.FTX_Official's trading arm Alameda should be repaid a $53 million loan originally paid in USDT to Deltec International in 2021, a Delaware judge has said. By jackschickler
The court is attempting to unwind the affairs of the FTX after it filed for bankruptcy in November, complicated by an apparent lack of reliable records kept by the crypto exchange.
Deltec, a Cayman Islands company whose banking arm serves stablecoin company Tether, “shall and is hereby authorized and directed to pay to Alameda an amount equal to USD 52,859,644,” plus $10,538 in interest per day, bankruptcy judge John Dorsey said in an order. The original payment of 50 million in USDT, Tether’s stablecoin pegged to the U.S. dollar, was made from Alameda to Deltec in 2021. The contract was approved by FTX Digital Markets' co-Chief Executive Officer Ryan Salame, purporting to act as director of a further company called Norton Hall, though according to earlierJohn J. Ray III, a restructuring expert who took over as FTX CEO in November, has repeatedly bemoaned poor governance prior to his tenure.
, and that records of loans and other financial transactions made by the company were “inaccurate, contradictory or missing entirely.”
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