Following the court filing revealing that FTX co-founder Sam Bankman-Fried (SBF) wants access to $460 million worth of FTX's Robinhood shares, Delaware bankruptcy court documents show the FTX team spent tens of millions on lodging, hotels, food, and flights in 2022. Additionally, SBF's quantitative trading firm reportedly owes more than $55,000 to Jimmy Buffett's Margaritaville beach resort after Alameda and FTX executives occupied 20 suites for a few months last year. New Court Files Detail Lavish Spending by FTX Co-Founder and Executives With every court filing released, it appears that FTX co-founder Sam...
Following the court filing revealing that FTX co-founder Sam Bankman-Fried (SBF) wants access to $460 million worth of FTX's Robinhood shares, Delaware bankruptcy court documents show the FTX team spent tens of millions on lodging, hotels, food, and flights in 2022. Additionally, SBF's quantitative trading firm reportedly owes more than $55,000 to Jimmy Buffett's Margaritaville beach resort after Alameda and FTX executives occupied 20 suites for a few months last year.
With every court filing released, it appears that FTX co-founder Sam Bankman-Fried (SBF) is making so-called “ effective altruism ” has not been a top priority for the past nine months. On January 8, 2023, Bitcoin.com News reported via SBF, who told the court he needed access to the $460 million in Robinhood shares to “pay for his criminal defense.” Additionally, the former FTX CEO stated that customers “face only the possibility of economic loss.”
Meanwhile, court documents checked This week detailed that FTX and Alameda executives spent tens of millions lavishly on lodging, hotels, food and flights last year. Records show $15.4 million was spent on luxury hotels and accommodations. A large portion of that money was used to pay for SBF's $30 million luxury penthouse at the Albany Oceanside Resort. $3.6 million was used to purchase hotel rooms at the Grand Hyatt, a four-star hotel, and $800,000 was spent at the Rosewood, a five-star hotel.
Reports also show that Jimmy Buffett's beach resort, Margaritaville, is owed more than $55,000 because the resort's management registered as a creditor in the bankruptcy case. FTX and Alameda employees allegedly I stayed in 20 suites for a few months last year, ran up the bills, but never paid for the accommodations in Margaritaville. In addition to hotels, chic suites and luxury apartments, $3.9 million was spent on flights and private planes. 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.
Other reports say the co-founder was so selfless that before FTX collapsed, SBF regularly spent more than $2,500 at Nassau Bistro for lunch and threw millions at Bahamian politicians and officials. Fox News disclosed that SBF also owns a multi-million dollar 52-foot HCB yacht. On January 6, 2023, Business Insider's Pete Syme reached out to SBF's lawyers to inquire about the alleged wasteful spending in which the FTX co-founder was said to have been involved. “FTX and Bankman-Fried’s attorneys did not immediately respond to Insider’s request for comment,” Syme wrote.
What do you think about the allegedly wasteful spending spree by SBF and FTX/Alameda executives? Let us know your thoughts on this topic in the comments section below.
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