A November 17th Court submission New FTX CEO John Ray III Reveals Sam Bankman-Fried, Former CEO of Failed Crypto Exchange, Got $1 Billion Personal Loan from Alameda Research Did.
The restructuring grouped all companies impacted by bankruptcy into five silos. Alamedasilo provided executives with his over $1.6 billion in personal loans.
The filing reveals that Alameda has provided FTX engineering director Nishad Singh with a $543 million loan. The company also gave FTX co-CEO Ryan Salame his $55 million loan.
Ray describes FTX situation as ‘unprecedented’
New FTX CEO Ray III described the situation at FTX as a “complete failure of corporate management and a complete lack of reliable financial information.”
According to him, the bankruptcy exchange was an unprecedented case despite his 40 years of experience. Individual.
$740 million recovered
John Ray III said he found and secured $740 million in cryptocurrency transferred to cold wallets. According to Ray, this is just “a fraction” of the assets FTX is trying to recover.