"Michael Lewis Reveals Sam Bankman-Fried's Daily Half-Million Dollar Losses After Alameda Launch"

Sam Bankman-Fried, founder of Alameda Research and FTX exchange, reportedly lost millions of dollars in the early days of the trading firm. Bankman-Fried raised nearly $170 million from investors in the Effective Altruism community, intending to invest in the crypto markets. However, Alameda suffered significant losses, with over $500,000 lost daily for a month. Poor fund management and unsuccessful trading strategies contributed to the losses. The situation improved when Gary Wang and Nishad Singh joined the firm, implementing a successful quantitative trading system and managing the company, leading to the establishment of FTX.