FTX Says Bankman-Fried Took $2.2 Billion
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Liquidators at FTX said that founder Sam Bankman-Fried had received $2.2 billion in “loans and payments” while he was allegedly running a massive fraud at the crypto exchange. From a report:
According to FTX’s bankruptcy court filing, Bankman-Fried got more than $2 billion in loans — primarily through Alameda Research, the hedge fund he founded that lost big on bad investments, then misused customer deposits from FTX accounts in an attempt to cover those losses. Bankman-Fried wasn’t the only executive-roommate to be paid via Alameda: Former director of engineering Nishad Singh got $587 million, co-founder Gary Wang got $246 million, former co-CEO Ryan Salame got $87 million, and former Alameda co-CEO John Samuel Trabucco got $25 million. Caroline Ellison, Bankman-Fried’s ex-girlfriend and ex-CEO at Alameda, was more frugal, receiving just $6 million in loans and payments. New management at FTX was careful to note that the $3.2 billion that FTX’s and Alameda’s top earners essentially lent themselves does not include the $240 million they spent on luxury property in the Bahamas or the political donations given directly by FTX.