FTX transferred $3.2 billion to Sam Bankman-Fried, documents show

According to a statement released late on Wednesday by the bankrupt exchange’s administrators, FTX moved more than $3 billion to founder Sam Bankman-Fried and his close circle before its collapse in November.

Schedules of Assets and Liabilities and Statements of Financial Affairs, sometimes known as “Schedules and SOFAs,” were released by FTX Trading Ltd. late on Wednesday for each entity involved in its Chapter 11 bankruptcy proceedings. The “Schedules and SOFAs” filed indicate $3.2 billion in payments and loans to founders, primarily from Alameda Research, the hedge fund that FTX unsuccessfully attempted to maintain when its bets on cryptocurrencies went wrong in 2017.

The payouts included $2.2B for Sam Bankman-Fried personally, $587M for Nishad Singh, $246M for Gary Wang, and $6M for Caroline Ellison, Bankman-former Fried’s lover whom he appointed as CEO of Alameda.

All of the individuals listed above, except Bankman-Fried, have previously entered guilty pleas to federal fraud charges and are likely to receive reduced terms in exchange for their assistance in Bankman-prosecution. Fried’s

The $240 million spent on luxury property in the Bahamas or the millions given in political contributions by Bankman-Fried and others in the US and other countries were not included, according to the new management of FTX, led by John J. Ray.

“Although some of the property purchased with the proceeds of these transfers is already in the control of the FTX Debtors or governmental authorities with whom the FTX Debtors are cooperating, the amount and timing of eventual monetary recoveries cannot be predicted at this time,” the statement said. 

According to the SOFAs, two other senior executives, Ryan Salame and Sam Trabucco, received $25 million and $87 million, respectively.

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