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Home Technology FTX Transferred $2.2 Billion to Sam Bankman-Fried, New Managers Say

FTX Transferred $2.2 Billion to Sam Bankman-Fried, New Managers Say

Bankrupt cryptocurrency change FTX made transfers of about $2.2 billion (roughly Rs. 18,200 crore) to firm founder Sam Bankman-Fried by way of associated entities, the corporate’s new administration mentioned.

Total greater than $3.2 billion (roughly Rs. 26,560 crore) was transferred by way of funds and loans to firm founders and key workers, FTX mentioned in an announcement on Wednesday.

These funds had been made mainly from Alameda Research hedge fund, FTX mentioned, including that it made these disclosures by submitting schedules and statements of monetary affairs with the chapter courtroom.

The crypto change mentioned the transfers didn’t embrace over $240 million (roughly Rs. 1,990 crore) spent to buy a luxurious property within the Bahamas, political and charitable donations made instantly by the FTX debtors, and substantial transfers to non-debtor items within the Bahamas and different jurisdictions.

A lawyer for Bankman-Fried declined to remark.

FTX filed for chapter safety in November, saying it was unable to fully repay prospects who had deposited funds on its change. FTX’s new CEO, John Ray, has mentioned his prime precedence was recovering belongings to repay FTX prospects.

Prosecutors have charged Bankman-Fried, 31, with stealing billions of {dollars} in FTX buyer funds to plug losses at Alameda Analysis, and making tens of tens of millions of {dollars} in unlawful political donations to purchase affect in Washington DC.

He denies wrongdoing and is preventing to remain out of jail pending his scheduled October 2 fraud trial.

© Thomson Reuters 2023

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