FTX’s Bahamian company spent a staggering amount of money on luxury hotels and accommodation, flights and food in the nine months before the exchange’s collapse, court filings have revealed.
According to bankruptcy court documents reviewed by Business Insider, FTX Digital Markets went through $40 million between last January and September, before filing for bankruptcy in November because of “liquidity issues.”
More than $15 million went on luxury hotels and accommodation, with $5.8 million of that at one resort — the Albany Hotel. This is the luxury resort is where Sam Bankman-Fried lived in his $30 million penthouse until his arrest, the report added.
Around $3.6 million went on the Grand Hyatt, a four-star hotel that hosted British royalty in March. There was also $800,000 spent at the five-star Rosewood resort.
Furthermore, almost $7 million was spent on meals and entertainment, with around half of that on catering services, according to the documents. Nearly $4 million was spent on flights and over $500,000 was spent on postage and delivery.
(By Martin Young)
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