Sam Bankman-Fried’s FTX and Alameda Merge Their VC Operations

Crypto exchange FTX absorbed the venture capital operations of Alameda Research, an effort to consolidate parts of billionaire Sam Bankman-Fried’s empire as it copes with a prolonged decline in cryptocurrency prices.

Alameda Chief Executive Officer Caroline Ellison outlined the change, which hasn’t been previously reported, in an interview with Bloomberg. The move took place before Ellison’s co-CEO, Sam Trabucco, said this week that he was stepping down and would move into an advisory role.