Regulatory red flags tied to Sam Bankman-Fried's crypto trading firm Alameda Research may date all the way back to 2018.

The quantitative crypto trading firm — which served as the liquidity launch pad for the now bankrupt FTX Group — began soliciting investors in 2018 through Telegram group chats and a slide deck that described the opportunity as risk-less, according to several messages and a deck obtained by The Block.

That promise could draw additional attention from regulators and legal authorities already reportedly investigating the company.