Disgraced FTX founder Sam Bankman-Fried gave himself personal loans from his hedge fund Alameda Research for unknown purposes, according to FTX CEO John Ray III.
FTX CEO John Ray testified Tuesday that founder Sam Bankman-Fried issued himself loans using company money, part of more than $1 billion in loan disbursements to"insiders," Ray said.issued himself millions of dollars in personal loans from his crypto hedge fund Alameda for unknown purposes, current FTX CEO John Ray III's told Congress Tuesday.
Ray was called to testify on the status of his investigation into Bankman-Fried's mismanagement of the company. He revealed, among other allegations of gross wrongdoing, that loans and other payments were made to FTX insiders in excess of $1 billion.
Family members of Sam Bankman-Fried are seen arriving at the Magistrate Court building where Bankman-Fried will appear before the Chief Magistrate Tuesday. Sam Bankman-Fried, founder and former chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, on Wednesday, Aug 17, 2022."He claimed that he reinvested this money into the exchange but knowingly chose to have the loan issued to him, rather than FTX, to avoid directly connecting Alamada Research to FTX.
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