FTX Transferred Over $2B to Bankman-Fried via Alameda Research | news

The now-bankrupt cryptocurrency exchange FTX transferred $2.2 billion to its Sam founder Bankman-Fried through different entities, including Alameda Research.

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According to a press release published on Wednesday by the FTX debtors, the collapsed exchange prior to filing for bankruptcy protection had sent a total of $3.2 billion to former top managers, including Nishad Singh, Zixiao “Gary” Wang and Carolina Ellison. Singh received $587 million, while Wang around $246 million. Ellison, who served as CEO of the hedge fund Alameda Research, received only $6 million from FTX.

The FTX debtors pointed out the amounts do not include over $240 million the FTX team spent on luxury property in the Bahamas, political and charitable donations, adding that the amount and timing of eventual monetary recoveries “cannot be predicted at this time.”

FTX, through subsidiaries including Alameda, invested about $5.3 billion in 475 deals. The ranged from $100 million for Mysten Labs to $1 million in checks for Limit Break or Messari. If convicted, the disgraced crypto entrepreneur could face up to 115 years in prison.

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