Per Business Insider
Filing Reveals FTX Spent $7M on Food in 9 Months: $40M Spent In Total for Hotels, Foods, and Travel
1/9/2023
While Sam Bankman-Fried tried to give a low-key demeanor, it was recently revealed that the now-bankrupt FTX spent a total of $40 million on hotels, food, and travel in nine months. $7 million of that amount was spent on food alone.
Bankruptcy court documents revealed massive spending by SBF's crypto exchange over the span of just nine months. A lawyer pointed out that FTX Digital Markets generated no customer revenue despite its lavish spending.
One of the most significant spending revealed by the filing was the $5.8 million spent on the Albany Hotel. This hotel included an oceanside resort that had its own golf course and yacht marina, among other luxuries.
SBF reportedly stayed at a $30 million Albany penthouse until he was recently arrested. An article by Fortune revealed that the price of one night in the Albany resort could cost up to $60,000 during peak season.
Another significant hotel expense was FTX's $3.6 million on the Grand Hyatt, which hosted Prince William and Kate, Princess of Wales' Caribbean reception in March 2022. This is where most of the money was spent on food, per the filing.
It was revealed that FTX spent $1.4 million on catering at the Hyatt, with most of them on catering services. The $6.9 million spent by the crypto exchange was directed toward meals and entertainment.
A catering called Six Stars Catering in Nassau, the capital of the Bahamas, received almost $1 million in FTX spending alone. As revealed by Fox Business, SBF was known to frequent the Nassau bistro spending $2,500 on his lunch for himself and his staff.
FTX also had a $500,000 postage and delivery expense, per FT, which involved them hiring private jets to deliver Amazon packages from Miami since no direct Bahamas delivery was available.
See flow at unusualwhales.com/flow.
Other News:
- Sam Bankman-Fried Pleads Not Guilty to Charges Regarding FTX | Here are All the Charges
- SBF has allegedly cashed out $684,000 from a crypto exchange in Seychelles while being under house arrest
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