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FTX’s Bankman-Fried Received $1 Billion Loan From Alameda

  • New CEO cites ‘complete failure of corporate controls’
  • Flow of funds between FTX exchange, Alameda at heart of case
Sam Bankman-Fried, center, following a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Feb. 9, 2022. 

Sam Bankman-Fried, center, following a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Feb. 9, 2022. 

Photographer: Sarah Silbiger/Bloomberg

FTX co-founder Samuel Bankman-Fried, one of his related companies, and two other top executives at the collapsed cryptocurrency exchange received massive loans from affiliated trading arm, Alameda Research, according to a bankruptcy court filing Thursday.

Alameda’s receivables included $4.1 billion in combined loans to “related parties,” according to a footnote in a document filed by John J. Ray III, who was appointed to oversee FTX as its chief executive officer during the proceedings. That includes $1 billion to Bankman-Fried, $2.3 billion to Paper Bird Inc., an entity majority owned by Bankman-Fried, $543 million to Nishad Singh, head of engineering at FTX, and $55 million to Ryan Salame, head of FTX Digital Markets.