Former top executives of FTX and Alameda Research received $3.2 billion in payments and loans from FTX-related entities, according to FTX executives handling the corporate restructuring.
FTX, now helmed by CEO John Ray III, has been tracking funds lost from the exchange since its collapse. In total, an estimated $8.9 billion was lost.
According to a March 15 statement from FTX Debtors, its financial statements filed in Delaware bankruptcy court noted that loans and payments worth billions of dollars that allegedly flowed to Sam Bankman-Fried and senior executives came primarily from Ala. Mida Trading Co. Research. However, Bankman-Fried reportedly got most of the funding at $2.2 billion.
Others on the list include former FTX director Nishad Singh, FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison, among others.
It provides a rough breakdown of payments to FTX executives, as follows:
- $2.2 billion to Sam Bankman-Fried
- $587 million to Nishad Singh - former director of engineering at FTX
- $246M to Zixiao “Gary” Wang — FTX Co-Founder
- $87M to Ryan Salame — Former Co-CEO of FTX Digital Markets (FTX’s Bahamian Entity)
- $25M to John Samuel Trabucco - Former Co-CEO of Alameda
- $6 million to Caroline Ellison – ex-CEO of Alameda
It noted that those amounts did not include more than $240 million spent on various purchases, such as mansions in the Bahamas, donations to political and philanthropic causes, and "substantial transfers" to non-FTX subsidiaries.
FTX's management said it is currently investigating its authority to take potential actions against the recipient and its subsequent assignees, and that ongoing efforts "are expected to result in further identification of assets, liabilities and transfers." It added that it was looking at ways to recover funds from former executives, but said it was "currently unable to predict the amount and timing of eventual monetary recovery." Bankman-Fried faces 12 counts of conspiracy, wire transfer and securities fraud related to alleged mishandling of funds by FTX and its affiliates. He previously pleaded not guilty to eight similar original charges.
Ellison, Wang and Singh have pleaded guilty to charges similar to those against Bankman-Fried and are cooperating with the investigation led by federal prosecutors.
The first known case of FTX or Alameda executives assisting the authorities was when Salame reported FTX to Bahamas regulators as possible fraud, which led to them shutting down the exchange two days later, on November 11.
