FTX made payments of $2.2 billion to Sam Bankman-Fried and $1 billion to other key employees.
The new management of the FTX company said that it transferred $ 2.2 billion through various organizations to Sam Bankman-Fried, the founder of the bankrupt cryptocurrency exchange FTX. The company announced on March 15 that it had paid a total of $3.2 billion to Bankman-Fried and other key employees, according to the Schedule of Assets and Liabilities and the Financial Statement.
Payments Made by Alameda
After ex-CEO Sam Bankman-Fried, the other highest paid person was Engineering Director Nishad Singh. FTX’s new management paid Singh $587 million. Nishad Singh pleaded guilty to fraud and conspiracy charges for his role in the collapse of FTX.
It was reported that these payments were made from Alameda Research, which caused the collapse of FTX. These shared amounts did not include $240 million spent on luxury properties in the Bahamas or charitable donations.
John J. Ray III, the new CEO of FTX company, described the collapse of the firm as “a complete failure of corporate controls and the absence of reliable financial information.” John J. Ray III took over as FTX’s new CEO on November 11, 2022.
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