FTX Founder Sam Bankman-Fried Took $1 Billion Loan from His Hedge Fund Before Declaring Bankruptcy
Sam Bankman-Fried’s FTX lent out billions of dollars in customer funds to Bankman-Fried’s hedge fund, Alameda Research. Then Alameda gave a $1 billion loan to Bankman-Fried himself and a $543 million loan made to FTX cofounder Nishad Singh.
That was before the company went bankrupt.
So Bankman-Fried is will not be hitting the soup line anytime soon.
The CEO of now-bankrupt FTX admitted last week that FTX was nothing more than a laundromat for the Ukrainian government.
TGP previously reported the US was transferring money to Ukraine and then laundering money through FTX back from Ukraine to the Democrat party.
Disgraced cryptocurrency exchange FTX founder and Democrat super donor Sam Bankman-Fried lent $1 billion to himself through his hedge fund Alameda Research, which likely sourced the money from FTX customer funds.
On Thursday, it was revealed by FTX’s new CEO John Ray, III that the collapsed company’s bankruptcy filing shows it had lent billions of dollars in customer funds to Alameda Research. Among those loans, a staggering $1 billion was made to Bankman-Fried himself.
According to Ray, Alameda had made $4.1 billion of related-party loans, which were still outstanding at the end of September.
In addition to the $1 billion loan that was made to Bankman-Fried, FTX co-founder Nishad Singh received a $543 million loan, and the company’s co-CEO Ryan Salame received a $55 million loan.
But this was not the only wild and shocking revelation found in the FTX bankruptcy filing. FTX corporate funds were also used to buy personal homes, audit opinions were conducted from the metaverse, and most of the company’s digital assets have not been secured, among other things.