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Early Alameda Staffers Quit After Battling Sam Bankman-Fried Over Risk, Compliance Concerns

More than a year before its collapse, FTX moved its headquarters to the Bahamas–a country that worked to lure crypto companies to its shores. So what makes the nation attractive to crypto? And how could FTX’s demise change that? Illustration: Adele Morgan

Years before Sam Bankman-Fried’s crypto empire collapsed, a group of employees quit in a power struggle–after becoming concerned about what they say was his cavalier approach to risk, compliance and accounting.

The employees worked at his trading firm, Alameda Research, and were some of his earliest colleagues, including Alameda’s co-founder, Tara Mac Aulay. They left in 2018, well before the crypto exchange FTX grew out of Alameda. Both FTX and Alameda are now bankrupt.

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