FTX’s new management has compiled a lot of financial data to determine how much money Sam Bankman-Fried and his teams have paid themselves. In addition to the numerous luxury properties acquired in the Bahamas, we learn that the former FTX CEO paid himself more than $2.2 billion from the exchange’s funds.
Sam Bankman-Fried and his teams paid themselves handsomely
As part of a review of the liabilities of FTX and its many subsidiaries, the teams that took over the reins of Sam Bankman-Fried’s empire were able to compile a number of financial details about some of the loans the former executives had made to each other.
This operation took some time, but it makes sense after John Ray III, the new CEO of FTX, spoke of “an unprecedented situation” regarding the financial management of the exchange. And the findings continue to come in
Sharing the FTX Debtors’ press release just issued: https://t.co/r7PlneGSXF
– FTX (@FTX_Official) March 16, 2023
Thus, through this press release, we learn that FTX’s top executives, namely Sam Bankman-Fried, Carolline Ellison and Gary Wang, among others, have lent / paid themselves large sums of money through their companies.
- $2.2 billion to Sam Bankman-Fried
- $587 million to Nishad Singh (FTX Chief Engineer)
- $246 million to Gary Wang (co-founder of FTX)
- $87 million to Ryan Salame (former co-CEO of FTX Digital Markets, the exchange’s Bahamian subsidiary)
25 million to John Samuel Trabucco (former co-CEO of Alameda Research) - $6m to Caroline Ellison (former CEO of Alameda Research)
As noted in the document, the investigation continues to determine which properties can be recovered by FTX to participate in the repayment of creditors. The above amounts do not include the $240 million spent by Sam Bankman-Fried and his team on luxury real estate in the Bahamas or their numerous political donations.
After pleading not guilty to the first eight charges against him, Sam Bankman-Fried will soon face a dozen charges, even though most of his lieutenants have turned their backs on him and confessed to the various illegal operations carried out by the company.
