FTX's Ex-Boss Wired $2.2-B To His Own Account As Firm Collapsed

FTX co-founder Sam Bankman-Fried and five people in his inner circle took more than $3.2 billion from hedge fund Alameda Research and other parts of his crypto empire before the exchange’s collapse, Zahra Tayeb reported for Business Insider.

Photo Insert: The new management of FTX said Fried and the FTX employees transferred the money to their personal accounts under the label "payments and loans" in a flurry of transfers before the boom fell off the crypto exchange in November 2022.

The new management of FTX said Fried and the FTX employees transferred the money to their personal accounts under the label "payments and loans" in a flurry of transfers before the boom fell off the crypto exchange in November 2022, the new executives told a bankruptcy court.

Fried is facing eight criminal charges, including money laundering and wire fraud, that led to the downfall of his once-$30 billion crypto empire. The charges carry penalties that could amount to life in prison for the 31-year-old, who is under house arrest at his parents' home in California.

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

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

The fresh revelations don't include the more than $240 million blown on luxury property in the Bahamas, political and charitable donations made directly by the FTX debtors, and substantial transfers to non-debtor subsidiaries in the Bahamas and other jurisdictions.

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