1 year ago
A Nov. 17 court filing from caller FTX CEO serviceman John Ray III revealed that the erstwhile CEO of the bankrupt crypto speech Sam Bankman-Fried got $1 cardinal successful idiosyncratic loans from Alameda Research.
The restructuring classified each the affected companies successful the bankruptcy into 5 silos. The Alameda Silo gave respective institution executives implicit $1.6 cardinal successful idiosyncratic loans.
The filing revealed that Alameda gave a $543 cardinal indebtedness to FTX manager of engineering Nishad Singh. The steadfast besides gave Ryan Salame, the co-CEO of FTX, a $55 cardinal loan.
Ray describes FTX concern arsenic ‘unprecedented’
The caller FTX CEO Ray III described the FTX concern arsenic a “complete nonaccomplishment of firm controls and specified a implicit lack of trustworthy fiscal information.”
According to him, the bankrupt speech was an unprecedented lawsuit contempt his 40 years of acquisition arsenic it had “compromised systems integrity and faulty regulatory oversight abroad, to the attraction of power successful the hands of a precise tiny radical of inexperienced, unsophisticated and perchance compromised individuals.”
$740 cardinal recovered
John Ray III said they person located and secured $740 cardinal successful crypto that has been sent to a acold wallet. According to Ray, this is “only a fraction” of FTX’s assets that they are moving to recover.
The station FTX bankruptcy tribunal filing reveals Alameda gave $1.6B successful loans to SBF, others appeared archetypal connected CryptoSlate.
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