Sam Bankman-Fried and Executives Embezzled $3.2 Billion From FTX
The management of FTX has disclosed that its top executives, including Sam Bankman-Fried (SBF), received payments and loans totaling $3.2 billion, primarily from Alameda Research, a sister company.
SBF received $2.2 billion from this payout, while other executives like Nishad Singh, Gary Wang, Caroline Ellison, John Samuel Trabucco, and Ryan Salame received a total of $1 billion.
However, the company has clarified that these payments do not include the more than $240 million that former executives used to buy luxury properties in the Bahamas or their political and charitable donations.
Additionally, “substantial transfers” to the bankrupt firm’s subsidiaries in the Bahamas and other regions are also excluded from these payments.
FTX is still investigating to determine the firm’s assets, liabilities, transfers, and intercompany claims among the FTX Debtors and their subsidiaries.
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FTX has been trying to recover the bankrupt firm’s assets since John Ray was appointed CEO.
The firm has stated that it cannot predict the eventual monetary recoveries’ amount and timing, even though it has some control over or government authorities’ authority on some of the purchased properties.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
