more than $40 million spent

dim 08 Jan 2023 ▪ 14h00 ▪
min read – by

Investigations into the collapse of FTX being launched, we now know some truths that SBF and his friends wanted to hide from view. Delaware bankruptcy court findings may shock moreunot. Indeed, the documents filed with this institution have revealed that the Bahamian branch of FTX would have spent approximately 40 million dollars in hotel, food and travel expenses in less than a year.

Sean, sun, FTX

Sam Bankman-Fried, who pleaded not guilty before the court, should constitute solid arguments for its next publications. Indeed, the review of Delaware bankruptcy court documents conducted by Insider cleared the skyrocketing spending of FTX Digital Markets in the Bahamas. Around 40 million dollars have been squandered by SBF and its local team in just 9 months.

Difficult for investigators to find the exhaustive list of releases. However, here are a few:

  • $15.4 million for luxury hotel and accommodation costs: $5.8 million at the Albany Hotel (price per night in high season set at $60,000), $800,000 at the Rosewood, etc. ;
  • 6.9 million dollars in « meals and entertainment including $1.4 million to binge at Hyatt and $1 million at Six Stars Catering;
  • $3.9 million for air travel expenses;
  • $500,000 for shipping and delivery costs at Amazon;
  • Etc.

In short, all this shows us to what extent the PDG you of FTX was taking it easy in the Bahamas. And his colleagues too, apparently.

The choice of the Bahamas

FTX Digital Markets: zero income, but very spendthrift

FTX Digital is on a mission to provide an exchange of digital assets for fiat. However, it has not yet generated customer revenue. Factoring in all of this crazy spending, FTX’s 1,310 employees would each have had $12,000 for hotel expenses for 9 months.

Besides FTX, Alameda Research also knows how to put his hand in his pocket when it comes to luxury. This FTX sister company is said to still owe the Margaritaville resort town $55,000.

With so much money wasted, the creditors from FTX to whom the company owes more than $3 billion will be drunk with rage. It is quite difficult to understand that some have led a luxurious life when they are the authors of our losses.

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