FTX Co-Founder’s Alleged Extravagance Revealed in Bankruptcy Court Documents – Bitcoin News

The FTX team spent tens of millions on accommodations, hotels and meals in 2022, Delaware bankruptcy court filings show, after FTX co-founder Sam Bankman-Fried (SBF) filed a lawsuit alleging FTX wanted access to $460 million in Robinhood shares. , and flights. What’s more, SBF’s quantitative trading firm allegedly owes Jimmy Buffett’s beach resort Margaritaville more than $55,000 after Alameda and FTX executives occupied 20 suites over several months last year.

New court documents detail lavish spending by FTX co-founder and executives

As each lawsuit is published, what FTX co-founder Sam Bankman-Fried (SBF) calls “effective altruism” appears not to have been a top priority over the past nine months. On January 8, 2023, Bitcoin.com News reported that SBF needed access to $460 million in Robinhood shares to “pay for criminal defense.” In addition, the former CEO of FTX explained that customers “only face the possibility of economic loss”.

The alleged extravagance of the FTX co-founder is revealed in bankruptcy court documents
SBF and his entourage lived in a $30 million penthouse on the 600-acre Albany waterfront luxury resort in the Bahamas. According to reports, the 12,000 square meter penthouse was put up for sale in mid-November. 2022.

Meanwhile, court documents this week detailed how FTX and Alameda executives spent tens of millions last year on accommodations, hotels, meals and flights. Records show $15.4 million was spent on luxury hotels and accommodations. A large portion of that money was dedicated to paying for SBF’s $30 million luxury penthouse at the Albany oceanfront resort. $3.6 million was spent at the four-star Grand Hyatt hotel, and $800,000 at the five-star Rosewood hotel.

Reports also indicate that Margaritaville, Jimmy Buffett’s beach resort, is more than $55,000 in debt as the resort management filed as a creditor in the bankruptcy case. FTX and Alameda employees reportedly stayed in 20 suites over several months last year, racked up the bill, but never paid for the accommodation in Margaritaville. In addition to hotels, luxury suites and luxury apartments, $3.9 million was spent on flights and private jets. When an FTX employee needed an Amazon package picked up from Miami, they would use a private jet to deliver the boxes to the island.

According to other reports, the co-founder was so selfless that the SBF regularly spent more than $2,500 on dinners at a Nassau bistro and threw millions at Bahamian politicians and officials before the FTX collapsed. Fox News revealed that SBF also owns the multi-million dollar, 52-foot HCB yacht. On January 6, 2023, Business Insider’s Pete Syme contacted SBF’s attorneys to ask about the apparently lavish spending spree involving the FTX co-founder. comment request,” Syme wrote.

Tags in this story

alameda , Albany , Bankruptcy , Bankruptcy filings , beach resort , creditors , criminal defense , economic loss , Flights , Food , ftx , FTX bankruptcy , FTX collapse , Grand Hyatt , Hotels , Jimmy Buffett , luxury expenses , residences , luxury penthouse , Margaritaville , quantitative trading, Robinhood, Rosewood, Sam Bankman-Fried, sbf

What do you think of the alleged lavish spending by SBF and FTX/Alameda executives? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at Bitcoin.com News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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