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FTX CEO Calls Alameda VC Merger Report a ‘Big Misrepresentation’

FTX CEO Calls Alameda VC Merger Report a 'Big Misrepresentation'

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Crypto billionaire Sam Bankman Fried is denying reports that two of his companies – FTX and Alameda Research – are merging their venture capital investment operations.

News, report Bloombergcame a day after Alameda’s co-CEO Sam Trabucco stepped down, leaving Caroline Ellison as sole CEO.

The move was attributed to Ellison, with the corporate news service adding that the merger was “not previously reported” and was initiated “to consolidate parts of billionaire Sam Bankman-Fried’s empire as it weathers a prolonged decline in cryptocurrency prices.”

The merger news was quickly denied by Bankman-Fried on Twitter, who responded to the DB News announcement by writing, “This looks like a big hoax to me!”

“FTX has done more projects recently, and maybe Alameda has done less,” he continued. “It’s really different than the title suggests!”

“I think a line may have been misinterpreted,” Bankman-Fried wrote. “FTX’s capital investment is focused on FTX Ventures – that’s different from the projects in Alameda that aren’t.”

In response to an inquiry DecryptBankman-Fried reiterated, “They don’t merge.”

Nevertheless, both FTX Ventures and Alameda are part of the same business family and are led by Bankman-Fried. The news and Bankman-Fried’s incredulous response have already sparked memes on crypto Twitter.

That transition seems to have started in January when FTX Ventures was launched.

Alameda representatives did not respond to a request for comment Decrypt as of this writing.

Editor’s note: This article was updated to include Bankman-Fried’s statement.

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