- SBF and its partners received a total of $3.2 million from FTX-related entities.
- This money does not include the millions for luxury properties in the Bahamas.
- Insiders like Gary Wang, Nishad Singh, and Caroline Ellison have received millions.
Former crypto billionaire Sam Bankman-Fred has allegedly taken billions from FTX users to fund his lifestyle. According to recent bankruptcy court filings, the former FTX CEO allegedly transferred more than $2.2 billion in FTX entities into his personal account.
On Wednesday, FTX’s new management and affiliate debtors Tables and data provided Finance with the bankruptcy court. The data reveals that FTX entities granted $2.2 billion in loans to the founder Sam Bankman Fried.
These transfers were part of a total of $3.2 billion in payments and loans to FTX’s founders and key employees. The majority of the funds came from Alameda Research, the trading arm of FTX.
FTX said these loans do not include more than $240 million in luxury real estate in the Bahamas. It also does not include the political and charitable donations of the FTX founders.
FTX Insiders receive millions
These loans benefited key employees and founders of FTX and related entities. Former FTX engineering director Nishad Singh received $587 million, while co-founder Gary Wang received $246 million.
Ryan Salameh, co-CEO of FTX Digital Markets, received approximately $87 million. John Samuel Trabuco and Carolyn Ellison of Alameda Research received $25 and $6 million, respectively. Many of these players have since turned Sam Bankman-Fried, choosing to cooperate with the authorities.
The department is investigating whether transfers made to Bankman-Fried and his former colleagues can be recovered. They say they can’t predict how long it will take to get a refund.
Bankman-Fried is currently facing dozens of federal charges related to the FTX crash. Federal prosecutors accuse him of securities fraud and plundering consumers’ deposits for personal gain. He has pleaded not guilty to the charges and is awaiting trial at his parents’ home in California, set to begin in October.
on the flip side
- Sam Bankman Fried also faces charges Illegal political donations. The crypto billionaire was among the biggest donors in the 2022 election cycle.
- The collapse of FTX led to a serious regulatory crackdown on the crypto industry.
Why should you bother
If FTX can recover some assets from its former founders, it could benefit depositors. FTX users who lost their money in the crash may get more of it back.
Read about other SBF partners who have turned on him:
FTX’s huge list of creditors includes some of SBF’s close associates
Read about Coinbase’s plans for global expansion:
Coinbase Begins Global Expansion in Singapore: Acquires Major Partner
