According to a court filing submitted by the FTX’s new management, the company’s former boss Sam Bankman-Fried received over $2 billion in payments from his trading firm Alameda Research.
That amount is even more astonishing when compared to the remunerations received by other executives like Caroline Ellison, the Alameda Research ex-CEO, who only posted approximately $6 million.
The document filed by the exchange’s new leadership states that the total funds handed out to former FTX executives stood at $3.2 billion, with most of them coming from Bankman-Fried’s trading company.
FTX and Alameda Research Relationship
Alameda Research found itself at the center of the drama that surrounded FTX last November. It was alleged that the trading firm had the power to utilize FTX client funds for its own purposes.
On the other hand, FTX was among the top crypto exchanges, allowing users to purchase and sell various cryptocurrencies. Before its collapse, the Bahamas-based company had over 120 entities under its umbrella.
Its downfall was partially caused by its sister company Alameda Research which made risky bets using the FTX customer assets.
How Much Each Executive Pocketed From the $3.2 Billion
Now the latest court filing indicates that the founder of the two companies, Bankman-Fried, received the biggest portion of the $3.2 billion in payments, with Nishad Singh, the FTX former head of engineering receiving $588 million and the exchange’s co-founder Gary Wang pocketing around $245 million.
Moreover, former FTX co-CEO Ryan Salame is said to have received $86 million, and Sam Trabucco, the former co-CEO of Alameda Research, was handed $26 million. The filing noted that it did not include the $250 million splashed out on luxury properties in the Bahamas.
It is worth highlighting that Trabucco stepped down from his position as Alameda Research CEO last August before the Bankman-Fried crypto empire busted into flames. Trabucco has not been seen in public ever since, and also the authorities didn’t level any charges against him.
As for other executives, criminal charges were brought against them by US regulators, and some have already pleaded guilty. They include Wang, Singh, and Ellison.
Meanwhile, Bankman-Fried, who is charged with eight counts, including conspiracy to commit money laundering and wire fraud, has yet to plead guilty. The disgraced crypto guru is expected to appear in court in October.