According to the members responsible for restructuring FTX, former FTX and Alameda Research executives took $3.2 billion in payments and loans from FTX-affiliated companies.
FTX, now headed by CEO John Ray III, has tracked how much money has evaporated from the exchange since its collapse, with an estimated total of $8.9 billion . According to a March 15 statement from FTX Debtors, financial documents filed with the Delaware Bankruptcy Court show billions of dollars in loans and payments to Sam Bankman-Fried and the majority of employees. another senior executive from commercial firm Alameda Research.
On the other hand, Bankman-Fried is said to have received the bulk of the money, totaling $2.2 billion. Others on the list include former FTX chief Nishad Singh, FTX co-founder Gary Wang and Caroline Ellison, former CEO of Alameda Research.
The filing also gives the following general breakdown of payments made to FTX executives: $2.2 billion to Sam Bankman-Fried, $587 million to former executive Nishad Singh FTX technology, $246 million to Zixiao “Gary” Wan - co-founder of FTX, $87 million to Ryan Salame - former co-CEO of FTX Digital Markets (FTX's Bahamian branch), $25 million to John Samuel Trabucco - former co-CEO of Alameda and $6 million to Caroline Ellison
The report also said the figures do not include more than $240 million spent on purchases, such as a luxury home in the Bahamas, gifts to political and charitable causes, and “substantial remittances” to entities other than FTX. FTX's management stated that it is currently evaluating the legal options to pursue against the recipients and subsequent transferees of the funds, and that these investigations “are anticipated will result in further identification of assets, liabilities and transfers.”
The filing also states that it is investigating ways to recover the funds from the former executives, but “it is not possible to estimate the amount and timing of recovery of any funds at this time.” Bankman-Fried was charged with 12 counts of conspiracy, wire and securities fraud in connection with alleged mismanagement of funds at FTX and its affiliates. Sam had previously pleaded not guilty to eight initial charges of the same nature.
Ellison, Wang and Singh pleaded guilty to charges similar to those against Bankman-Fried and are cooperating with federal prosecutors' investigations. The first recorded case of an executive from agencies supporting FTX or Alameda occurred when Salame alerted Bahamian regulators to possible fraud at FTX, causing the exchange to had to close two days later on November 11.
