More than $2 billion was transferred to Sam Bankman-Fried by FTX corporate entities, according to documents filed with the court, the Financial Times reports.
According to a press release describing financial statements filed in Delaware bankruptcy court, Bankman-Fried and five members of his inner circle transferred a total of $3.2 billion into their personal accounts in the form of “payments and loans.”
The funds came primarily from Alameda Research, a hedge fund for crypto trading affiliated with FTX.
John Ray, FTX’s new CEO appointed in November after the exchange went bankrupt, is seeking to identify where the cryptocurrencies and other assets that may eventually be returned to the millions of FTX customers whose accounts have been frozen since its collapse.
Bankman-Fried faces twelve federal charges related to the FTX collapse, including securities fraud and looting the platform for personal gain.
FTX management said Wednesday that the $3.2 billion figure does not include $240 million for “luxury real estate in the Bahamas,” “political and charitable donations” and “significant transfers” to subsidiaries. The figures showed that Bankman-Fried had received $2.2 billion.
A lawyer for Bankman-Fried did not immediately respond to a request for comment.
Read Next
Previous Articles:
- IMF Report Warns of Significant Risks to Global Economy from Crypto Adoption
- Bitcoin Bounces Back: World’s Largest Cryptocurrency Surges 50% in 2023 Despite Crypto Bank Collapses and Market Turmoil
- NYDFS shuts down Signature Bank over data inconsistencies, not anti-crypto bias
- Shiba Inu’s Shibarium Enters Beta Phase, Developer Outlines Rough Timeline for Completion
- Morgan Stanley analysts caution that Bitcoin is not detached from traditional banking, despite recent market rallies
