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FTX Inner Circle Transferred A Total Of $3.2B To Their Personal Accounts

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Inquiry by bankrupt crypto exchange’s new management identifies $3.2bn in transfers to the inner circle

FTX CEO Sam Bankman-Fried and five members of his inner circle transferred a of $3.2bn to their personal accounts in the form of “payments and loans,” with more than $2bn going to Bankman-Fried from FTX entities, according to bankruptcy court filings by the new management of a cryptocurrency exchange. These transfers occurred while millions of FTX customers’ accounts were frozen after the platform’s collapse. The funds primarily came from Alameda Research, a crypto trading hedge fund affiliated with FTX.

Bankman-Fried and other former FTX executives face a dozen federal charges related to FTX’s collapse, including securities fraud and looting the platform for personal gain. FTX management stated that the $3.2bn figure did not include $240mn for “luxury property in the Bahamas,” “political and charitable donations,” and “substantial transfers” to subsidiaries. Filings showed that Bankman-Fried received $2.2bn.

FTX investigating clawing back transfers

FTX is investigating possible ways to claw back transfers to Bankman-Fried and his former colleagues, but the “amount and timing of eventual monetary recoveries cannot be predicted at this time.” Two other former FTX executives, Ryan Salame, and John Samuel Trabucco, together received more than $100mn.

Three FTX insiders, Nishad Singh, Gary Wang, and Caroline Ellison, who have pleaded guilty and are co-operating with prosecutors, were transferred a total of more than $800mn, according to FTX. Ellison, the former head of Alameda, only received $6mn. She told prosecutors that Alameda had access to “an unlimited line of credit on FTX.com” from 2019 to 2022.

Bankman-Fried’s lawyer did not immediately comment on the matter. Bankman-Fried, who was valued at $40bn at one point, has pleaded not guilty to the federal charges and is detained at his parents’ California home until a trial set to begin in October.

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