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IPFS News Link • Cyberspace and the New Economy

SAM THE SIPHON: Filings show former CEO Sam Bankman-Fried took $2.2 billion...

•, by: Cassie B.

FTX Co-founder and former CEO Sam Bankman-Fried and five members of his inner circle reportedly pocketed more than $3.2 billion from parts of their crypto empire, including the hedge fund Alameda Research.

Bankman-Fried and the other employees transferred the funds to their personal accounts using the label of "payments and loans." This is according to filings in bankruptcy court by the company's new management. The transfers took place prior to the collapse of the crypto exchange late last year, and most of the funds came from Alameda Research.

According to the filings, Bankman-Fried took $2.2 billion for himself, while FTX Co-founder Gary Wang took $246 million, former Alameda CEO Caroline Ellison walked away with $6 million, and former engineer Nishad Singh took $587 million. Meanwhile, Alameda's former Co-Head Sam Trabucco took $25 million and FTX Digital Markets former Co-CEO Ryan Salame took $87 million.

On top of that, Bankman-Fried and other employees blew more than $240 million on luxury properties in the Bahamas, as well as a series of political and charitable donations. He was arrested in the Bahamas in December.

The 31-year-old former CEO is currently facing a dozen federal criminal charges, including wire fraud, money laundering and unlawful political contributions, that could lead to a sentence of life in prison. He is currently residing at his parents' California home under house arrest.