FTX Transferred $2.2 Billion to Sam Bankman-Fried by way of Alameda Research and Related Entities, New Managers Say

Bankrupt cryptocurrency trade FTX made transfers of about $2.2 billion (roughly Rs. 18,200 crore) to firm founder Sam Bankman-Fried via associated entities, the corporate’s new administration stated.

Overall greater than $3.2 billion (roughly Rs. 26,560 crore) was transferred via funds and loans to firm founders and key staff, FTX stated in an announcement on Wednesday.

These funds had been made mainly from Alameda Research hedge fund, FTX stated, including that it made these disclosures by submitting schedules and statements of economic affairs with the chapter court docket.

The crypto trade stated the transfers didn’t embody over $240 million (roughly Rs. 1,990 crore) spent to buy a luxurious property within the Bahamas, political and charitable donations made straight by the FTX debtors, and substantial transfers to non-debtor items within the Bahamas and different jurisdictions.

A lawyer for Bankman-Fried declined to remark.

FTX filed for chapter safety in November, saying it was unable to fully repay clients who had deposited funds on its trade. FTX’s new CEO, John Ray, has stated his prime precedence was recovering property to repay FTX clients.

Prosecutors have charged Bankman-Fried, 31, with stealing billions of {dollars} in FTX buyer funds to plug losses at Alameda Research, and making tens of tens of millions of {dollars} in unlawful political donations to purchase affect in Washington DC.

He denies wrongdoing and is combating to remain out of jail pending his scheduled October 2 fraud trial.

© Thomson Reuters 2023

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