Gary

According to the most recent <a href="https://cointelegraph.com/news/ftx-yacht-former-alameda-ceo-sam-trabucco" rel="noopener noreferrer nofollow">reports</a>, FTX debtors discovered a number of accounting records of the now defunct cryptocurrency exchange that collapsed in November 2022, exposing trades which were deliberately advantageous for the company’s executives. 
<h2 id="span-style-font-weight-400-ftx-produces-financial-statements-of-top-execs-span">FTX Produces Financial Statements of Top Execs</h2> 
As per the court <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MjQ1MzA0Mw==&amp;id2=-1" rel="noopener noreferrer nofollow">filing</a> with the US Bankruptcy Court for the District of Delaware, a number of payments by FTX and Alameda Research were provided, in particular, payments or exchanges of property made in the last year of the crypto exchange before it went bankrupt. 
<h3 id="span-style-font-weight-400-co-founders-sbf-and-gary-wang-also-included-span">Co-founders SBF and Gary Wang also Included</h3> 
The report states that several cash payments were made to former executives within a year of the collapse, including Sam Bankman-Fried, Gary Wang, former FTX director of engineering Nishad Singh, former FTX chief marketing officer Darren Wong, and former FTX chief operating officer Constance Wang. 
However, it does point out that the revelations only cover fiat money. It noted: “Responses to this question do not currently include all transfers of cryptocurrency, other digital assets or other assets.” 
<h2 id="span-style-font-weight-400-robinhood-required-sbf-s-stake-in-the-firm-span">Robinhood Required SBF’s Stake in the Firm</h2> 
The filing additionally mentioned the acquisition of Robinhood shares by Bankman-Fried and co-founder of FTX Gary Wang. It reveals that Bankman-Fried owned 90% of the shares, with Wang having 10% under his company, Emergent Fidelity Technologies. However, as per the most recent report published by TheCoinRise, <a href="https://thecoinrise.com/robinhood-repurchases-sbfs-stake-in-the-company/" rel="noopener noreferrer nofollow">Robinhood has recovered all of its assets</a>. 
<h3 id="span-style-font-weight-400-ftx-founder-led-a-lavish-life-span">FTX Founder Led a Lavish Life</h3> 
The former CEO of the defunct cryptocurrency exchange, SBF’s parents, and the company’s top executives were reported to purchase a minimum of 19 residences for roughly $121 million during the previous two years.&nbsp; 
<a href="https://thecoinrise.com/ftx-founders-parents-purchased-properties-worth-121m-in-bahamas/" rel="noopener noreferrer nofollow">As reported by TheCoinRise</a> in November last year, FTX Property Holdings, a subsidiary of FTX, acquired 15 properties for roughly $100 million between 2021 and 2022. The most valuable investment in real estate ever sold was a $30 million penthouse in a resort in Albany, New York. Moreover, the former CEO of the now-defunct FTX exchange was found to pocket $300 million out of the $420 million raised by the exchange in October 2021.&nbsp; 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/ftx-filing-unveils-ex-alameda-execs-2-5m-yacht-purchase/">FTX Filing Unveils Ex-Alameda Exec’s $2.5M Yacht Purchase</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

FTX Filing Unveils Ex-Alameda Exec’s $2.5M Yacht Purchase

Table of Contents

TheCoinrise Media

Other articles published on Sep 3, 2023

Why Shiba Inu Is the Talk of the Crypto World: A 335% Transaction Surge Explained

Hope.money Unveils HopeCard, a Holistic Crypto Solution for One’s Daily Spending Needs (3 Sep)

Shibarium Hopes Lift Shiba Inu as Whale Transactions Surge Over 300%

MakerDAO Explores Solana’s Codebase for Native Chain Development

325% Growth in Three Weeks: TRYB Stablecoin Shatters Expectations

The Effect of Metaverse, a Virtual Space, on the Global Economy

Join our free newsletter for daily crypto updates!