FTX Claims Sam Bankman-Fried Plundered $2.2 Billion in ‘Loans and Payments’ as CEO
by Lucas Nolan
FTX founder Sam Bankman-Fried has been accused of taking more than $2 billion in “loans and payments” from the firm during his time as CEO. Democrat megadonor SBF faces allegations of committing massive fraud using his cryptocurrency exchange and trading firm.
Intelligencer reports that Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, received a staggering $2.2 billion in loans and payments while allegedly committing a massive fraud within the business, according to a late-night announcement made by liquidators on Wednesday. As federal investigators construct their case against Bankman-Fried, who is currently facing 12 charges, including money laundering and bank fraud, the revelation may have a significant impact on his case.
Bankman-Fried reportedly obtained more than $2 billion in loans, mainly through the hedge fund he founded, Alameda Research, according to documents filed with the bankruptcy court. Alameda allegedly misappropriated customer deposits from FTX accounts in an effort to cover its losses after suffering losing large amounts of money on bad investments.