Parcels delivered on a private plane, 200 euros for food … Exorbitant expenses for FTX employees
New revelations document the financial disaster for the now bankrupt cryptocurrency platform.
Pandora’s box is wide open. As cryptocurrency giant FTX sinks deeper into bankruptcy and its myriad actions, revelations of the company’s egregious practices are rife. More recently, an airline delivered Amazon packages from Miami to the headquarters, located 300 kilometers away, in the Bahamas.
The company’s employees created this private jet delivery system after realizing the e-commerce platform had not made it to the paradise island they were living on, according to the Financial Times, which discloses the ‘information’. An FTX employee opened up to the British daily: “It was a little crazy. If Sam (Bankman Fried, the head of the company) said well, it was good to take it. Whatever the quantity.
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This complete lack of oversight, widely documented by company executives, also led to FTX spending $300 million (€287 million) on real estate investments. It was the company’s own lawyers who explained it before the US Bankruptcy Court in Delaware. “Most of these purchases were for homes and real estate used by senior executivesthey said. these “Senior executivesThey were mostly in their thirties, some younger than him.
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FTX’s notably owned properties included six residences worth several million euros each, all located in a luxury complex in the Bahamas. Among them, FTX founder Sam Bankman Fred’s villa, valued at nearly forty million dollars, is shared with several company executives, including Caroline Ellison. The young president’s parents also enjoyed their villa in the Bahamas, which is estimated at $16.4 million.
To travel from their stately homes to FTX offices, or anywhere else internationally, employees stationed in the Bahamas had to “Full range of cars, gas covered for all (…) and unlimited travel, fully covered for all offices worldwideassigned to an employee financial times.
$200 a day for meals
In fact, other FTX offices were not left out. In California, where the cryptocurrency platform was also created, each employee earned $200 (€191) in credit per day on the DoorDash app, which delivers meals and food to their homes. Crazy budget considering the price of the meal in the app. If Bahamian employees had no such perk, their offices included a hair salon, massage parlor, grocery store, and even 24-hour food service. All this at the expense of the princess.
“The children were leading the children», sums up a former employee of FTX. “I have never seen so much money in my life. Like all employees in my opinion, including SBF (Sam Bankman-Fried, Ed)He adds. Internally, some fanciful decisions have been questioned. Like the impressive $135 million contract to have the Miami basketball team’s stadium carry the company’s name. Employees have questioned the significance of this expense in the company’s messaging system. To no avail.
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“They never supervised the performance we were actually getting. No one really tracked down what happened after getting the dealA former employee of the marketing department lamented about FTX’s overall management. This discovery was confirmed by John Ray, who has held the helm of the company since its bankruptcy declaration. “(The company) did not have the kind of exchange controls that I think would be appropriate for a trading establishmentnotes in the documents in the file.
The cryptocurrency platform, once one of the most influential in the world, filed itself on November 11 under Chapter 11 bankruptcy protection in the US. For some professionals, FTX is “Lehman BrothersCryptocurrency, referring to the bank that went bankrupt during the 2008 crisis.
See also – Marcelo Sampaio: “Cryptocurrency is a response to the 2008 crisis”
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