FTX Founder Sam Bankman-Fried Received $905 Million in Cash Payments from FTX Before Collapse: Court Filing
In a shocking revelation, it has been disclosed in court filings that Sam Bankman-Fried, the disgraced founder of FTX, received nearly a billion dollars in cash payments before the collapse of the cryptocurrency exchange.
The documents show that Bankman-Fried started receiving millions of dollars in cash payments from FTX as early as January 2022, up until October of the same year, just a month before the exchange went bankrupt.
According to the court filing, Bankman-Fried received cash payments totaling $200 million on two separate occasions. In total, he amassed over $905 million from FTX over a span of nine months.
Bankman-Fried, who is currently awaiting trial, has been accused of defrauding investors and mishandling billions of dollars of customer funds, which ultimately led to FTX’s collapse. If found guilty, he could face several decades in prison.
Notably, Bankman-Fried is not the only former executive who benefited from FTX’s funds. Other ex-executives, including Sam Trabucco and Caroline Ellison, also received significant cash payments before their departure from the company.
Hot Take:
The court filing exposing the massive cash payments received by Sam Bankman-Fried raises serious concerns about the integrity and financial management of FTX. The revelations further highlight the need for stronger regulatory oversight in the crypto industry to prevent such misconduct and protect investors.
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