- FTX's Bahamian entity spent nearly $40 million on hotels, food, and travel in just nine months.
- That's according to documents filed in the Delaware bankruptcy court.
FTX spent $40 million in just over nine months on expenses including hotels, entertainment, and flights, according to bankruptcy court documents reviewed by Insider.
Lawyers pointed out that the crypto exchange's Bahamian company, FTX Digital Markets, generated no customer revenue, but spent lavishly.
From January to September 2022, the company spent $15.4 million on luxury hotels and accommodation, the filings say.
The largest chunk of that sum, around $5.8 million, was spent at the Albany Hotel – an oceanside resort with its own yacht marina and golf course. Sam Bankman-Fried, the cofounder and former CEO of FTX, lived in a $4 in Albany until $4
In 2021, $4 that in high season, accommodation at the resort can cost as much as $60,000 per night.
$3.6 million of FTX's hotel spend went to the Grand Hyatt, a 4-star hotel where the cheapest room $4 In March 2022, the hotel hosted the Caribbean reception for Prince William and Kate, Princess of Wales. FTX spent $28,954 at the hotel the same month.
The company also spent $800,000 at the five-star Rosewood, where one night costs $4
$4 before filing for bankruptcy, FTX had around 1,310 employees, meaning an average of nearly $12,000 per staff member was spent on hotels across the nine months.
Insider previously reported that FTX's sister company, $4 beach resort founded by singer Jimmy Buffett. Resort staff $4 that FTX employees stayed in around 20 suites for several months, and they had plans to go out on the town together.
The filings reviewed by Insider also showed that FTX spent $6.9 million on "meals and entertainment." Almost half of that was spent on catering services, with the largest amount, $1.4 million, spent on catering at the Hyatt. FTX also spent almost $1 million with a Nassau-based caterer called Six Stars Catering.
It's unclear where the rest of the money was spent. $4 previously reported that $4 for himself and staff at a Nassau bistro.
A further $3.9 million was spent on flights, plus over $500,000 for "postage and delivery." That could be related to a $4 report that $4 because it didn't deliver to the Bahamas.
$4 to eight criminal charges including wire fraud and conspiracy to commit money laundering. He faces up to 115 years in prison if found guilty on all charges.
Lawyers for FTX and Bankman-Fried didn't immediately respond to Insider's request for comment, sent outside US working hours.