After Early Struggles, Sam Bankman-Fried's Alameda Research Evolves into Crypto Exchange FTX

Sam Bankman-Fried raised $170M from investors for his trading firm Alameda Research in 2017.

Alameda lost millions per day in its first months, with some funds completely vanishing.

Trading bots like Modelbot were initially losing bets, putting the raised funds at risk.

The arrival of Gary Wang and Nishad Singh turned things around, with Wang coding a profitable trading system.

Alameda eventually evolved into the crypto exchange FTX under Singh's management.