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

Jamie Crawley
Jamie Crawley

16 Mar 2023 9:46 AM

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

  • Bankrupt cryptocurrency exchange FTX transferred $2.2 billion to founder Sam Bankman-Fried and $3.2 billion to key employees.
  • Director of engineering Nishad Singh received about $587 million, but 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.

The article reports on the transfer of a large sum of money to the founder and key employees of a bankrupt cryptocurrency exchange. The sentiment is negative, as it highlights the collapse of the company and the involvement of fraud and financial mismanagement.

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Related Questions

How much money was transferred to founder Sam Bankman-Fried and key employees of FTX?
Who was the next largest beneficiary after Bankman-Fried, and what charges did he plead guilty to?
What was the name of the trading firm owned by Bankman-Fried that made the payments?
What caused the collapse of FTX, according to the new CEO?
Were any political or charitable donations made with the transferred funds?

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