FTX identify over $3B transfer to SBF, others

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.

Journalist at CryptoSlate

Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.