Alameda's off-balance-sheet liabilities account for 60% of the total circulation of FTT, sparking concerns that if faced with another major market fluctuation, the assets may not cover the debts.

Foreign media CoinDesk claims to have obtained private financial documents from the trading institution Alameda Research. In response to these leaked financial data, there are far more negative criticisms from various sectors than positive evaluations. It has been pointed out that aside from doubts about the financial health, the relationship with FTX also seems too close.

Balance Sheet

According to a report as of 6/30, Alameda Research's total assets amount to $14.6 billion, broken down as follows:

• $3.66 billion unlocked FTT

• $2.16 billion FTT as collateral

• $292 million unlocked SOL

• $863 million locked SOL

• $41 million SOL collateral

• Around $40 million in Solana ecosystem tokens: SRM, MAPS, OXY, FIDA

• $1.34 billion in cash and equivalents

• $2 billion in equity investments

• $8 billion in liabilities

Note: Liabilities mainly consist of $7.4 billion in loans and $292 million of locked FTT. However, after factoring in liabilities, the numbers do not match the total of $14.6 billion.

Concern 1: High Percentage of FTT

CoinDesk mentioned this concern, stating that Alameda Research, as a venture capital and quantitative trading institution, is too closely associated with exchanges.

Dylan LeClair, a senior analyst at Bitcoin Magazine, pointed out that FTT's fully diluted market cap is $8.884 billion, with FTX alone holding over $5 billion. Considering liquidity, a large sell-off in a short period may struggle to maintain the initial valuation.

He believes this is also why SBF intentionally mentions it on Twitter every week during the burn, with 99% of the tokens concentrated in the top 1% of addresses, with the largest holder being Alameda.

Concern 2: Liabilities Collateralized by Low-Liquidity Tokens

Venture partner Adam Cochran expressed disbelief that FTT, SRM, SOL, among others, could secure $8 billion in loans as collateral. He speculated that this might be why FTX aggressively acquired lending platforms, as more liquidations of FTT could further impact their debt loans.

Renowned KOL Cobie mentioned:

What I find most amusing is not that Alameda almost entirely controls the circulating supply of FTT, but that their balance sheet includes significant assets such as MAPS, OXY, and FIDA.

Concern 3: Market Downside Risk

Dylan LeClair, 0xLoki, both mentioned the liquidity risks Alameda might face in a market downturn, with 0xLoki summarizing three points:

1. Alameda has a serious high-leverage operation issue, making its balance sheet very risky.

2. There are many suspicious aspects regarding the funding sources and utilization of FTX and Alameda.

3. The excessive concentration of SOL/FTT could bring associated risks to the DeFi/CeFi supporting them as collateral.

As CoinDesk did not actually disclose the documents, comments and "speculations" from various parties are not far apart, especially when Adam Cochran and The Planet Daily researcher Xiaofeng Qing highlighted the issue of the mismatch between asset data and the total on the balance sheet.

Alameda and FTX founder SBF have not responded to this news.