FTX & 알라메다 리서치(암호화폐 헤지펀드) 유동성 문제 루머

2022.11.06 - [암호화폐/FTX 거래소] - FTX에서 예치중인 BTC, 바이낸스로 긴급대피

FTX에서 예치중인 BTC, 바이낸스로 긴급대피

2022.06.01 - [암호화폐/FTX 거래소] - FTX거래소 토큰 FTT

FTX거래소 토큰 FTT

 

 

 

 

샘 뱅크먼 프라이드의 거래소 토큰 FTT와 그가 운용하고 있는 암호화폐 헤지펀드 알라메다 리서치 관련 유동성 문제 루머가 돌고 있어 간단하게 내용 소개드립니다.


코인데스크에서 알라메다 리서치의 '22년 상반기 재무제표를 입수하고, 하기와 같이 분석 기사를 내면서 FTX와 알라메다 리서치 관련 유동성 문제 루머가 돌기 시작하였구요,

트위터 등에서 관련 내용에 대해 이슈가 되면서 확대되어 가는 모습입니다.

'22년 6월 기준 알라메다 리서치 재무상태

1. 총 자산 146억 달러
a. FTT 37억 달러
b. FTT담보물 22억 달러
c. 현금 1억달러
d. 주식 20억 달러
e. 솔라나(언락) 3억달러
f. 솔라나(락) 9억달러
g. 솔라나(담보) 0.4억달러
h. 세럼(SRM), 맵스(MAPS) 추정... 등 20억 달러 (모두 SBF의 프로젝트에서 나온 토큰들)

2. 총 부채 80억 달러
a. 차입금 74억 달러
b. FTT락업 3억달러

3. 총 자본 66억 달러


'22.6.30자 기준 FTT시세 약 25달러 감안시 총 1억 4,800만개 보유
'22.11.6자 FTT 유통량 약 2억개... 즉, FTT 전체 유통량중 약 70%를 알라메다 리서치가 보유하고 있는 상황인듯...
총 자산의 대부분이 SBF와 관련되어 있는 자산으로 구성 (FTT, SRM, SOL, MAPS 등등...)

'22.6.30자 FTT토큰 종가 24.84달러

아래는 코인데스크에서 이슈를 제기한 기사입니다.

Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet (coindesk.com)

Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet

Billionaire Sam Bankman-Fried’s cryptocurrency empire is officially broken into two main parts: FTX (his exchange) and Alameda Research (his trading firm), both giants in their respective industries.

As of June 30, the company’s assets amounted to $14.6 billion. Its single biggest asset: $3.66 billion of “unlocked FTT.” The third-largest entry on the assets side of the accounting ledger? A $2.16 billion pile of “FTT collateral.”

Other significant assets on the balance sheet include $3.37 billion of “crypto held” and large amounts of the Solana blockchain’s native token: $292 million of “unlocked SOL,” $863 million of “locked SOL” and $41 million of “SOL collateral.” Bankman-Fried was an early investor in Solana. Other tokens mentioned by name are SRM (the token from the Serum decentralized exchange Bankman-Fried co-founded), MAPS, OXY and FIDA. There is also $134 million of cash and equivalents and a $2 billion “investment in equity securities.”





Dirty Bubble Media라는 커뮤니티?에서 상기 코인데스크 기사와 관련하여 상세하게 분석한 글입니다.

Is Alameda Research Insolvent? - Dirty Bubble Media (substack.com)

Is Alameda Research Insolvent?

• Total assets: $14.6 billion. This is comprised of $5.8 billion FTT token, $1.2 billion Solana token (SOL), $3.37 billion in unidentified “crypto held,” $2 billion in “investments in equity securities.” This leaves roughly $2.2 billion in assets. According to our sources, hundreds of millions of dollars of the remaining assets are comprised by Alameda’s holdings of the Serum (SRM), Oxygen (OXY), MAPS, and FIDA tokens, all of which are from other SBF projects. According to this balance sheet, Alameda only had $134 million in cash on hand in June 2022.
• Total liabilities: $8 billion, of which $7.4 billion is “loans,” with another $292 million worth of FTT token owed. The remainder is unidentified by the Coindesk article.

This purported leak of Alameda’s financials demonstrates that the firm’s largest asset is its holdings of “FTX Token (FTT),” issued by none other than SBF’s FTX Exchange. The FTT token on Alameda’s balance sheet is roughly 1/3 of their total assets and equal to 88% of Alameda’s net equity. In other words, the firm’s largest asset is a crypto token issued by SBF’s other company, with a very significant portion of their assets in tokens issued by other related parties.

FTT’s trading volume speaks to its lack of popularity. Over the last month, FTT’s daily trading volume has fluctuated between $6 million to $42 million, equal to 0.1% - 0.8% of Alameda’s total FTT holdings. As a comparison, Messari shows real trading volumes for LINK have ranged between $25 million to $173 million, roughly four times greater than FTT.

All this to say that Alameda will never be able to cash in a significant portion of FTT to pay back its debts. There are few buyers, and the largest buyer appears to be the very company Alameda is most closely tied to. The reality of this situation is that the vast majority of the value Alameda accrues to FTT token is unrealizable, and the fair market value of their FTT in the event of large sales would rapidly approach $0.

If this leaked balance sheet is accurate, Alameda Research has $6.6 billion in net equity. According to our sources and conservative estimates, Alameda’s net equity is exceeded by the value assigned to their illiquid holdings of FTT, SRM, OXY, FIDA, and MAPS. As we have demonstrated, FTT markets are highly illiquid and dominated by Alameda and FTX. The other tokens are associated with unpopular and failed projects that have no traction, little engagement, and are all down more than 90% from their all-time highs. In other words, Alameda finds themselves in a near-identical situation as Celsius Network

This analysis doesn’t even touch the $2 billion in “equity investments” that Alameda includes on their balance sheet. Given current market conditions and the massive write-downs being taken in both public and private markets, Alameda could easily see hundreds of millions in losses on these investments should they need to sell. Also, we wonder what percentage of these equity investments are in failed projects like Maps.me? We also didn’t touch on the rosy assumption that Alameda’s Solana holdings (worth over $1.1 billion) are fairly valued (a big assumption to say the least!).

The kicker here is that Alameda’s balance sheet lists $7.4 billion in loans, with $2.2 billion of those loans collateralized with FTT token. Who knows how much is collateralized with the other worthless tokens on Alameda’s balance sheet…



FTX가 발행한 FTT 코인 10% 넘게 하락... "관계사 알라메다 대량 보유" | 블록미디어 (blockmedia.co.kr)

FTX가 발행한 FTT 코인 10% 넘게 하락... "관계사 알라메다 대량 보유" | 블록미디어