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FTX Co-Founder’s Alleged Extravagance Comes to Light in Bankruptcy Court Documents – Bitcoin News

FTX Co-Founder's Alleged Extravagance Comes to Light in Bankruptcy Court Documents

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Following a lawsuit that shows FTX founder Sam Bankman-Fried (SBF) wants FTX’s $460 million in Robinhood stock, Delaware bankruptcy court filings show the FTX team spent tens of millions on lodging, hotels and food in 2022. and flights. In addition, SBF’s quantitative trading firm allegedly owes Jimmy Buffett’s Margaritaville beach resort more than $55,000 after Alameda and FTX executives occupied 20 suites for a few months last year.

The new court filings tell about the generous expenses of the founder and directors of FTX

After each court filing, it appears that FTX founder Sam Bankman-Fried’s (SBF) so-called “effective altruism” was not a top priority over the past nine months. On January 8, 2023, News reported that SBF needed access to $460 million in Robinhood shares “to pay for his criminal defense.” Furthermore, the former CEO of FTX explained that customers only face the possibility of financial loss.

The alleged arrogance of FTX's founder is revealed in bankruptcy court documents
SBF and his entourage lived in a $30 million penthouse on the 600-acre Albany luxury resort in the Bahamas. The 12,000-square-foot penthouse reportedly went on the market for sale in mid-November. 2022.

Meanwhile, court filings reviewed this week say FTX and Alameda executives spent tens of millions lavishly last year on accommodations, hotels, food and flights. According to the data, $15.4 million was spent on luxury hotels and accommodations. Much of the money was used to pay for SBF’s $30 million luxury penthouse in Albany’s oceanfront resort. $3.6 million was spent on hotel rooms at the four-star Grand Hyatt Hotel and $800,000 at the Rosewood, a five-star hotel.

Reports also indicate that Jimmy Buffett’s Margaritaville beach resort is owed more than $55,000 as the resort’s management has filed as a creditor in the bankruptcy case. FTX and Alameda employees reportedly stayed in 20 suites for several months last year, racking up bills but never paying for the Margaritaville accommodations. In addition to hotels, fancy suites and luxury apartments, $3.9 million was spent on flights and private jets. When an FTX employee needed an Amazon package picked up in Miami, they allegedly used a private plane to ship the boxes to the island.

According to other reports, the co-founder was so altruistic that SBF regularly spent more than $2,500 for lunch at a Nassau bistro and threw millions to Bahamian politicians and officials before FTX collapsed. Fox News revealed that SBF also owns a multi-million dollar 52-foot HCB yacht. On January 6, 2023, Business Insider’s Pete Syme contacted SBF’s lawyers to ask about the apparent lavish spending that the FTX founder reportedly took part in. “Lawyers for FTX and Bankman-Fried did not immediately respond to Insider’s requests for comment,” Syme wrote.

Tags in this story

alameda, albany, bankruptcy, bankruptcy filings, beach resort, creditors, criminal defense, financial loss, flights, food, ftx, FTX bankruptcy, FTX collapse, Grand Hyatt, hotels, Jimmy Buffett, lavish spending, condos, luxury penthouse, Margaritaville, quantitative trading, Robinhood, Rosewood, Sam Bankman-Fried, sbf

What do you think of the alleged lavish spending by the SBF and FTX/Alameda executives? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director of News and a financial technology reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols appearing today.

The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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