Ex-FTX boss and co-founder Sam Bankman-Fried received $2.2 billion in payments and loans, mostly from Alameda Research, According As for Wednesday’s announcement from the failed exchange’s new management.
That figure may appear even more striking when compared to the pay received by other executives, including Alameda’s former CEO Caroline Ellison, who received just $6 million.
$3.2 billion in total handed out to ex-FTX employees, documents filed by new management ShowMuch of this comes from Alameda Research, the company’s affiliate trading firm.
Alameda was at the center of the FTX drama: the quantitative trading firm, founded by Bankman-Fried, had the ability to use FTX client assets for its own means and without oversight, according to newly appointed FTX CEO John J. Ray III.
FTX was a massive digital asset exchange that let its customers buy, sell and bet on the future price of cryptocurrencies. The Bahamas-based entity had 134 companies under its umbrella but was closed in November.
Its sudden bankruptcy Prosecutors allege that this was partly due to its management making risky bets with customers’ cash through Alameda Research. Bankman-Fried founded Almeida in 2019, but claims he will step away from the day-to-day operations of the trading firm in 2021.
Documents from this week show that Bankman-Fried—known as SBF—received most of the $3.2 billion in payments reported by FTX’s new management, while Nishad Singh, the company’s former director of engineering, received $587 million, and co-founder Gary Wang received $246 million.
The announcement said that Ryan Salame, former co-CEO of FTX Digital Markets, received $87 million and Sam Trabuco, former co-head of Alameda Research, received $25 million. ,
Trabuco, it’s worth noting, resigned from his position as Alameda’s CEO in August, and hasn’t been heard publicly since. Unlike the rest of Bankman-Fried’s inner circle, authorities have yet to announce charges against the former exec.
is sbf now facing 12 criminal charges in the United States. Some of those charges were handed down in a superseding indictment last month and include conspiracy to defraud customers of FTX in connection with the purchase and sale of derivatives and conspiracy to commit money laundering.
In January, Bankman-Fried pleaded not guilty for the original charge and is now awaiting trial scheduled for October.
Allison, Wang and Singh have everything accepted to fraud and are cooperating with investigators.
Ellison, who had an on-off romantic relationship with Bankman-Fried, was appointed co-CEO of Almeida in October 2021 alongside Trabuco. He assumed the role of sole CEO after Trabuco resigned. Ellison gained notoriety after the collapse of FTX. quirky tumblr blog Revealed to be connected to the executive, the author is revealed to have a strong fascination with polyamory and race science, which Alison is believed to be.
Meanwhile, billions of dollars in FTX client cash are still missing – with large amounts estimated to have been stolen.
John J. Ray III, who is in charge of sorting out failed corporations, has Said The sudden collapse of the crypto company was caused by “a very small group of grossly inexperienced and unsophisticated individuals”.
SBF spokesperson denied decryptComment request.