Elizabeth Frantz/Reuters
Sam Bankman-Fried, the disgraced founder of crypto exchange FTX, took multiple personal loans totaling a billion dollars or more from his trading company, Alameda Research, FTX’s new CEO testified before Congress Tuesday.
Bankman-Fried, who was arrested Monday on charges of wire fraud, conspiracy to defraud the United States, and more, told regulators he re-invested the money back into the exchange. But Ray says there is no documentation of what the loans were for or how they were used.
In at least one case, Ray said, Bankman-Fried signed the loan as both the issuer and recipient.
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