According to court documents, the management of the collapsed FTX exchange lived on a grand scale – in just nine months, the Bahamian division of FTX Digital Markets spent more than $ 40 million on the best hotels, accommodation and food.
The amount was spent from January to September 2022, and already in November the company filed for bankruptcy “due to liquidity problems.” $15 million was spent on hotels and accommodation, with $5.8 million going to a resort called the Albany Hotel, a $30 million luxury hotel that housed FTX founder Sam Bankman-Fried’s penthouse.
$3.6 million was spent on accommodation at the four-star Grand Hyatt hotel. About $800,000 went to the five-star resort Rosewood. About $7 million for food and entertainment, about half of this amount was used to pay for catering services. Air travel cost $4 million, and $500,000 went to postal and delivery services.
Interestingly, FTX Digital Markets even made a special deal with an air carrier to ship orders from an Amazon warehouse in Miami to resorts in the Bahamas. The fact is that the e-commerce giant still does not deliver orders to the Bahamas on its own.
The company also reportedly provided Bahamian employees with a “full choice of vehicles, with full fuel reimbursement and the ability to fly free of charge to any FTX office in the world.”
Earlier, Sam Bankman-Fried said he did not plead guilty to the charges brought by the court.
Source: Bits
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