FTX Paid Around $2.2B to Sam Bankman-Fried, New Management Says

The failed crypto exchange made a total of $3.2 billion in payments to Bankman-Fried and other key employees.

AccessTimeIconMar 16, 2023 at 9:46 a.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Bankrupt cryptocurrency exchange FTX transferred $2.2 billion to founder Sam Bankman-Fried through various entities, the firm's new management said.

A total of $3.2 billion was paid to Bankman-Fried and other key employees, according to a Schedules of Assets and Liabilities and Statements of Financial Affairs filed Wednesday, the company said in a statement.

  • DCG Reaches In-Principle Deal With Genesis Creditors
    02:26
    DCG Reaches In-Principle Deal With Genesis Creditors
  • Crypto Custodian Prime Trust Files for Bankruptcy
    02:06
    Crypto Custodian Prime Trust Files for Bankruptcy
  • Celsius Can Start Converting Altcoins to Bitcoin, Ether as of July 1, Judge Says
    04:58
    Celsius Can Start Converting Altcoins to Bitcoin, Ether as of July 1, Judge Says
  • FTX’s Bankruptcy Fees on Track to Be 'Very Expensive', Court Examiner Says
    05:48
    FTX’s Bankruptcy Fees on Track to Be 'Very Expensive', Court Examiner Says
  • The next largest beneficiary after Bankman-Fried was Director of Engineering Nishad Singh, who received about $587 million. In February, Singh pleaded guilty to charges including fraud and conspiracy for his role in FTX’s collapse.

    The payments were made predominantly from the Bankman-Fried-owned trading firm Alameda Research, whose precarious finances set the wheels in motion on FTX's collapse in November.

    The amounts listed do not include $240 million spent on luxury property in the Bahamas, nor directly made political or charitable donations.

    FTX filed for bankruptcy protection in November, shortly after which new CEO John J. Ray III described the firm's downfall as a "complete failure of corporate controls and ... a complete absence of trustworthy financial information."



    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.