In an effort to clean up FTX Group’s poorly kept or deliberately fraudulent balance sheets, the company’s new leadership has uncovered $3.2 billion in direct payments to former executives. The payments were not operational costs or legitimate expenses, but rather sums paid out to individuals. This post delves into the details of who received how much and what this means for creditors.
FTX Leadership Says $3.2 Billion Were Paid Out to Former Execs
According to court documents filed by FTX Debtors, the lion’s share of the $3.2 billion went to SBF, with over $2.2 billion in payments. Nishad Singh received $587 million, Zixiao “Gary” Wang received $247 million, Ryan Salame received $87 million, John Samuel Trabucco received $25 million, and Caroline Ellison received the least, at $6 million.
It’s important to note that the $3.2 billion figure represents non-operational costs and excludes legitimate expenses and salaries. Moreover, it doesn’t include the over $240 million spent by FTX Group on luxury real estate in the Bahamas, donations to third parties, and substantial transfers to non-FTX Group subsidiaries.
FTX Group’s press release states that the funds were overwhelmingly “sourced” from Alameda Research’s coffers. FTX’s new leadership plans to recover as much of these missing funds as possible, although the amount that can be retrieved is unclear at the moment.
FTX Group’s new leadership has revealed the details of $3.2 billion in direct payments to former executives, with SBF receiving the majority of the sum. The payments were not operational costs or legitimate expenses, which raises red flags regarding FTX’s past financial practices. FTX’s new leadership aims to recover as much of the missing funds as possible to reimburse creditors.
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