FTX Gives Loans Of IDR 210 Billion To An Influencer, This Is The Cause Of FTX's Bankruptcy

FTX lends IDR 210 billion to an influencer, this is the cause of the bankruptcy of FTX (Photo; Doc. ChainBulletin)

JAKARTA - The latest report reveals that the crypto exchange, which has now collapsed, FTX, provided loans of more than 13 million US Dollars (approximately Rp210 billion) to Alex Saunders, a crypto influencer from Australia. This loan, which was awarded in July 2021, aims to help Saunders pay off his debt to investors and at the same time protect FTX from possible lawsuits.

Reporting from BitcoinNews, this story began when Saunders, claimed to have raised funds of around US$11 million (around Rp178 billion) from various sources, including retail investors, friends, and family. He promised to use the funds to develop new crypto protocols. However, bankruptcy reports show that the promise was not fulfilled, and a large amount of funds were diverted to FTX.

Penguji Robert J. Cleary dalam laporannya menyoroti bagaimana Saunders diduga menghabiskan uang para kreditor dengan berdagangan di FTX.com, yang berujung pada serangkaian gugatan hukum. Untuk menghindari kerusakan lebih lanjut pada reputas dan potensi litigasi, FTX dilaporkan memberikan pinjaman juta dolar dolar kepada Saunders. Namun, hingga saat ini, Saunders belum mengembalikan pinjaman tersebut dan belum memberikan tanggapan sejak pernyataannya pada April 2022.

The report also revealed the role of an Australian law firm, referred to as Law Firm-5, in its negotiation and loan arrangement of Saunders. The firm is also suspected of being involved in the acquisition of a fintech business on behalf of FTX, which allows FTX to circumvent standard procedures in obtaining financial services licenses in Australia. A partner at the law firm even reportedly received 727,402 US Dollars (approximately Rp11.7 billion) to facilitate the acquisition.

The large loans given to Saunders reflect FTX's efforts to maintain its stability and reputation, but ultimately, they have to face the harsh reality of bankruptcy. Now, the eyes of investors and industry observers are focused on the next step of the authorities and the legal impact that will arise from this case.