FTX founder Sam Bankman-Fried issued himself millions in loans using company money: CEO

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Disgraced FTX founder Sam Bankman-Fried gave himself personal loans from his hedge fund Alameda Research for unknown purposes, according to FTX CEO John Ray III.

FTX CEO John Ray testified Tuesday that founder Sam Bankman-Fried issued himself loans using company money, part of more than $1 billion in loan disbursements to"insiders," Ray said.issued himself millions of dollars in personal loans from his crypto hedge fund Alameda for unknown purposes, current FTX CEO John Ray III's told Congress Tuesday.

Ray was called to testify on the status of his investigation into Bankman-Fried's mismanagement of the company. He revealed, among other allegations of gross wrongdoing, that loans and other payments were made to FTX insiders in excess of $1 billion.

Family members of Sam Bankman-Fried are seen arriving at the Magistrate Court building where Bankman-Fried will appear before the Chief Magistrate Tuesday. Sam Bankman-Fried, founder and former chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, on Wednesday, Aug 17, 2022."He claimed that he reinvested this money into the exchange but knowingly chose to have the loan issued to him, rather than FTX, to avoid directly connecting Alamada Research to FTX.

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Sounds just like a Democrat.

I'm really glad this fruit loop didn't testifie in front of Congress

Wow, Sammy here took a page right out of John McNamara's 1980s playbook.

Sickening

😆 🤣 😂

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US lawmakers set to grill Sam Bankman-Fried on the collapse of FTX | CNN BusinessWith his vast crypto empire in ruins, Sam Bankman-Fried is preparing to be grilled by US lawmakers who are demanding answers about how his digital asset exchange, FTX, came unraveled, leaving at least a million customers unable to access their funds. The money went to the Democratic Party! Um.... um... um.... I wasn't involved with the oversite of it... duh duh duh, don't know how it happened, but I should have... um... um... duh duh duh. There, I gave you a preview of it. Because it was always a con and it's easier to pull it off with the lack of regulation around crypto.
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