According to a Wednesday filing by the new managers in FTX, former CEO Sam Bankman-Fried, who is facing several criminal fraud charges, received about $2.2 billion. FTX made transfers to him from several entities. Other key executives also received payments in the millions. These total transfers amounting to more than $3.2 billion were made as “payments” and as “loans.”
Most of the funds were transferred to Sam Bankman-Fried and his top executives through Alameda Research before the company filed for bankruptcy. The filing says that the founder and his team received roughly the following amounts:
FTX Founder Sam Bankman-Fried–$2.2 billion
Ex Engineer Nishad Singh–$587 million
FTX Co-founder Gary Wang–$246 million
Ex Alameda Research CEO Caroline Ellison–6 million
Ex Co-CEO of FTX Digital Markets Ryan Salame–$87 million
Ex co-head of Alameda Sam Trabucco–$25 million.
These financial revelations do not include earlier ones where it was stated that the FTX team spent over $240 in luxurious properties bought in the Bahamas, or political donations made to members of both the parties in the nation. It is also separate from the charitable donations as well as transfers made to non-debtor subsidiaries in a few jurisdictions including the Bahamas.
US prosecutors alleged that money was transferred from FTX to Alameda, a crypto hedge fund that was also under the control of Sam Bankman-Fried. They allege that software code was modified, and it would allow Alameda to carry a negative balance and yet be able to borrow unlimited funds from FTX.
FTX also said that it would identify additional “assets, liabilities and transfers, including a description of intercompany claims among the FTX Debtors and their subsidiaries.”
Gary Wang, Caroline Ellison and Nishad Singh were facing criminal charges and pleaded guilty. They are co-operating with the authorities. Sam Bankman-Fried pleaded not guilty to 12 criminal charges and pleaded not guilty. He is out on bail and is expected to face a trial in October.
Sam Bankman-Fried’s lawyers have declined to comment on the Wednesday filing.
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