Sam Bankman-Fried and senior members of the FTX exchange received $3.2 billion from Alameda Research.
According to court documents, former CEO Sam Bankman-Fried and FTX management received a total of $3.2 billion in payments and loans, mainly from sister investment fund Alameda Research.
Specifically, Mr. Sam Bankman-Fried borrowed up to $2.2 billion from Alameda Research, an investment fund that is also under his control.
Sharing the FTX Debtors’ press release just issued: https://t.co/r7PlneGSXF
— FTX (@FTX_Official) March 16, 2023
The next major beneficiary after Bankman-Fried is Chief Technical Officer Nishad Singh, receiving around $587 million. As Kyptos reported, recently Nishad Singh pleaded guilty to charges including fraud and his conspiracy in the collapse of FTX.
FTX also pays other former executives as follows:
- $246 million for Gary Wang, co-founder of FTX
- $87 million for Ryan Salame, former co-CEO of FTX Digital Markets
- $25 million for Sam Trabucco, former co-director of Alameda
- $6 million for Caroline Ellison, former CEO of Alameda
According to a statement from FTX’s new management, the amount does not include $240 million spent on luxury real estate in the Bahamas, as well as political and charitable donations.
FTX added that it is impossible to predict the amount and timing of recovery at this time and there will be the possibility of uncovering more assets, liabilities and more transactions.
In the latest update in early March, the bankruptcy unit that took over FTX claimed to have recovered $6.1 billion in assets of the exchange, but admitted the deficit amounted to more than $9.4 billion – with the biggest debtor being Alameda.
FTX recently had to paying $38 million bills for lawyers and financial firms for the trouble-shooting and asset recovery efforts the exchange made prior to bankruptcy.
The new interim CEO of FTX is Mr. John J. Ray III right after taking over FTX and has a preliminary understanding of the company’s situation. “Post-bankruptcy is a series of hellish days on earth”said that FTX was completely failed in management and had weak financial records.