Bankrupt cryptocurrency alternate FTX made transfers of about $2.2 billion (roughly Rs. 18,200 crore) to firm founder Sam Bankman-Fried via associated entities, the corporate’s new administration mentioned.
Overall greater than $3.2 billion (roughly Rs. 26,560 crore) was transferred via funds and loans to firm founders and key workers, FTX mentioned in a press release on Wednesday.
These funds have been made mainly from Alameda Research hedge fund, FTX mentioned, including that it made these disclosures by submitting schedules and statements of economic affairs with the chapter courtroom.
The crypto alternate mentioned the transfers didn’t embrace over $240 million (roughly Rs. 1,990 crore) spent to buy a luxurious property within the Bahamas, political and charitable donations made straight by the FTX debtors, and substantial transfers to non-debtor items within the Bahamas and different jurisdictions.
A lawyer for Bankman-Fried declined to remark.
FTX filed for chapter safety in November, saying it was unable to fully repay clients who had deposited funds on its alternate. FTX’s new CEO, John Ray, has mentioned his prime precedence was recovering property to repay FTX clients.
Prosecutors have charged Bankman-Fried, 31, with stealing billions of {dollars} in FTX buyer funds to plug losses at Alameda Research, and making tens of hundreds of thousands of {dollars} in unlawful political donations to purchase affect in Washington DC.
He denies wrongdoing and is preventing to keep out of jail pending his scheduled October 2 fraud trial.
© Thomson Reuters 2023
