PANews reported on October 4 that according to CoinDesk, Michael Lewis, author of "The Big Short", revealed in his new book "Going Infinite" that since the establishment of Alameda Research in 2017, the 26-year-old FTX founder Sam Bankman-Fried (SBF) has raised nearly $170 million from the "effective altruism community". SBF invested the funds in the growing and inefficient cryptocurrency market, capturing price differences between markets and creating high-frequency trading (HFT) strategies, but lost millions of dollars in the first few months, with one month losing more than $500,000 a day, and some trading funds "simply disappeared" due to poor fund management.

In addition, SBF once used a robot program called Modelbot to trade nearly 500 tokens on about 30 exchanges, but the program did not distinguish between highly liquid cryptocurrencies such as Bitcoin and Ethereum and memecoin with sparse trading volume, which aroused concerns among Alameda's early employees. The situation did not improve until Gary Wang and Nishad Singh joined the company. It is said that Wang wrote a quantitative trading system and started to make money for Alameda, while Singh integrated various parts to manage the company.