FTX identify over $3B transfer to SBF, others FTX identify over $3B transfer to SBF, others
FTX's former CEO Sam Bankman_Fried received $2.2 billion in payments and loan from the bankrupt firm, according to a press statement.
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Updated: Jul. 22, 2023 at 12:25 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Caroline Ellison is the former lead trader and former CEO at Alameda Research.
Ryan Salame is the former co-CEO at FTX Digital Markets (FDM), the Bahamian subsidiary of FTX Trading Limited.
John J Ray III is the Chief Restructuring Officer and now-appointed CEO of FTX, a cryptocurrency derivatives exchange.