Sam Bankman-Fried, a.k.a SBF was the former CEO of FTX. He obtained a personal loan of $1 billion from Alameda Research. This silo firm played a significant part in the demise and reorganization of FTX.
New FTX CEO reveals the truth in the latest court filing
John Ray III, the new CEO at FTX, filed a formal declaration in continuing Chapter 11 bankruptcy papers. This declaration showed additional financial embezzlement from Bankman Fried. According to the filing, Nishad Singh (Director of Engineering at FTX) also received a $543million loan from Alameda Research.
Read More: John Ray III Joins FTX as New CEO

John Ray III, who was responsible for putting together the facts after Enron’s fall, was quite rude in his initial submission to Bankruptcy Court for the District of Delaware. He went on to claim that it was the worst thing that he had ever experienced in his professional career.
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Read More: FTX CEO Slams SBF in Latest Court Filing
Hearing To Be Held By U.S. House Committee
According to reports, the U.S. House Financial Services Committee will hold a hearing about the demise cryptocurrency exchange FTX in December.
Reps. Maxine Wassers (D.Calif.) & Patrick McHenry, (R.N.C.) made a joint statement indicating that they would be interested to learn more about the demise and wider implications for the cryptocurrency ecosystem.

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