March 25, 2023

Urban Tech Story | FTX Says Founders Walked Out $2.2 Billion

Liquidators for cryptocurrency exchange FTX said in a bankruptcy court filing that founder Sam Bankman-Fried received as much as $2.2 billion in loans and payments from the company. These loans were mainly transferred to Alameda Research, a hedge fund he founded, which suffered heavy losses due to investment failures. It misused funds from FTX customer accounts to try to make up for losses. Bankman-Fried isn’t the only executive paid through Alameda Research: former engineering director Nishad Singh received $587 million, co-founder Gary Wang received $246 million, former co-CEO Ryan Salame received $87 million, and former Alameda co-CEO John Samuel Trabucco gets $25 million. Bankman-Fried’s ex-girlfriend and former Alameda CEO Caroline Ellison received only $6 million in loans and payments. That doesn’t include the $240 million that FTX and Alameda executives spent on mansions in the Bahamas, as well as political donations.

Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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