Bankman-Fried Received $1Bn in Personal Loan from His Company

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The Street

By Luc Olinga The founder of the FTX cryptocurrency exchange borrowed money from one of his bankrupt companies. Sam Bankman-Fried, the founder of the FTX exchange and Alameda Research, a cryptocurrency trading platform, seemed to confuse his bank and his companies. According to John Ray, the new CEO in charge of the restructuring of his empire which went bankrupt on November 11, Bankman-Fried received a personal loan of $1 billion from Alameda. He is not alone: the firm, which is a kind of cryptocurrency hedge fund, has also lent $543 million in personal loan to Nishad Singh, an associate of B…

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