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.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
