More details emerge from the FTX saga. John Ray III, the man responsible for picking up the pieces after the infamous collapse of Enron, has described the FTX situation as the worst he'd seen in his corporate career.
Former FTX CEO Sam Bankman-Fried received a $1 billion personal loan from one of four silo companies deeply involved in the collapse of the FTX cryptocurrency exchange.revealedAccording to the filing, Alameda Research loaned $1 billion directly to Bankman-Fried, while FTX director of engineering Nishad Singh also received a $543 million loan from the company.
“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” According to Ray III’s filing, all of the silos were controlled by Bankman-Fried, while minor equity interests were held by former FTX chief technology officer Zixiao “Gary” Wang and Singh. The WRS and Dotcom silos had third-party equity investors that included a host of investment funds, endowments, sovereign wealth funds and families that have been affected by the collapse of FTX.The filing contains other damning indictments on the inner workings of Bankman-Fried’s empire.
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FTX Affiliate Alameda Research Loaned $4.1B to Related Parties – Including $1B to Sam Bankman-FriedBankruptcy documents show that AlamedaResearch loaned $4.1B to related parties, including more than $1B to former FTX_Official CEO Sam Bankman-Fried and two executives. BrandyBetz reports
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SBF received $1 billion in personal loans from Alameda: FTX bankrupty filingA formal declaration in ongoing Chapter 11 bankruptcy filings from FTX’s new CEO has revealed further misappropriation of funds by SBF.
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Read the FTX bankruptcy filing where new CEO blasts SBFInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
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Paradigm co-founder feels 'deep regret' investing in SBF and FTXThe collapse of FTX has prompted some in the crypto community to question whether investment firms such as Paradigm did enough due diligence on the firm.
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Despite FTX Bankruptcy, Kevin O'Leary Would Still Invest in SBFMr. Wonderful would still hire Bankman-Fried on his team if the ex-CEO was relegated to a strict crypto trading role.
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The FTX contagion: Which companies were affected by the FTX collapse?Some of the firms affected include Genesis, Sequoia Capital, Galaxy Digital, and Galois Capital.
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