Factz

BREAKING

Sam Bankman-Fried Transferred $2.2B FTX Customer Funds for Personal Use

New court filings reveal that now-defunct cryptocurrency exchange FTX made transfers of around $3.2 billion to founder Sam Bankman-Fried and certain employees.

The funds were moved as “payments and loans,” and $2.2B of the total amount was sent to SBF himself.

FTX’s management said in court, “These figures exclude more than $240 million spent to buy luxury property in the Bahamas, political and charitable donations and substantial transfers to subsidiaries in the Bahamas and elsewhere.” They added, “FTX is investigating possible ways to claw back the transfers to Bankman-Fried and his former colleagues, but the amount and timing of eventual monetary recoveries cannot be predicted at this time and forensic analysis is likely to uncover more assets, liabilities and transfers.”

SBF has been arrested and charged with eight criminal counts, including conspiracy, wire fraud and money laundering.