Alameda Research reportedly lent $3.3 billion to SBF

The ongoing controversy darkened over time. Further information has emerged from FTX's bankruptcy filing. Alameda Research then loaned FTX founder Sam Bankman-Fried his $3.3 billion. The reason for the debt has not yet been disclosed. The financial management scandal in Further Disastrous Revelation is the main reason for the former's demise.

FTX is still one of the most famous cryptocurrency exchanges in the world and he went from being a household name to being the most scandalous exchange in the past week. The filing reveals that Bankman-Fried first received a $1 billion personal loan from Alameda Research. Later, Nishad Singh, his director of technicals at the exchange, also received a $543 million loan from the same company. FTX's decline and ripple effects have severely hurt the broader cryptocurrency market. Still, no sin was worse than that of former CEO Bankman Fried. The file contained other sordid descriptions of Bankman-Fried's company's internal managers. For one thing, FTX Group in general was unable to centrally control its funds. They also didn't have a proper bank account list and didn't pay enough attention to the creditworthiness of their banking partners.The current CEO of FTX, he said, is a trustworthy accounting firm for audits. The only FTX silo he works with is WRS, he said. He expressed concern about the financial statements presented by his silo dotcom. Also, there were no annual results from the Ventures and Alameda silos. According to the legislative investigation, disbursement of funds was also dysfunctional across the FTX Group. As an example, employees often submit payment requests via chat platforms. And various managers approve payments simply by replying with a personalized emoji. In addition, Ray III discovered that company funds were being used to purchase housing and other personal items for consultants and employees. 

All of these, even loans, lacked proper transaction documentation. The Financial Services Committee of the US House of Representatives has set a date for December to hear cases related to the stock market crash. Importantly, the SBF should focus on how the company's assets are managed. As this is an unprecedented situation, the full extent of the adverse effects of this situation may not yet be fully understood. Perhaps the most obvious fact is that the debtors in charge of the bankruptcy proceedings have secured some of the assets they wish to recover. About $740 million worth of cryptocurrency cold wallets are secured, but it is unclear which silo the funds belong to.