Sam Bankman-Fried’s Dad Thought His Son Wasn’t Paying Him Enough, So He Got Mom Involved


19 Sep 2023 5:08 PM

The alleged dispute over Joe Bankman’s $200,000 FTX salary versus his desired $1 million points to an unusual family dynamic at the former cryptocurrency colossus....

  • A new court filing in FTX's bankruptcy case alleges that Sam Bankman-Fried's father, Joe Bankman, was paid a $200,000 salary by FTX's U.S. division.
  • Joe Bankman claimed that he was supposed to receive $1 million annually starting the previous month.
  • Bankman-Fried's parents were allegedly gifted $10 million in funds and a $16.4 million property in The Bahamas by Bankman-Fried.
  • The court filing suggests that Bankman-Fried's parents played a significant role in his business, with Bankman referring to Alameda Research as a "family business."
  • Bankman-Fried's inner circle included senior executives, including his ex-girlfriend Caroline Ellison, who ran FTX's sister company, Alameda Research.
  • Bankman and Fried's attorneys deny the claims, calling them false and an attempt to intimidate their clients.

The article presents allegations of financial misconduct and a potentially unusual family dynamic within FTX's operations. The sentiment is negative, highlighting the potential misuse of power and influence.

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You May Ask

What is the basis of the court filing in FTX's bankruptcy case?How much was Joe Bankman initially paid by FTX's U.S. division, and what did he claim he was supposed to receive?What assets were allegedly gifted to Bankman-Fried's parents by Bankman-Fried himself?How did Bankman-Fried's inner circle play a role in his companies, and who were some of the key individuals involved?How do Bankman and Fried's attorneys respond to the allegations in the court filing?

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