Bankrupt cryptocurrency exchange FTX has transferred a whopping $2.2 billion to its founder, Sam Bankman-Fried, and other key employees through various entities.
The company’s new management revealed that a total of $3.2 billion was paid to Bankman-Fried and his colleagues, according to a statement filed on Wednesday.
The second-highest beneficiary was FTX’s former director of engineering, Nishad Singh, who received about $587 million.
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These payments were mostly made through Alameda Research, which is owned by Bankman-Fried.
It was Alameda’s precarious financial situation that triggered FTX’s collapse in November.
Notably, the disclosed figures exclude the $240 million spent on luxury property in the Bahamas and any direct political or charitable donations.
FTX filed for bankruptcy shortly after the collapse. The company’s new CEO, John J. Ray III, stated that the firm’s downfall was caused by a “complete failure of corporate controls and a complete absence of trustworthy financial information.”
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This article has been originally published at: https://www.benzinga.com/markets/cryptocurrency/23/03/31383258/2-2-billion-gone-ftx-founder-bankman-fried-and-colleagues-receive-massive-sum?SNAPI