FTX Affiliate Alameda Loaned $4.1B to Related Parties – Including $1B to Sam Bankman-Fried
Alameda Research, the venture capital and trading firm sister of collapsed crypto exchange FTX, made $4.1 billion in loans to related parties, including $1 billion for former CEO Sam Bankman-Fried, according to bankruptcy filings made on Thursday.
According to paperwork filed in the U.S. Bankruptcy Court for the District of Delaware, Alameda Research had $4.1 billion in related party loans. Among those were $1 billion to Bankman-Fried, $543 million to FTX Director of Engineering Nishad Singh and $55 million to FTX Digital Markets head Ryan Salame. There was also a $2.3 billion loan between FTX legal subsidiaries Euclid Way Ltd and Paper Bird Inc.
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," said new FTX CEO John J. Ray III, in this morning's filing.
Read more: The Epic Collapse of Sam Bankman-Fried's FTX Exchange: A Crypto Markets Timeline