Sam Bankman-Fried made $2.2 billion from FTX and Alameda Research

The volume of payments in the form of payments and loans to the so-called inner circle of former FTX CEO Sam Bankman-Fried (SBF) amounted to $ 3.2 billion, according to a company press release.

Most of this amount came from the bankrupt sister exchange Alameda Research. Its former head, Caroline Ellison, received just $6 million, while the SBF received $2.2 billion, according to court documents.

FTX CTO Nishad Singh received $587 million, platform co-founder Gary Wang received $246 million. Former co-head of FTX Digital Markets Ryan Salame received $87 million, and Sam Trabucco, who served as co-head of Alameda Research, received $25 million.

The $3.2 billion does not include spending over $240 million on luxury real estate purchases in the Bahamas, political donations and transfers to subsidiaries.

In November 2022, the new CEO of the exchange, John Ray, said that the company had absolutely no control over the movement of funds and reliable financial information.

During a congressional hearing, a top manager accused Bankman-Fried and his team of storing private keys without encryption. In their actions, he saw “old-fashioned waste”, and not sophisticated, carefully planned crimes.

In December, the US Department of Justice indicted SBF on eight felony charges. He was arrested in the Bahamas and extradited to the States, where he was released on $250 million bail.

In February 2023, prosecutors increased the number of charges against the SBF to twelve.

Ellison and Wang have previously pleaded guilty to claims related to the FTX collapse. Later, Singh followed suit.

Trabucco escaped accusations by resigning three months before the platform’s demise.

Salame warned the Bahamian regulator of a potential cryptocurrency exchange scam two days before filing for bankruptcy. He was not charged.

In March 2023, John Ray announced a “substantial shortfall” in the platform’s capital.

According to the exchange’s presentation to the court, the lack of assets in terms of volume is $8.7 billion, of which $1.6 billion is in bitcoin.


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