ftx bankruptcy: FTX transferred $2.2 billion to Bankman-Fried through affiliates, new executives say

Bankrupt cryptocurrency trade FTX has made transfers of about $2.2 billion to firm founder Sam Bankman-Fried by means of associates, the corporate’s new administration stated.

In all, greater than $3.2 billion has been remitted by means of funds and loans to firm founders and key staff, FTX stated in an announcement Wednesday.

These funds had been made primarily by hedge fund Alameda Analysis, FTX stated, including that it made these disclosures by submitting schedules and monetary statements with chapter courtroom.

The crypto trade stated the remittances included not more than $240 million in purchases of luxurious properties within the Bahamas, political and charitable donations made straight by FTX debtors, and vital remittances to non-debtor entities within the Bahamas Bahamas and different jurisdictions included.

A lawyer for Bankman-Fried declined to remark.

FTX filed for chapter safety in November and stated it was unable to totally repay clients who deposited funds on its trade. FTX’s new CEO, John Ray, stated his high precedence is recovering property to pay again FTX shoppers.

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Prosecutors have charged Bankman-Fried, 31, with stealing billions of {dollars} in FTX consumer funds to offset losses at Alameda Analysis and making tens of hundreds of thousands of {dollars} in unlawful political contributions to achieve affect in Washington, DC purchase. He denies wrongdoing and is preventing to remain out of jail till his scheduled October 2 fraud trial.

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