$2.2 Billion Gone? FTX Founder Bankman-Fried And Colleagues Receive Massive Sum

Zinger Key Points
  • FTX bankruptcy fallout: Founder and director of engineering allegedly received millions in payments.
  • Alameda Research's financial troubles led to FTX's collapse and multi-billion dollar payouts.

Bankrupt cryptocurrency exchange FTX has transferred a whopping $2.2 billion to its founder, Sam Bankman-Fried, and other key employees through various entities.

The company's new management revealed that a total of $3.2 billion was paid to Bankman-Fried and his colleagues, according to a statement filed on Wednesday.

The second-highest beneficiary was FTX's former director of engineering, Nishad Singh, who received about $587 million.

See Also: Jim Cramer Predicts Bitcoin's Imminent Demise — Will His Record For Getting It Wrong Continue?

These payments were mostly made through Alameda Research, which is owned by Bankman-Fried.

It was Alameda's precarious financial situation that triggered FTX's collapse in November.

Notably, the disclosed figures exclude the $240 million spent on luxury property in the Bahamas and any direct political or charitable donations.

FTX filed for bankruptcy shortly after the collapse. The company's new CEO, John J. Ray III, stated that the firm's downfall was caused by a "complete failure of corporate controls and a complete absence of trustworthy financial information."

Next: Former FTX.US President On Crypto Future In Aftermath Of Silvergate, Signature Bank Failures

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Posted In: CryptocurrencyNewsTop StoriesMarketsAlameda ResearchbankruptcyconspiracyCryptocurrency ExchangefraudFTXNishad SinghSam Bankman-Fried
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