Shocking Revelation: Former FTX Execs Allegedly Received $3.2B From Related Entities

  1. FTX executives received $3.2B payments and loans from related entities, according to filings.
  2. Payments primarily came from Alameda Research, and Sam Bankman-Fried received $2.2B.
  3. FTX is investigating legal action and ways to recover funds from former executives.

FTX administrators have discovered that former top executives, including Sam Bankman-Fried, received payments and loans totaling $3.2 billion from FTX-related entities, according to the firm’s bankruptcy filings. FTX has been trying to locate missing funds from its collapse, which it estimates to be $8.9 billion in total. The payments are alleged to have primarily come from trading house Alameda Research.

The payments were reportedly allocated as follows: $2.2 billion to Sam Bankman-Fried, $587 million to former FTX director of engineering Nishad Singh, $246 million to FTX co-founder Zixiao “Gary” Wang, $87 million to former co-CEO of FTX Digital Markets Ryan Salame, $25 million to former co-CEO of Alameda John Samuel Trabucco, and $6 million to former CEO of Alameda Caroline Ellison.

The statement also indicated that over $240 million was used for various purposes, such as luxury properties in the Bahamas, donations to political and charitable causes, and “substantial transfers” to non-FTX subsidiaries. FTX is currently investigating its rights to pursue potential legal action against the recipients and their transferees, and ongoing efforts are expected to result in the identification of additional assets, liabilities, and transfers.

FTX management is exploring ways to recover the funds from the former executives but warns that the “amount and timing of eventual monetary recoveries cannot be predicted at this time.” The revelation of the substantial payments and loans to former executives has raised further questions about FTX’s collapse and has heightened the scrutiny on the cryptocurrency exchange.

In other news, with 8.26 billion worth of collateral backing the system, MakerDAO Protocol marks its recent victory with a total collateralization of 154%, resulting in 5.38 billion DAI $ 1.00 -0.28% being backed by collateral.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.