Generous with other people’s money. Since the bankruptcy of the FTX in November 2022, the scandalous revelations about Sam Bankman-Fried (founder and ex-CEO of this defunct crypto exchange) follow one another almost every week. In a new court document, we learn that the group’s buyers and liquidators are seeking to recover 72 million dollars which SBF « generously » donated to his charity, taking it from the FTX accounts and his other company Alameda Researsh.
Millions « donated » without counting by (SBF customers)
The new administrators of the cryptocurrency exchange platform FTX seek by any means to maximize funds recovered to compensate customers and creditors harmed by the bankruptcy of Sam Bankman-Fried’s companies.
In a new document (N°1881) filed in this case on July 19, 2023, the liquidators of FTX and Alameda Researsh want to recover the donations made by the FTX Foundationthe philanthropic arm of the SBF group.
For, as can be seen from the table below, the FTX Foundation has handsomely distributed the money the two companies couldn’t afford to spend. Especially Alameda Research, whose gigantic gaping hole in its balance sheet was in billions of dollars. In all, these are 71.55 million dollars which were « donated », increasing the deficit of both companies. The liquidators speak of « fraudulent transfers ».rather than donations.
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FTX boss was trying to buy himself a good conscience
But, spoiler alert: good conscience can’t be bought. Especially if it’s not with your own money. The buyers of FTX and Alameda have made no mistake about it, and are clearly blaming Sam Bankman-Fried for using his philanthropic foundation to « buy » the company. make himself look good. Even for to make money! A kind of « self-centered philanthropy » on SBF itself.
The group’s new CEO, John J. Ray IIIand his teams set about recovering this money, in order to return as much as possible to the creditors of the former crypto-bourse.
» [La FTX Fondation] took over $71 million in commingled funds from Alameda and FTX accounts to make investments and donations to life science companies for the personal enrichment of Sam Bankman-Fried. No benefits received for these investments (e.g. shares, holdings or rights to future payments) went to Alameda or FTX (…). According to the information available, Sam Bankman-Fried (…) intended to benefit personally from any profits generated by either of these companies if they proved successful and/or developed a successful product. »
Unfortunately, the deeper one digs into the FTX and Alameda Research affairs, the more ugly corpses one discovers. And gravedigger Sam Bankman-Fried consistently seems to be personally behind these nasty deeds. In the midst of all this darkness, the former exchange’s aggrieved customers have recently been given an opportunity to make their case. small glimmer of hope. Indeed, a complaints portal has recently been opened and made available to FTX users and creditors.
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