Close Doors After FTX Collapse

Users had no idea how bad things at Alameda and FTX really were, considering the size and volume of funds both companies have been working with. However, the amount of unnecessary liabilities and the overall debt load of the company suggested that almost no fund or risk management have been done.

The slightest increase in volatility crashed SBF's empire, leaving it with a massive $8 billion hole that must now be filled by additional loans and liquidation of illiquid assets that represent most of the FTX's portfolio.

Creditors want their funds back

BlockFi will be the first major creditor of Alameda/FTX as the company demanded the return of collateral owed to BlockFi. The complaint was filed in the same court where the company started the bankruptcy process.

BlockFi demands the return of SBF's stake in Robinhood, the online brokerage and trading platform. Previously, the FTX CEO purchased 7.6% of Robinhood earlier this year. According to FT, the leader of the fallen financial empire has been trying to sell his stake privately earlier this year.

As expected, Bankman-Fried or his representative have not made any official comments on this matter.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.