FTX Founders and Executives Received $3.2 Billion from Alameda Research, as Revealed in Bankruptcy Filing
In a recent financial statement filing with the U.S. Bankruptcy Court, it has been revealed that Alameda Research paid or loaned $3.2 billion to FTX founders and executives.
Finance Times reported on the 16th that among the recipients, Sam Bankman-Fried received $2.2 billion, Nishad Singh received $587 million, Gary Wang received $246 million, and Caroline Ellison received approximately $6 million. It’s important to note that this money doesn’t include the $240 million used to purchase a luxury resort in the Bahamas, political contributions or donations made directly by FTX management, or assets transferred to subsidiaries in the Bahamas and elsewhere.
The revelation has raised eyebrows and left many wondering about the reasons behind the transfer of such a large sum of money. FTX creditors are investigating the matter and are looking into the recipients and the reasons for the transfer of the funds.
It’s worth mentioning that some of the real estate purchased with the transferred assets is already under the control of FTX creditors or government authorities working with them. However, the amount and timing of final recovery are currently unknown.
Following the Chapter 11 bankruptcy filings in November, FTX’s newly appointed chief executive, John Ray, has been actively searching for the whereabouts of cryptocurrency and other assets that can be used to reimburse the millions of customers affected by FTX’s collapse.
The news is significant and could have implications for the cryptocurrency market, as FTX is a major player in the industry. Investors and stakeholders are closely watching developments in this story, and any further revelations could have a significant impact on FTX’s reputation and future prospects.
As a reporter, it’s important to keep an eye on this developing story and provide regular updates as more information becomes available. The cryptocurrency market is rapidly evolving, and stories like this remind us of the need for transparency and accountability in the industry.
- Binance CEO Responds To Novogratz’s Criticism Of BIS General Manager’s Views On CBDCs And Cryptocurrencies
- FTX Debtors Sue Grayscale Investments And Its CEO For Alleged Breach Of Trust Agreements And Fiduciary Duties