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Breaking: SBF Received $1Bn In Personal Loans From Alameda Research

Personal loans worth $1Bn were received by SBF from Alameda Research as disclosed by a new bankruptcy filing from FTX's new CEO John Ray III
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Breaking: SBF Received $1Bn In Personal Loans From Alameda Research

Sam Bankman-Fried a.k.a SBF, the former CEO of FTX, acquired a $1 billion personal loan from Alameda Research, one of the four silo firms that played a significant role in the demise of the FTX crypto exchange.

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New FTX CEO Spits Facts In Latest Court Filing

John Ray III, the new CEO of FTX, made a formal declaration in the continuing Chapter 11 bankruptcy papers that showed additional financial embezzlement by Bankman Fried. According to the filing, Nishad Singh, Director of Engineering of FTX, also received a $543 million loan from Alameda Research.

Read More: SBF Resigns, John Ray III Joins As New FTX CEO

In his initial submission to the Bankruptcy court for the district of Delaware, John Ray III, the man in charge of putting the facts back together after the iconic fall of Enron, was quite abrasive. He even went on to say that it was the worst thing he had ever seen in his professional career.

Read More: New FTX CEO Blasts SBF In Latest Court Filing

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U.S. House Committee To Hold Hearing

As per reports, a hearing on the demise of the cryptocurrency exchange FTX is scheduled to take place in December by the U.S. House Financial Services Committee.

The committee’s chair and ranking member, Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.), said in a joint statement that the lawmakers would be interested in learning more about the demise of FTX and its broader ramifications for the cryptocurrency ecosystem.

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The FTX Fiasco

As reported earlier on CoinGape, FTX financed Alameda Research, its affiliated trading firm, billions of dollars worth of customer assets to finance risky trades, paving the way for its sudden collapse. With only $1 Billion in liquid assets, it failed to bridge the gap and eventually had to file for bankruptcy.

However, as per recent news, SBF is still not ready to give up as he’s planning to raise alternate sources of funding in a dire attempt to resurrect his debt-ridden FTX crypto exchange.

 

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Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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