This Thursday, the new FTX team reported that $3.2 billion in payments and loans had been collected by the exchange’s former executives.
Sam Bankman-Fried or SBF has become one of the most prominent figures in the crypto-industry. He has been praised for his innovative approach to trading and his commitment to social causes, including his recent donation of over $5 million to charity.
FTX has quickly become one of the most popular crypto exchanges in the world, thanks to its user-friendly interface, advanced trading tools and low fees.
SBF of FTX alone reportedly received $2.2 billion!
However, as a reminder, the crypto exchange faced a collapse in 2022. Actually, the former FTX executive, SBF, is accused of misappropriating funds deposited by customers on the platform. Thus, he used funds without their permission in risky financial transactions via Alameda Research. SBF was then arrested in late December in Nassau (Bahamas), then extradited to the United States. He was charged with fraud and conspiracy by a federal judge in New York. He faces several decades in prison.
In fact, a total of $3.2 billion was distributed to FTX’s founding team, primarily through the hedge fund Alameda Research, according to the liquidators.
Indeed, former Sam Bankman-Fried alone reportedly received about $2.2 billion. Nishad Singh, who served as the head of engineering and recently pleaded guilty, meanwhile, reportedly got his hands on a total of $587 million.
Zixiao Gary Wang, Ryan Salame, John Samuel Trabucco and Caroline Ellison are said to have received $246 million, $87 million, $25 million and $6 million respectively. The funds came mainly from the group’s hedge fund, Alameda Research.
The press release specifies that this amount (3.2 billion dollars) excludes the purchase of a luxury villa in the Bahamas and donations made to politicians or charities.
The FTX Debtors’ ongoing efforts should result in a more thorough identification of assets, liabilities and transfers, including a description of intercompany claims between the FTX Debtors and their subsidiaries,” the announcement said.