More details emerge from the FTX saga. John Ray III, the man responsible for picking up the pieces after the infamous collapse of Enron, has described the FTX situation as the worst he'd seen in his corporate career.
Former FTX CEO Sam Bankman-Fried received a $1 billion personal loan from one of four silo companies deeply involved in the collapse of the FTX cryptocurrency exchange.revealedAccording to the filing, Alameda Research loaned $1 billion directly to Bankman-Fried, while FTX director of engineering Nishad Singh also received a $543 million loan from the company.
“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” According to Ray III’s filing, all of the silos were controlled by Bankman-Fried, while minor equity interests were held by former FTX chief technology officer Zixiao “Gary” Wang and Singh. The WRS and Dotcom silos had third-party equity investors that included a host of investment funds, endowments, sovereign wealth funds and families that have been affected by the collapse of FTX.The filing contains other damning indictments on the inner workings of Bankman-Fried’s empire.
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