Home » Sam Bankman-Fried Collected $905,768,503 in Money Funds From FTX Months Prior To Collapse: Court docket Submitting

Sam Bankman-Fried Collected $905,768,503 in Money Funds From FTX Months Prior To Collapse: Court docket Submitting

by CoinVeem

Disgraced FTX founder Sam Bankman-Fried acquired near a billion {dollars} in money funds within the months main as much as the chapter of the crypto alternate.

A current courtroom submitting exhibits that Bankman-Fried started to gather thousands and thousands of {dollars} in money funds from FTX as early as January 2022 till October of the identical 12 months, a month earlier than the alternate imploded.

The paperwork additionally reveal that the previous FTX CEO acquired money funds to the tune of $200 million on two separate events.

All in all, Bankman-Fried wolfed up greater than $905 million from FTX in a interval of 9 months.

Bankman-Fried is at the moment awaiting trial and has been charged with defrauding buyers and mishandling billions of {dollars} price of buyer funds associated to FTX’s collapse final 12 months. If convicted, he faces many years behind bars.

The FTX founder isn’t the one ex-executive who benefited from the funds of the now-defunct FTX empire.

Court docket paperwork present that FTX shelled out $2.513 million to pay for the yacht of Sam Trabucco, the previous co-CEO of FTX’s buying and selling arm Alameda Analysis. The transaction occurred lower than six months earlier than Trabucco left the agency.

In the meantime, Caroline Ellison, who can also be a former co-CEO of Alameda, acquired $3.5 million in money funds in September 2022.

Others who collected thousands and thousands of {dollars} in money funds from the bankrupt crypto alternate embrace former FTX executives Gary Wang, Ryan Salame, Nishad Singh and Jonathan Cheesman.

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Featured Picture: Shutterstock/JLStock

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