FTX management said Sam Bankman-Fried (SBF) and other top executives of the bankrupt firm received $3.2 billion in payments and loans — mainly from its sister company, Alameda Research.
According to a March 15 statement, SBF received $2.2 billion from this payout. Other executives like former FTX director Nishad Singh, FTX co-founder Gary Wang, former Alameda Research CEO Caroline Ellison, former Alameda Research co-CEO John Samuel Trabucco and Ryan Salame cumulatively received $1 billion.
A breakdown of the $3.2 billion payments (Source: FTX)
The management noted that these payments excluded the over $240 million the former executives spent on purchasing luxury properties in the Bahamas and their political and charitable donations.
The payments also excluded “substantial transfers” made to the bankrupt’s firm subsidiaries in the Bahamas and other regions.
The firm added that while some of the properties purchased with the proceeds are in its control or that of government’s authorities, the entire “amount and timing of eventual monetary recoveries cannot be predicted at this time.”
Meanwhile, FTX said it is still investigating to identify the firm’s “assets, liabilities and transfers, including a description of intercompany claims among the FTX Debtors and their subsidiaries.”
Since he was appointed FTX’s new CEO, John Ray has been working on efforts to recoup the bankrupt firm’s assets.
Changpeng Zhao is about to find out if he will become the richest prisoner ever in the U.S. His situation is different from FTX’s, as he has friends on the company’s board, his ownership of the exchange is intact, and the mother of his child is helping run the thing.
JinseFinanceIn San Francisco in 2021, every visitor to this West Coast city will find huge FTX advertisements everywhere in the core of the city, featuring Sam Bankman-Fried and his iconic hairstyle.
JinseFinanceGolden Finance launches "Golden Web3.0 Daily" to provide you with the latest and fastest game, DeFi, DAO, NFT and Metaverse industry news.
JinseFinanceGolden Finance launches "Golden Web3.0 Daily" to provide you with the latest and fastest game, DeFi, DAO, NFT and Metaverse industry news.
JinseFinanceJinseFinanceThe saga of the infamous SBF sees the court rendering a decision that keeps him incarcerated in a Brooklyn jail until federal appellate judges pass judgment on his motion for pretrial release.
KikyoIndeed, in an interview with CNBC on September 16, Bankman-Fried noted that he does not care about his legacy in the crypto space.
FinboldFormer FTX CEO SBF has deflected a lot of the allegations leveled at him since his resignation, but today pointedly said he did not target Terra or Tether’s stablecoins.“
decryptSam Bankman-Fried offered to buy up all of a trader’s Solana for $3. Now FTX is bankrupt, SBF is out of cash, and SOL is sinking fast.
Crypto regulation is inevitable. That's not necessarily a bad thing, as regulatory clarity will free builders from worrying about government action while paving the way for more capital to enter the space.
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