FTX blew $40M on hotels, flights & food in 2022

Sahana Kiran
Source – Unsplash

As the FTX saga persists, more revelations pertaining to the crypto firm have been coming to light. With Sam Bankman-Fried under house arrest, details regarding how user funds were utilized throughout last year were surfacing. Court filings have pointed out that millions of dollars were spent on food, travel, and accommodation.

SBF’s fallen empire reportedly devoured $40 million between January and September 2022.

According to recent reports, $15 million of the aforementioned $40 million was spent on luxury hotels as well as accommodation. An astounding $5.8 million was paid to a single resort, the Albany hotel. This was the same resort where SBF’s $30 million penthouse was located. It should be noted that SBF was arrested on the same property.

This wasn’t all. The Grand Hyatt, a four-star hotel that entertained the British royals in March, cost about $3.6 million. Additionally, the five-star Rosewood resort received an expenditure of $800,000 from FTX. In particular, one night at the Rosewood costs $1,100.

Furthermore, records state that about $6.9 million was spent on meals and entertainment, with catering services accounting for around half of that sum. It was brought to light that SBF dined at the Nassau bistro and often spent $2,500 for his staff and himself.

Additionally, the cost of flights was close to $4 million, while the cost of mail and delivery was above $500,000. According to an earlier Financial Times investigation, FTX employed Miami-based private aircraft to carry Amazon shipments into the Bahamas.

Former FTX U.S. President to put SBF in more trouble?

Brett Harrison, the former president of FTX U.S. made headlines today. Following the downfall of the FTX empire, an array of executives were called out by the crypto community. One Twitter user asked Harrison if he knew about what was happening at FTX. Responding to the same, the former FTX U.S. president further tweeted,