kraukonge：More damning revelations

 The scandal surrounding financial management at FTX and Alameda Research is the key reason for the collapse of the former. Still one of the most-known crypto exchanges in the world, FTX has moved from being known positively to the most scandal-ridden exchange in a week.


The filing revealed that Bankman-Fried first received $1 billion in personal loan from Alameda Research. And then, the exchanges Director of Engineering, Nishad Singh, also received a loan of $543 million from the same company.

The FTX fall and ripple effect have dealt a heavy blow to the wider crypto market. Yet, there has been no worse fall from grace than that of the erstwhile CEO, Bankman-Fried.

The filing contained more damning reports about the internal management of Bankman-Fried’s companies. For one, the general FTX Group did not have centralized control of its funds. They also failed to have a proper bank account list and did not pay sufficient attention to their banking partners’ creditworthiness.

Current FTX CEO, John Ray III, said the only FTX silo that worked with a reliable accounting firm for its audit was WRS. He showed concern regarding the financial statement presented by the Dotcom silo. And there were no financial statements from Ventures and Alameda silos.

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