Michael Lewis: SBF nearly lost the initial funds raised during the early days of founding Alameda

ChainCatcher news, according to CoinDesk, Michael Lewis in his new book about SBF, Going Infinite, states that since the establishment of Alameda Research in 2017, the 26-year-old SBF raised nearly $170 million from the "effective altruism" community. SBF invested this money in the cryptocurrency market, losing millions of dollars in the first few months, with one month seeing losses exceeding $500,000 per day, while some trading funds simply disappeared due to poor fund management.

Additionally, SBF used a bot program called Modelbot to trade nearly 500 tokens across about 30 exchanges, but the program did not differentiate between highly liquid cryptocurrencies like Bitcoin and Ethereum and low-volume meme coins, raising concerns among early Alameda employees. The situation only began to improve after Gary Wang and Nishad Singh joined the company, with reports suggesting that Wang wrote a quantitative trading system that eventually started making money for Alameda, while Singh integrated various parts to manage the company.