North Dimension was an Alameda Research subsidiary that U.S. regulators said was used for some FTX customer fiat deposits. The CFTC and SEC alleged that customers sent money to Alameda-controlled bank accounts, including accounts in North Dimension’s name, while FTX credited their balances on its own internal ledger. The allegations describe a route for customer deposits—not a separate exchange or a consumer-facing payment service.
What was North Dimension?
In its December 2022 complaint, the Commodity Futures Trading Commission (CFTC) described North Dimension as a Delaware-registered, wholly owned subsidiary of Alameda Research. The Securities and Exchange Commission (SEC) also described it as an Alameda subsidiary and alleged that at least some FTX customer fiat accounts were held in North Dimension’s name. CFTC complaint, Dec. 13, 2022; SEC complaint, Dec. 2022.
The regulators’ descriptions do not establish that every FTX customer deposit went through North Dimension. The CFTC complaint refers to multiple Alameda-controlled accounts, some in North Dimension’s name, and says customers continued sending deposits to Alameda accounts even after FTX opened its own FBO fiat accounts around August 2020.
Why did FTX customers send money to North Dimension or Alameda?
The CFTC’s December 2022 complaint alleged that when FTX launched, it did not have bank accounts to accept and hold customer fiat deposits. According to the complaint, FTX directed customers to deposit funds into bank accounts controlled by Alameda; some of those accounts were opened in North Dimension’s name. CFTC complaint, Dec. 13, 2022.
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The complaint said FTX later opened its own FBO (for-benefit-of) fiat accounts by approximately August 2020. However, it alleged that deposits previously sent to Alameda were not moved into those FTX accounts, and that some customers continued to send money to Alameda-controlled accounts afterward. That distinction matters: the alleged arrangement changed over time, and the records do not describe one unvarying deposit route for every customer.
How could FTX show a deposit if Alameda held the money?
The CFTC complaint alleged that FTX credited customer accounts through its internal ledger after fiat deposits were sent to Alameda-controlled bank accounts. The account balance a customer saw on FTX therefore did not, by itself, show that the corresponding cash was held in an FTX bank account. The complaint said customer funds generally were not segregated from Alameda’s funds and often remained in Alameda-controlled accounts. CFTC complaint, Dec. 13, 2022.
The SEC separately alleged that Alameda commingled customer deposits with its own assets and used them to support trading and other ventures. It also alleged that FTX software features enabled the diversion of customer funds and that Alameda received special treatment on the platform. These are allegations in SEC materials; they should not be treated as findings about every transaction or every customer account. SEC release, Dec. 13, 2022; SEC release, Dec. 21, 2022.
What did officials say about the fiat@ftx balance?
The CFTC complaint said Alameda-owned accounts associated with the arrangement were collectively reflected in FTX’s internal records as “fiat@ftx.” It alleged that this internal account held as much as $8 billion in customer funds during the relevant period. CFTC complaint, Dec. 13, 2022.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteA later CFTC consent order, filed Aug. 7, 2024, recited that some accounts receiving customer deposits were in North Dimension’s name and said the internal “fiat@ftx” account reflected as much as $11 billion in assets at certain times before FTX collapsed in November 2022. CFTC consent order, Aug. 7, 2024.
| Document | Figure and wording | How to read it |
|---|---|---|
| CFTC complaint, Dec. 13, 2022 | As much as $8 billion in customer funds in the internal “fiat@ftx” account during the relevant period | An allegation in a complaint |
| CFTC consent order, Aug. 7, 2024 | As much as $11 billion in assets reflected in “fiat@ftx” at certain times before the November 2022 collapse | A recitation in a later court-filed order |
These are figures from separate documents with different wording and context. They should not be combined, treated as identical measurements, or described as a North Dimension account balance: both refer to the internal “fiat@ftx” account.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is alleged, and what did the later order establish?
The SEC and CFTC filed complaints in December 2022. A complaint sets out a regulator’s allegations; it is not, by itself, a final adjudication of every alleged detail. The August 2024 CFTC consent order is a later court-filed document that recites parts of the deposit arrangement, including that some accounts receiving customer deposits were in North Dimension’s name. Those procedural differences matter when describing what the official record says.
The CFTC also said in a February 2023 release that Nishad Singh did not contest liability on the agency’s claims and agreed to a proposed consent order. That statement concerns Singh and the CFTC claims described in that release; it does not establish the final status of every FTX-related case or independently resolve every allegation involving North Dimension. CFTC release, Feb. 2023.
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