Sam Bankman-Fried (SBF), the founder of FTX and the exchange’s former CEO, reportedly received $2.2 billion during his time in that position, according to court filings by the new management with the bankruptcy court.
SBF allegedly sent $3.2 billion to the accounts of five individuals in his close circle. The distribution of these funds took the form of “loans and payments.” The main source of finance was Alameda Research, FTX‘s sister organization that SBF also founded.
Sharing the FTX Debtors’ press release just issued: https://t.co/r7PlneGSXF
— FTX (@FTX_Official) March 16, 2023
Nevertheless, according to the new management, the $3.2 billion amount did not include the $240 million for “luxury property in the Bahamas,“ “political and charitable donations,” and “significant transfers” to subsidiaries.
Nishad Singh, Gary Wang, and Caroline Ellison, executives of FTX and Alameda Research, received more than $800 million. Ellison, the former CEO of Alameda Research, earned $6 million.
From 2019 until 2022, Alameda has access to “an unrestricted line of credit on FTX.com,” according to Ellison.
Two former FTX executives, Ryan Salame and John Samuel Trabucco were said to have made more than $100 million in total. The exchange had a peak value of more than $40 billion.
Current FTX CEO John Ray has been looking for assets, including numerous cryptocurrencies that are still out of reach.
Millions of customers whose accounts have been frozen since the company’s insolvency might finally receive their money back if it is found.
SBF is currently facing up to 12 counts of criminal charges relating to the exchange’s collapse. He is charged with stealing the firm for his own advantage as well as securities fraud.
At one point, SBF effectively served as the industry’s public face. He is currently being held at his parents’ California home, and his trial is scheduled to start in October. SBF has pleaded “not guilty” to the federal charges brought against him.