FTX co-founder Sam Bankman-Fried saw his wealth evaporate from billions to significantly less after the collapse and bankruptcy of the cryptocurrency platform he founded. A new list of creditors suggested Bankman-Fried may have also been searchin’ for his lost shaker of salt.
What Happened: FTX had $8.9 billion in debt at the time of its bankruptcy, which could explain why rival Binance was only willing to pay $1 to acquire the cryptocurrency platform facing major liquidation concerns.
A new report emerged that showed Alameda Research, the trading arm of FTX, had a long list of creditors with unpaid bills.
The top five companies listed on the Alameda Research debt list in court filings are:
Amazon Web Services: $4.66 million
Herbert Smith Freehills: $120,304
Margaritaville Beach: $55,319
Piper Alderman Law: $48,608
The list from The Information showed that Amazon.com, Inc. AMZN could be facing a loss of nearly $5 million from the FTX-related company. Amazon Web Services is a leader in the cloud space and powers millions of websites worldwide.
Herbert Smith Freehills and Piper Alderman Law are law firms that could have been providing legal services or consultations to Alameda Research.
Bloomberg is a financial media company and home of the Bloomberg Terminal.
The name catching many people by surprise is a tab of over $55,000 from the Margaritaville Beach Resort.
Related Link: Best FTX Alternatives: How To Keep Your Crypto Safe
Why It’s Important: Musician Jimmy Buffett launched a hospitality company in 1985 based on his hit song from 1977. Over the years, the company has opened restaurants, hotels, resorts and more to capitalize on the large following of Buffett fans.
In July 2021, the Margaritaville Beach Resort in Nassau Bahamas opened. The resort is located in the same city as the FTX headquarters and apparently could have been visited on at least one occasion by FTX executives.
Bankman-Fried has gone from hero to villain in the cryptocurrency sector after losing billions of dollars of customer deposits and funds. Alameda Research CEO Caroline Ellison has also found herself the center of the scandal for her role and knowledge of what was going on behind the scenes.
“Wastin’ away in Margaritaville, searchin’ for my lost shaker of salt, some people claim that there’s a woman to blame, but I know, it’s nobody’s fault,” the Margaritaville lyrics say.
Buffett’s lyrics from the hit song may not ring true as many pinpoint the blame squarely on Bankman-Fried.
It’s likely that we’ll never know what was bought at the Margaritaville resort for $55,000 but it’s possible a drink called “Who’s To Blame” featuring Margaritaville Gold Tequila, triple sec and a house Margaritaville blend could be another part of this story soon fit for television or theaters.
Photo: Teri Virbickis via Shutterstock
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