Michael M. Santiago
In conducting forensic work on transactions, FTX’s caretaker management identified more than $3.2B in payments and loans to the cryptocurrency company’s founders and key employees, including ~$2.2B to Sam Bankman-Fried.
The transactions were made chiefly through Alameda Research, Bankman-Fried’s hedge fund.
Other payments and loans include:
- ~$587M to Nishad Singh, FTX’s former director of engineering;
- ~$246M to Zixiao “Gary” Wang, co-founder and former chief technology officer;
- ~$87 million to Ryan Salame, former FTX Digital Markets chief;
- ~$25 million to John Samuel Trabucco , former co-CEO of Alameda Research;
- ~$6 million to Caroline Ellison, former co-CEO of Alameda Research.
The total amount does not include $240M spent to buy luxury property in the Bahamas, political and charitable donations made directly by the FTX Debtors and substantial transfers to non-Debtor subsdiaries in the Bahamas and other jurisdictions. Some of the property purchased is already in control of FTX Debtors or government authorities with whom FTX Debtors is cooperating. But the amount and timing of eventual recoveries can’t currently be predicted, the company said in a statement.
It is investigating actions that it can take against the people who received the funds and their subsequent transferees.
The debtors are continuing to investigate and expects to identify more assets, liablities, and transfers.
Recall that in February, FTX’s Singh pleaded guilty to fraud charges, two months after Wang and Ellison pleaded guilty to criminal fraud charges.
Image and article originally from seekingalpha.com. Read the original article here.