FTX Affiliate Alameda Research Loaned $4.1B to Related Parties – Including $1B to Sam Bankman-Fried
Exchange executives Nishad Singh and Ryan Salame also received sizable loans.
Nov 17, 2022 at 5:36 p.m. UTCAlameda Research, the venture-capital and trading firm affiliate of collapsed crypto exchange FTX, made $4.1 billion in loans to related parties, including $1 billion to former FTX CEO Sam Bankman-Fried, according to bankruptcy filings Thursday.
According to paperwork filed with 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," John J. Ray III, FTX's new CEO, said in Thursday's filing.
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Brandy covered crypto-related venture capital deals for CoinDesk.
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