The Ledger
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Bankman-Fried: Incumbent exchanges clawed back 17% of winning traders' weekly profits
“So each week they would email the customers and be like, congrats. You got 83% of your P&L this week. The other 17% went to bail out people who were underwater. And that was just happening every week.”
Bankman-Fried: No crypto company had ever received an audit by early 2018
“Literally no crypto company has ever gotten audited before of any type. And we've been around for two months. Obviously we don't have an audit.”
Bankman-Fried: Alameda made about $1M a day on Japan Bitcoin arb
“We still made like a million dollars a day from it during that period.”
Bankman-Fried: Alameda bootstrapped with a few million dollars without outside equity
“We cobbled together a few million dollars and then, you know, sort of like iterated on that capital base over time, although without ever taking external, like, equity or anything like that.”
Bankman-Fried: The Japanese Bitcoin arbitrage window lasted only 3-4 weeks
“Unfortunately we basically scaled up capital base the day that the ARB went away. And so we failed to really ever get to the point where we could have gotten with it, but it's still an amazing trade for the three or four weeks that both, like, we were active a…”