SBF’s inner circle received $3.2B, mainly from Alameda: Court filings
FTX and Alameda Research’s former top brass received $3.2 billion in payments and loans from FTX-linked entities, according to the FTX administrators handling the firm’s restructuring.
FTX, now helmed by CEO John Ray III, has been tracking missing funds from the exchange since its collapse. It estimates a total of $8.9 billion is missing.
According to a March 15 statement from FTX Debtors, financial statements it filed in the Delaware Bankruptcy Court point to billions of dollars worth of loans and payments that allegedly flowed to Sam Bankman-Fried and high-ranking executives, which came mainly from trading house Alameda Research.
Sharing the FTX Debtors’ press release just issued: https://t.co/r7PlneGSXF
Bankman-Fried, however, reportedly received the lion’s share of the funds at $2.2 billion.
Others named in the list include former FTX director Nishad Singh, FTX co-founder Gary Wang, and former Alameda Research CEO Caroline Ellison, among others.
It provided a rough breakdown of the payments made to the FTX executives, as follows:
The amounts exclude over $240 million used for various purchases, such as luxury properties in the Bahamas, donations to political and charitable causes and “substantial transfers” to non-FTX subsidiaries, it noted.
FTX’s management said it is currently investigating its rights to pursue potential action against the recipients, along with their subsequent transferees, and that ongoing efforts are “expected to result in the further identification of assets, liabilities and transfers.”
It added it’s looking at ways to claw back the funds from the former executives but said the “amount and timing of eventual monetary recoveries cannot be predicted at this time.”
Related: Sam Bankman-Fried’s bail
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