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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.
By Brandy Betz
Updated May 9, 2023, 4:03 a.m. UTCPublished Nov 17, 2022, 5:36 p.m. UTC
Alameda 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.
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"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.
Read more: The Epic Collapse of Sam Bankman-Fried's FTX Exchange: A Crypto Markets Timeline
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
