FTX Bankruptcy Filing Reveals Lavish Spending and Transfers for Former CEO Bankman-Fried
The recent court documents in the FTX bankruptcy case shed light on the alleged financial transactions and purchases involving former CEO Sam Bankman-Fried and other insiders. Here are the key points:
- Bankman-Fried received cash payments of $68.3 million on Aug. 8, 2022, and $200 million on May 26, 2022.
- Other payments to Bankman-Fried include $100 million on June 7, 2022, and $10 million on several other dates.
- FTX funds were used to purchase a yacht valued at over $2.5 million for former co-CEO Samuel Trabucco.
- Lavish purchases also included multimillion-dollar real estate in the names of insiders like former CEO Caroline Ellison.
- Transfers to political groups on behalf of insiders, such as a $500,000 donation in the name of co-founder Nishad Singh, were listed.
Bankman-Fried has pleaded not guilty to criminal fraud charges related to the alleged misuse of FTX customer deposits. Meanwhile, former FTX senior members Gary Wang, Ellison, and Singh have reportedly agreed to plea deals, while former co-CEO Ryan Salame intends to invoke his Fifth Amendment rights.
Samuel Trabucco’s Whereabouts Remain Unknown
Recent reports suggest that Samuel Trabucco, the former co-CEO of Alameda Research, has not been seen since his public appearances in 2022. Here are the details:
- Trabucco was last seen in the Bahamas in the spring of 2022 and later attended an MIT reunion in Las Vegas in July.
- His current location is unknown, and speculation has been rife within the crypto community about his activities since FTX’s collapse.
- Trabucco’s 52-foot yacht named “Soak my Deck” was first reported in December 2022 by the Financial Times.
In conclusion, the bankruptcy filing not only reveals excessive cash transfers and purchases involving Bankman-Fried and other insiders but also raises questions about the whereabouts of Samuel Trabucco. The details exposed in the court documents have shocked the crypto community and further fueled the ongoing investigation into the collapse of FTX.
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