FTX spent $40 million on flights and accommodation in 9 months – Cryptonium News

FTX spent $40 million on flights and accommodation in 9 months

According to court documents, the FTX cryptocurrency exchange manual squandered large sums of money on secondary baggage. Former CEO Sam Bankman-Fried and his employees spared no effort for trips to beautiful hotels, expensive airline tickets, and restaurants. In the nine months leading up to the trade fiasco, more than $40 million was reportedly spent on these businesses.

According to Business Insider, FTX Digital Markets spent this necessary sum between January and September 2022. More than $15 million was spent on the affluent apartments alone. The Albany Hotel resort property is worth $5.8 million, and Sam Bankman Freed lived in the penthouse apartment until his arrest. He paid no more than $3.6 million for a stay at the Grand Hyatt; he paid an additional $800,000 to stay at the five-star Rosewood Resort.

Up to $7 million was spent on food, including restaurants and all kinds of amenities, according to the documents. About half of this amount was spent on catering services. Airfare was $4 million, and over $500,000 was for postage and miscellaneous expenses.

According to the Financial Times, FTX outsourced to a private shipping company to deliver Amazon orders from its warehouse in Miami, Bahamas.

The company also provided its Bahamas office staff with “a full vehicle and gasoline package for all employees, covering unlimited travel to offices around the world.”

FTX has made numerous donations to local charities and other businesses. Experts have expressed the opinion that some may need to be returned because the money was stolen from traders and naive buyers on the exchange. Unable to load all totals. Repeated retries…