Cryptocurrency

According to the FTX administrators in charge of the firm&#39;s restructuring, former FTX and Alameda Research executives got $3.2 billion in payments and loans from FTX-linked firms.FTX, now led by CEO John Ray III, has been tracking lost monies from the exchange since its demise, estimating a total of $8.9 billion. According to a March 15 statement from FTX Debtors, financial papers submitted in the Delaware Bankruptcy Court show billions of dollars in loans and payments to Sam Bankman-Fried and other high-ranking employees, primarily from trading firm Alameda Research.Bankman-Fried, on the other hand, is said to have received the lion&#39;s share of the funds, totalling $2.2 billion. Others on the list include former FTX director Nishad Singh, FTX co-founder Gary Wang, and Caroline Ellison, former CEO of Alameda Research.It offered the following general breakdown of payments paid to FTX executives: $2.2 billion to Sam Bankman-Fried, $587 million to Nishad Singh, a former FTX director of engineering, $246 million to Zixiao &#34;Gary&#34; Wang, an FTX cofounder, $87 million to Ryan Salame, a former co-CEO of FTX Digital Markets (FTX&#39;s Bahamian entity), $25 million to John Samuel Trabucco, a former co-CEO of Alameda, and $6 million to Caroline EllisonThe figures exclude more than $240 million in acquisitions, such as luxury residences in the Bahamas, gifts to political and charity causes, and &#34;significant transfers&#34; to non-FTX entities, according to the report. FTX&#39;s management stated that it is presently evaluating its legal options for pursuing potential legal action against the beneficiaries and subsequent transferees, and that such investigations are &#34;anticipated to result in the further identification of assets, liabilities, and transfers.&#34;It also stated that it is investigating ways to recoup the monies from the former executives, but that the &#34;amount and timing of any monetary recoveries cannot be estimated at this time.&#34; Bankman-Fried is charged with 12 counts of conspiracy, wire and securities fraud in connection with the alleged mismanagement of funds at FTX and its affiliates. He earlier pleaded not guilty to eight initial allegations of the same nature.Ellison, Wang, and Singh have pled guilty to allegations similar to those made against Bankman-Fried and are cooperating with federal prosecutors&#39; investigations. The first recorded instance of an executive from FTX or Alameda supporting authorities occurred when Salame alerted Bahamian regulators to the probable fraud at FTX, prompting the exchange to close two days later on November 11.

SBF's Inner Circle Received $3.2B, Mainly From Alameda: Court Filings

ItsBitcoinWorld

Other articles published on Mar 16, 2023

Intella X to Showcase ts Web3 Platform and Game in Collaboration with Polygon Labs

Babylon Testnet Integrates Injective, Bringing Bitcoin Security to The Ecosystem

OriginTrail (TRAC) Price Prediction 2023-2030: Will TRAC Price Hit $0.65 Soon?

National Australia Bank Makes Its First Cross-Border Stablecoin Transaction

CryptoGPT (GPT) Price Prediction 2023, 2024, 2025, 2030: Is CryptoGPT a Good Investment?

Salmonation Renounce Contract, BURN 100% Developer Supply and extended Lock LP in Pancakeswap

Join our free newsletter for daily crypto updates!