© Reuters
By Geoffrey Smith
en.Investing.com — FTX transferred more than $3 billion to its founder Sam Bankman-Fried and his inner circle before its collapse in November, according to a statement released by administrators of the failed exchange late Wednesday. daytime.
FTX Trading Ltd. released late Wednesday what are known as Schedules of Assets and Liabilities and Statements of Financial Affairs (the “Schedules and SOFAs”) for all entities involved in its Chapter 11 bankruptcy proceedings. Schedules and SOFAs describe $3.2 billion in payments and loans to founders, mostly from Alameda Research, the hedge fund that FTX unsuccessfully tried to keep afloat when its cryptocurrency bets went awry. last year.
The payments included $2.2 billion to Sam Bankman-Fried himself, around $587 million to Nishad Singh, $246 million to Gary Wang and $6 million to Caroline Ellison, Bankman’s former girlfriend. -Fried, whom he installed as CEO of Alameda.
All of the aforementioned individuals, with the exception of Bankman-Fried, have already pleaded guilty to federal fraud charges and are likely to receive lighter sentences in exchange for their cooperation in prosecuting Bankman-Fried.
FTX’s new management, led by John J. Ray, pointed out that this amount did not include the $240 million spent to buy luxury properties in the Bahamas, nor the millions of dollars given in political donations by Bankman-Fried. and others in the United States and elsewhere.
“Although some of the goods purchased with the proceeds of these transfers are already under the control of FTX debtors or government authorities with which FTX debtors cooperate, the amount and timing of eventual monetary recoveries cannot be predicted at the time. ‘current time,’ the statement read.
Two other top executives, Sam Trabucco and Ryan Salame, received $25 million and $87 million, respectively, according to severance agreements.