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  • J Huang and M Bacina

SBF received USD$2.2 billion from FTX

The FTX bankruptcy trustees have revealed that transfers of around USD$2.2 billion were made to founder, Sam Bankman-Fried (commonly known as SBF) through various entities.

Overall, more than USD$3.2 billion was paid to SBF and other key senior employees, including Caroline Ellison (who already plead guilty to 7 charges). The company announced the payments in a statement and documents filed in the US Chapter 11 bankrupty proceeding.

The next largest beneficiary after SBF was Nishad Singh, former Director of Engineering of FTX, who received around USD$587 million.

The payments were made predominantly via SBF-owned trading firm Alameda Research.

SBF is currently defending 12 charges brought by the US Department of Justice. The US is seeking forfeiture orders against SBF and his related entities in relation to hundreds of millions of dollars' worth of assets, many of which have already been seized by the government. Assets being sought include more than USD$55 million shares in the trading app, Robinhood Markets, currently valued at USD$550 million and over US$150 million in cash held at Silvergate Bank and Farmington State Bank in the name of FTX Digital Markets (FTX DM).

SBF is set to face trial in October and is currently living at his parents' house on a USD$250 million bail. The FTX group is currently subject to US chapter 11 bankruptcy, with FTX Australia and the Bahamian entity, FTX DM, in separate insolvency proceedings.


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