FTX founder Sam Bankman-Fried has borrowed $3.3 billion from Alameda Research, according to emerging court documents.
The information appeared in documents submitted to the court for filing for bankruptcy.
Sam Bankman-Fried Remains Hot
The collapse of one of the largest cryptocurrency exchanges, FTX, caused the entire industry to go into a deep crisis. The former CEO of the company, SBF, was at the top of the criticism.
Sam Bankman-Fried was seen as one of the most important names in the industry going forward. The FTX founder helped save many crypto companies in financial trouble.
The main issue that devalued SBF’s public was the reports of misappropriation of client funds. Alameda Research allegedly used FTX’s client assets to finance risky investments.
In the controversies surrounding Alameda, more interesting details emerged. According to the bankruptcy filing, SBF received a $3.3 billion loan from Alameda Research.
The files make it clear that Alameda lent SBF $3.3 billion. The most important question that needs to be answered is for what purpose this money is given.
The US House of Representatives Financial Services Committee plans to hold a hearing in December on the FTX collapse.
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