Disgraced founder and other related executives received $3.2 billion in payments and loans, mainly from FTX-related crypto hedge fund , according to FTX鈥檚 new managers.
About $2.2 billion of that total went to Bankman-Fried himself, according to a . Ex-FTX director of engineering received the second-highest amount 鈥 $587 million. Singh already has pleaded guilty to charges including fraud and conspiracy.
The $3.2 billion does not include more than $240 million spent to purchase luxury property in the Bahamas, and make political and charitable donations as well as 鈥渟ubstantial transfers鈥 to subsidiaries in the Bahamas and other jurisdictions.
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鈥淭he FTX debtors are investigating causes of action against the recipients of these transfers and their subsequent transferees,鈥 the release said.
The story so far
FTX filed for bankruptcy protection in November after it was not able to repay customers who had deposited funds on its exchange.聽
FTX was the fourth-largest crypto exchange by volume when it failed, and Bankman-Fried was one of crypto鈥檚 biggest evangelists and financial backers. Through and his other trading firm Alameda Research, the crypto whiz kid made hundreds of bets on the industry and the future of digital finance.
Investors in FTX included big names like , , , , , , , and .
At its peak, FTX and 鈥 its U.S.-based exchange 鈥 were valued at $32 billion and $8 billion valuations, respectively.
In December, federal prosecutors charged Bankman-Fried with a slew of criminal counts after his arrest in the Bahamas 鈥 including conspiracy to commit wire fraud and securities fraud, individual charges of securities fraud and wire fraud, money laundering and conspiracy to avoid campaign finance regulations.
Bankman-Fried has denied any wrongdoing and is out on bail. His fraud trial is to start in October.
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