Last updated on March 23rd, 2023 at 07:35 am
The administrators in charge of restructuring the bankrupt crypto exchange, FTX, have revealed that six former executives, including Sam Bankman-Fried (SBF), received payments and loans totalling $3.2 billion from FTX-affiliated companies.
Sharing the FTX Debtors’ press release just issued: https://t.co/r7PlneGSXF
— FTX (@FTX_Official) March 16, 2023
On March 15, 2023, the FTX administrators filed the Schedules and SOFAs documents for each Debtor Entity involved in the company’s Chapter 11 cases and submitted them to the Delaware Bankruptcy Court.
According to the documents, Sam Bankman-Fried (SBF) received the largest share of the funds. He received a total of $2.2 billion while the other executives shared $1 billion amongst themselves.
Nishad Singh, a former FTX director of engineering, reportedly received $587 million, Zixiao Wang, a co-founder of FTX, received $246 million, Ryan Salame, former co-CEO of FTX Digital Markets, received $87 million, John Samuel Trabucco, co-CEO of Alameda Research, received $25 million, and Caroline Ellison, the former CEO of Alameda Research, received $6 million.
The submitted statements did not provide information on the future financial recoveries or the quantity of the property acquired with the money from these transactions. However, the properties acquired with the funds from these transactions are now under the custody of the FTX Debtors or law enforcement agencies.
After the collapse of the exchange, the new CEO, John Ray III, has directed efforts toward ensuring the recovery of the exchange’s missing funds. It was predicted that $8.9 billion is missing altogether.
Meanwhile, it was reported an illegal transfer and withdrawal of funds involving wallets belonging to Alameda Research wallets on December 8, 2022, was reportedly traced to Sam Bankman-Fried. This violated the terms of his bail release, which states that he must not withdraw more than $1,000 without informing the court.
The former CEO is also facing more than 12 count charges, a few of which include securities fraud, conspiracy, and mismanagement of funds at FTX.
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