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Alameda Research - Explainer Video By OptaMotionConcerns around the actual relationship between Sam Bankman-Fried's two companies, trading firm Alameda Research and crypto exchange FTX, led. Alameda Research was a Hong Kong-based private equity firm founded by Sam Bankman-Fried in October It offered full-service cryptocurrency trading on every. Alameda Research, the fund started by Bankman-Fried, borrowed billions in customer funds from its founder's exchange, FTX, according to a source.