FTX’s Sam Bankman-Fried transferred $2.2 billion to his personal account from parts of his crypto empire, new bosses say

• FTX’s Sam Bankman-Fried and 5 of his inside circle transferred over $3.2 billion to non-public accounts, per a filing.
• The funds got here primarily from sister hedge fund Alameda, FTX’s new bosses said Wednesday.
• Bankman-Fried, who faces legal charges, got $2.2 billion, the filing to chapter court docket said.

FTX cofounder Sam Bankman-Fried and 5 people in his inside circle took more than $3.2 billion from hedge fund Alameda Research and different elements of his crypto empire, in response to its new bosses.

Former CEO Bankman-Fried and the FTX staff transferred the cash to their private accounts under the label “payments and loans”, FTX’s new administration said in Wednesday filings to chapter court docket. 

Most of the funds got here from Alameda, FTX’s sister buying and selling arm, and had been transferred before the crypto change collapsed in November, they said.

Bankman-Fried picked up about $2.2 billion, whereas ex-engineer Nishad Singh, FTX cofounder Gary Wang and ex-Alameda CEO Caroline Ellison acquired $587 million, $246 million and $6 million, respectively, the filings said. 

Ryan Salame, the previous Co-CEO of FTX Digital Markets, and Sam Trabucco, former co-head of Alameda, accounted for $87 million and $25 million, respectively. 

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The contemporary revelations do not embrace the more than $240 million blown on luxurious property in the Bahamas, political and charitable donations made immediately by the FTX debtors, and substantial transfers to non-debtor subsidiaries in the Bahamas and different jurisdictions.

Bankman-Fried is dealing with eight legal adjustments, together with cash laundering and wire fraud, linked to the downfall of his once-$30 billion crypto empire. The charges carry penalties that would quantity to life in jail for the 31-year-old, who’s under home arrest at his mother and father’ residence in California.

US prosecutors allege Bankman-Fried channeled cash to Alameda, a crypto hedge fund he also managed. They also allege that changed software program code was used to would let Alameda carry a unfavourable stability and nonetheless borrow limitless funds from the FTX change.