Alameda Research To Receive $53M Loan Repayment From Deltec

Key Points:

• FTX’s trading arm Alameda Research is owed nearly $53 million for a loan made to Deltec in 2021, according to a Delaware judge’s ruling.
• This court ruling is part of the ongoing attempt to unwind the affairs of FTX after it filed for bankruptcy in November.
• The original payment of $50 million in USDT was made from Alameda to Deltec, and there are concerns about poor governance and inaccurate financial records at FTX.

FTX’s trading arm Alameda Research to be repaid $53M for loan originally made in 2021 to Deltec. Court attempting to unwind affairs of FTX.

FTX’s trading arm, Alameda Research, has been granted almost $53 million repayment for a loan originally taken out in 2021 by Deltec International Group. A Delaware judge decided on Wednesday.

Deltec is a Cayman Islands-based company whose banking arm serves Tether, a stablecoin company. The court has been attempting to unwind the affairs of FTX after it filed for bankruptcy in November, which has been complicated by a lack of reliable records kept by the crypto exchange. The court has directed Deltec to pay Alameda an amount of $52,859,644 with interest within seven days of the court order. This amount constitutes all principal, interest, and other amounts. Deltec owes under the DIG Promissory Note.

Ryan Salame, co-CEO of FTX Digital Markets, approved a contract in which Alameda paid Deltec $50 million in USDT, Tether’s stablecoin pegged to the U.S. dollar, in 2021. Salame claimed to act as the director of Norton Hall, but court filings by FTX assert that he never held such a position and was not authorized to act as such.

According to court papers, Salame was not authorized to act as the director of Norton Hall. John J. Ray III, who became FTX’s CEO in November, emphasized the company’s poor governance prior to his appointment. Ray stated in a Sunday filing that Alameda had fabricated portfolio reports and that the company’s records of loans and other financial transactions were either inaccurate or missing altogether.

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