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Sam Bankman-Fried was paid $2.2 billion, say court filings

Sam Bankman Fried

More than $2 billion in “payments and loans” was transferred to Sam Bankman-Fried from entities of his failed crypto exchange FTX, according to US bankruptcy court filings made by FTX’s new management.

The money mostly came from Alameda Research, a crypto currency trading firm Bankman-Fried founded in 2019, The Financial Times reported.

The sum does not include the more than $240 million spent on a luxury home in the Bahamas. 

In total, Bankman-Fried and five of his inner circle received $3.2 billion in payouts before the exchange suddenly declared bankruptcy in November 2022. 

Bankman-Fried got $2.2 billion, his company’s former director of engineering Nishad Singh received $587 million, and FTX co-founder Gary Wang received $246 million, according to reports. 

Former FTX digital markets co-CEO Ryan Salame was handed $87 million and former co-head of Alameda Research Sam Trabucco got $25 million. 

Former Alameda CEO Caroline Ellison got $6 million. 

Bankman has pleaded not guilty to 12 charges relating to his firm’s collapse and is expected to face trial in October. He has been accused of securities fraud and extracting funds from the platform for personal gain.

Singh, Wang and Ellison have already pleaded guilty to charges and are cooperating with prosecutors.

*Note that the portrait image heading this article is AI-generated, based on Sam Bankman-Fried’s likeness (Polemos/MidJourney)

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Polemos staff

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