Executives at FTX reportedly received a total of $4.1 billion in loans from Alameda Research, including massive personal loans that were likely unsecured. As revealed by bankruptcy proceedings, Bankman-Fried received an incredible $1 billion in personal loans, as well as a $2.3 billion loan to an entity called Paper Bird in which he had 75% control. Director of Engineering Nishad Singh was given a loan of $543 million, while FTX Digital Markets co-CEO Ryan Salame received a $55 million personal loan.

The FTX situation has more smoking guns than a shooting range in Texas, but you might call this one the smoking bazooka – a glaringly obvious sign of criminal intent. It’s still unclear how the bulk of those personal loans were used, but clawing the expenditures back will likely be a major task for liquidators.

The loans to Paper Bird were arguably even more worrying because they appear to have fueled more structural fraud by creating yet another related third party to shuffle assets between. Forbes has posited that some of the Paper Bird funds may have gone to buy part of Binance’s stake in FTX, and Paper Bird also committed hundreds of millions of dollars to various outside investments.

That included many of the same venture capital funds that backed FTX. It will take time to sort out whether this financial incest constituted criminal fraud. But it certainly matches the broader pattern by which Bankman-Fried used secretive flows, leverage and funny money to deceptively prop up the value of various assets.

Meanwhile, Bankman-Fried Zooms into the New York Times‘ DealBook Summit, twitching away and telling the audience, “I’ve had a bad month,” much to their amusement:

On to Good Morning America and fellow Democrat George Stephanopoulos tomorrow!