Per Reuters

As the investigation of what went wrong with FTX continues, the new management found that Sam Bankman-Fried received a total of $2.2 billion in transfers from related entities. It was noted that overall, $3.2 billion was transferred to founders and key employers.

The transfers weren't directly given as they were classified as payments and loans, detailed by FTX. Most of the payments that SBF received mainly came from Alameda Research, but the new management notes that the transfers didn't include spending on luxury properties and other expenses.

Payments worth over $240 million were reportedly spent on political and charitable donations and even luxury property in the Bahamas. Other expenses included "substantial transfers to non-debtor units in the Bahamas and other jurisdictions."

Sam Bankman-Friend maintains that he has not done anything wrong and awaits his fraud trial, which is scheduled on October 2. Towards the end of 2022, it was reported that SBF had allegedly cashed out $684,000 from a crypto exchange in Seychelles while still under house arrest.

An etherscan address revealed that 32 addresses identified as the wallets of Alameda Research sent 0x7386d a total of $367,000, while $322,000 came from other wallets. The funds were tracked through a centralized Seychelles crypto exchange.

Should Sam Bankman-Fried be convicted of all the charges against him, he could spend up to 115 years in prison. This was just for the initial eight counts he was indicted for and not the additional counts that followed, with all of them criminal charges.

During that time, John J Ray III, the new FTX CEO who replaced SBF and was investigating what happened within the company and where everything went wrong, said that the crypto exchange was one of the worst-run companies he had ever seen.

See flow at unusualwhales.com/flow.

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Reuters