Liquidators: FTX top officials wasted $3.2B

According to new investigations in the FTX bankruptcy case, the liquidators of the cryptocurrency exchange-turned-hedge fund have revealed $3.2 billion in payments and loans made to Sam Bankman-Fried, the founder of FTX, and members of his close circle.

The information was disclosed in the financial affairs statements and schedules of assets and liabilities that FTX and its 101 connected debtors submitted to the court. The $3.2 billion figure doesn’t include more than $240 million spent on opulent properties in the Bahamas, any illegal political or charitable donations, nor any “substantial transfers to non-debtor subsidiaries in the Bahamas and other jurisdictions,” according to FTX, which has been under the control of liquidators since November.

The now-imploded cryptocurrency exchange claimed that some of the bought properties had been confiscated by FTX debtors or governments, and it added that it is currently unable to anticipate the timeframe or overall value of any recovery. In other words, there are still a tonne of undiscovered FTX-linked assets out there.

According to FTX, ongoing efforts will likely lead to a more thorough identification of assets, liabilities, and transfers, as well as a description of any intercompany claims between the FTX debtors and their subsidiaries.