Funds worth $3.2bn were given to key associates, used to buy luxury property in Bahamas and for political donations
Highlights
- FTX made transfers of about $3.2 billion to founder Sam Bankman-Fried and key employees.
- The funds were moved in the form of “payments and loans”, mainly from trading house Alameda Research.
- The figures exclude more than $240 million spent to buy luxury property in the Bahamas, political and charitable donations and substantial transfers to subsidiaries.
- FTX’s new management are seeking to track billions of dollars of assets linked to the crypto exchange that can be eventually returned to the millions of customers whose accounts have been frozen since its collapse.
- The exchange collapsed last November after a wave of withdrawals and consequently declared bankruptcy.
Read the original article
US lawmaker accuses FDIC of using banking instability to attack crypto