According to the FTX bankruptcy report, FTX borrowed more than $13 million from an Australian Internet celebrity, Alex Saunders, to help him pay off investor debts to prevent potential damage to its reputation and avoid litigation. FTX's bankruptcy report claims that Australian Internet celebrity Alex Saunders took out a $13.20 million (AU $17.50 million) loan from the exchange in July 2021. The advance payment was made to help Alex Saunders repay his debts with creditors. The report contradicts previous claims by Alex Saunders that he raised a large sum of money (about $11 million) from retail investors, friends and family. The funds were transferred to cryptocurrency wallets under his control. At the time, Alex Saunders informed his supporters that the money would be used to develop crypto protocols. However, he allegedly broke his promise after transferring a large amount of money to FTX. According to a report by investigator Robert J. Cleary, Saunders squandered creditors' money while trading on the FTX, leading some investors to file lawsuits.