Today's cover: Sam Bankman-Fried spent FTX funds on swanky real estate, donations — and himself: SEC
took billions of dollars out of the cryptocurrency company to spend on swanky real estate, personal needs for himself and others and countless political donations, federal documents indicated.
Funds from FTX included more than $8 billion that went toward affiliated trading firm Alameda Research that Bankman-Fried founded in 2017 and ran with Caroline Ellison, according to the SEC complaint. Between $1 billion and $2 billion of those funds are missing, Another $300 million from FTX comingled with Alameda was doled out to luxury Bahamas real estate, according to company attorneys in a bankruptcy court filing. The real estate purchases went toward him, his parents and other FTX executives, the SEC said.
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