Home Crypto News FTX and Alameda Execs Obtain Billions from FTX Sister Agency

FTX and Alameda Execs Obtain Billions from FTX Sister Agency

by Cryptoroz

One other revelation within the FTX case hyperlinks Sam Bankman-Fried and different high executives to $3.2 billion from FTX-linked entities.

Based on the FTX Debtor assertion on March fifteenth, billions of {dollars} in loans and funds have been transferred to Sam Bankman-Fried and 5 different high executives of FTX and Alameda Analysis.

It’s value noting that the vast majority of funds got here from FTX’s sister firm Alameda Analysis.

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Based on the report, Sam Bankman-Fried, the FTX and Alameda Analysis co-founder and former FTX CEO, acquired about 68% of all funds.

Different individuals listed within the transactions are FTX co-founder Gary Wang, FTX director Nishad Singh, former Alameda Analysis CEO Carolin Elison, Former co-CEO of FTX Digital Markets Ryan Salame, and former co-CEO of Alameda Analysis John Samuel Trabucco.

The report offers a tough cost breakdown to former executives as follows:

    • $2.2 billion to Sam Bankman-Fried
    • $246 million to Zixiao “Gary” Wang 
    • $587 million to Nishad Singh 
    • $25 million to John Samuel Trabucco 
    • $87 million to Ryan Salame
    • $6 million to Caroline Ellison

These figures don’t depend questionable expenditures value over $240 million, which embrace buying a property within the Bahamas, political and charitable donations, and transfers to non-Debtor subsidiaries. FTX Debtors are nonetheless investigating “causes of motion in opposition to the recipients of those transfers and their subsequent transferees.”

FTX directors, now led by CEO John Ray III, have been tasked with restructuring the agency following its collapse in November 2022. The crew has been monitoring roughly $8.9 million that went lacking when the change collapsed.

Sam Bankman-Fried has been on the middle of the FTX case. The mastermind behind FTX is dealing with 12 expenses referring to fraud and conspiracy. Nevertheless, SBF pleaded not responsible to the primary eight expenses. Then again, Ellison, Wang, and Sing pleaded responsible to comparable expenses.

Gile K. - Crypto Analyst

by Gile Ok. – Crypto Analyst, BitDegree

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