FTX Transferred Over $3.2B to Bankman-Fried, Other Execs

Former engineering lead Nishad Singh was given a heftier payout than co-founder Gary Wang


lev radin/Shutterstock modified by Blockworks


FTX transferred substantial amounts to Sam Bankman-Fried and other key employees, mainly via Alameda Research, the exchange’s new management said Wednesday. 

A total of $3.2 billion was disbursed, including $2.2 billion to Bankman-Fried, $587 million to former co-lead engineer Nishad Singh, $246 million to co-founder Zixiao “Gary” Wang, $87 million to FTX Digital Markets’ co-CEO Ryan Salame, $25 million to former Alameda’s co-CEO John Samuel Trabucco and $6 million to former Alameda CEO Caroline Ellison

The dates or timing of the transfers were not mentioned, but it is likely that these payments were made before the crypto exchange went bankrupt. “The amount and timing of eventual monetary recoveries cannot be predicted at this time,” administrators said, adding that further analysis will uncover more details on assets and liabilities.

The amount handed out did not include the more than $240 million spent to purchase luxury property in the Bahamas.

The new management at FTX said it is investigating legal claims against the beneficiaries. New CEO John Ray has said his top priority is to repay customers who have funds stuck in the exchange.

A representative for Bankman-Fried declined to comment.

FTX sought bankruptcy protection in November after being unable to redeem customer withdrawal requests, going down as one of the worst disasters in digital asset history.

Ellison, Wang and Singh have agreed to plea deals on charges related to the exchange’s collapse. Meanwhile, Bankman-Fried has pleaded not guilty to charges of wire fraud and money laundering. He is scheduled for a criminal trial on Oct. 2, but his lawyers say the date may have to be delayed due to the need for more time to review evidence.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png


Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.



The convergence of AI and blockchain on Polkadot represents a groundbreaking opportunity for investors and developers alike


The company is making public a previously private offer rejected by Bitfarms’ board of directors last month


Semler Scientific, a publicly traded medical tech company, joined MicroStrategy by buying up millions of bitcoin


As someone who’s been knee-deep in the trenches of blockchain development, I can’t help but wonder if these behemoths are really cutting it anymore


UNI and MKR are suffering from the successes of their respective protocols


Maybe there’s no silver bullet to avoiding most tokens dumping after launch…