FTX transferred $2.2 billion to Bankman-Fried via related entities, new managers say

Bankrupt cryptocurrency alternate FTX made transfers of about $2.2 billion to corporation founder Sam Bankman-Fried thru associated entities, the corporation`s new control stated.

Overall greater than $3.2 billion became transferred thru bills and loans to corporation founders and key employees, FTX stated in a declaration on Wednesday.

These bills have been made mainly from Alameda Research hedge fund, FTX stated, including that it made those disclosures through submitting schedules and statements of economic affairs with the financial disaster court.

The crypto alternate stated the transfers did now no longer consist of over $240 million spent to buy luxurious belongings withinside the Bahamas, political and charitable donations made at once through the FTX debtors, and vast transfers to non-debtor devices withinside the Bahamas and different jurisdictions.

A legal professional for Bankman-Fried declined to comment.

FTX filed for financial disaster safety in November, announcing it became not able to absolutely pay off clients who had deposited price range on its alternate. FTX's new CEO, John Ray, has stated his pinnacle precedence became recuperating belongings to pay off FTX clients.

Prosecutors have charged Bankman-Fried, 31, with stealing billions of bucks in FTX consumer price range to plug losses at Alameda Research, and making tens of tens of thousands and thousands of bucks in unlawful political donations to shop for have an impact on in Washington, D.C.

He denies wrongdoing and is combating to live out of prison pending his scheduled Oct. 2 fraud trial.

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