Former FTX and Alameda Research top management received $3.2 billion in payments and loans from FTX-related entities, according to FTX administrators involved in the firm’s restructuring.
FTX, now run by CEO John Ray III, has been tracking missing funds from the exchange since its crash, which it estimates total $8.9 billion.
According to a March 15 filing by FTX Debtors, financial records filed with the Delaware Bankruptcy Court indicate billions of dollars in loans and payments allegedly made to Sam Bankman-Fried and senior executives, mostly from trading house Alameda. Research.
However, Bankman-Fried reportedly received the lion’s share of the $2.2 billion in funds.
Other names on the list include former FTX director Nishad Singh, FTX co-founder Gary Wang, and former Alameda Research CEO Caroline Ellison.
It provides an indicative breakdown of FTX executive payouts as follows:
- $2.2 billion to Sam Bankman Fried
- $587 million to Nishad Singh – former FTX director of engineering
- $246 million to Zixiao “Gary” Wang – FTX cofounder
- $87 million to Ryan Salame — former co-CEO, FTX Digital Markets (FTX’s Bahamian entity)
- $25 million to John Samuel Trabucco – former co-CEO, Alameda
- $6 million to Caroline Ellison – former CEO, Alameda
The amounts do not include more than $240 million used for various purchases such as luxury real estate in the Bahamas, political and charitable donations, and “substantial transfers” to non-FTX subsidiaries.
FTX management said it is currently examining its rights to bring potential claims against the recipients as well as their subsequent successors, and that ongoing efforts are expected to “lead to further identification of assets, liabilities and transfers.”
He added that he was seeking ways to recover funds from former executives, but said “the amount and timing of a possible cash refund cannot be predicted at this time.”
RELATED: Sam Bankman-Freed bail terms still too lenient, judge says
Bankman-Fried faces 12 conspiracy, wire transfer and securities fraud charges in connection with alleged misuse of funds at FTX and its affiliates. He had previously pleaded not guilty to eight similar initial charges.
Ellison, Wang and Singh have pleaded guilty to similar charges against Bankman-Freed and are cooperating with an investigation led by federal prosecutors.
The first known case of an FTX or Alameda executive assisting the authorities was when Salameh reported to Bahamian regulators a potential fraud being committed at FTX, leading to the closure of the exchange just two days later on November 11th.
