FTX used Alameda Research to transfer funds to Bankman-Fried
Hedge fund Alameda Research was the main channel used by bankrupt cryptocurrency exchange FTX to funnel about $2.2 billion to founder Sam Bankman-Fried the company new management team has claimed, according to a report by Reuters.
In a statement released on Wednesday, FTX said that in total, over $3.2 billion in the form of payments and loans was transferred from the crypto exchange to company founders and key employees.
According to FTX, the payments were made chiefly from Alameda Research, although other entities were also used, and do not include over $240 million spent to purchase luxury property in the Bahamas, political and charitable donations made directly by the FTX debtors, as well as transfers to non-debtor units in the Bahamas and other jurisdictions.
Bankman-Fried, who has been charged with stealing billions of dollars in FTX customer funds with a fraud trial set to begin on 2 October, denies wrongdoing.