According to the most recent reports, FTX debtors discovered a number of accounting records of the now defunct cryptocurrency exchange that collapsed in November 2022, exposing trades which were deliberately advantageous for the company’s executives.
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FTX Produces Financial Statements of Top Execs
As per the court filing with the US Bankruptcy Court for the District of Delaware, a number of payments by FTX and Alameda Research were provided, in particular, payments or exchanges of property made in the last year of the crypto exchange before it went bankrupt.
Co-founders SBF and Gary Wang also Included
The report states that several cash payments were made to former executives within a year of the collapse, including Sam Bankman-Fried, Gary Wang, former FTX director of engineering Nishad Singh, former FTX chief marketing officer Darren Wong, and former FTX chief operating officer Constance Wang.
However, it does point out that the revelations only cover fiat money. It noted: “Responses to this question do not currently include all transfers of cryptocurrency, other digital assets or other assets.”
Robinhood Required SBF’s Stake in the Firm
The filing additionally mentioned the acquisition of Robinhood shares by Bankman-Fried and co-founder of FTX Gary Wang. It reveals that Bankman-Fried owned 90% of the shares, with Wang having 10% under his company, Emergent Fidelity Technologies. However, as per the most recent report published by TheCoinRise, Robinhood has recovered all of its assets.
FTX Founder Led a Lavish Life
The former CEO of the defunct cryptocurrency exchange, SBF’s parents, and the company’s top executives were reported to purchase a minimum of 19 residences for roughly $121 million during the previous two years.
As reported by TheCoinRise in November last year, FTX Property Holdings, a subsidiary of FTX, acquired 15 properties for roughly $100 million between 2021 and 2022. The most valuable investment in real estate ever sold was a $30 million penthouse in a resort in Albany, New York. Moreover, the former CEO of the now-defunct FTX exchange was found to pocket $300 million out of the $420 million raised by the exchange in October 2021.
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