Late last year, FTX, then one of the world’s largest cryptocurrency exchanges, collapsed and filed for bankruptcy, leaving customers angrily wondering what happened to their deposits.
In a series of interviews shortly after the sinking, former FTX CEO Sam Bankman Fried said he wasn’t sure what happened to the money because he no longer had access to it Books. Well, it turns out Bankman-Fried and other FTX execs screwed up on apartments, planes, yachts, groceries and more.
What you should know: FTX halted withdrawals in November 2022 after liquidity concerns emerged related to the crypto exchange’s ties to trading firm Alameda Research. As customers rushed to withdraw their funds, there weren’t enough funds to cover the requests.
This was partly because FTX had transferred hundreds of millions of dollars to Alameda to make risky bets on crypto assets. It was also due to the lavish spending habits of Bankman-Fried and other FTX managers.
Authorities in FTX’s bankruptcy case said more than $8 billion in customer funds were initially left out. Here’s a look at some of the most ridiculous things the crypto company has wasted money on, according to a Business Insider report citing court records.
- Real Estate in the Bahamas: FTX reportedly bought 35 properties in the Bahamas valued at more than $256 million, including 15 multi-million dollar condos and a $30 million penthouse where Bankman-Fried lived.
- Luxury hotels: FTX managers spent more than $15 million hotel Bookings in about nine months. $5.8 million of that was spent at a hotel that can cost as much as $60,000 a night. The company also collected a nearly $600,000 bill at Jimmy Buffett’s Margaritaville Resort. FTX had about 20 suites for employees and a private shuttle bus that would take them to and from the office.
- Private planes for packages: FTX has reportedly struck a deal with an Air…