Sam Bankman-Fried, a co-founder of FTX, received more than $2bn (£1.7bn) from entities linked to the collapsed cryptocurrency exchange into his personal accounts, according to court filings.
Bankman-Fried and five members of his inner circle transferred a total of $3.2bn into their personal accounts through “payments and loans”, according to US bankruptcy court filings in Delaware made by FTX’s new management.
FTX was once worth as much as $40bn but rapidly collapsed in November after a surge in customer withdrawals as rival exchange Binance reversed a plan to bail out its competitor. FTX admitted it did not have sufficient assets in reserve to meet the sudden increase in customer demand.
If true he may well be the next Madoff.
