- Sam Bankman-Fried claims he paid little attention to his company expenses, per Bloomberg.
- The FTX co-founder told Bloomberg he didn't realize he was spending more than he was taking in.
Sam Bankman-Fried said he paid so little attention to his company expenses that he didn't realize he was spending more than he was taking in.
The FTX co-founder told $4 that the billions of dollars customers wired to Alameda Research, a trading firm and FTX's sister company, were gone because the companies were spending more than they made.
The disgraced crypto boss is facing $4 in the US and the Bahamas after he was accused of misusing customer funds to $4
When demonstrating the company's biggest cashflows to the Bloomberg journalist, Bankman-Fried listed $250 million in expenses for real estate and $1 billion for "fuckups." His largest expense was listed as a net payment of $2.5 billion to rival Binance to buy out the company's investment in FTX.
After putting the company expenses into a spreadsheet, Bankman-Fried created a column of much lower numbers to demonstrate how much he thought he was spending at the time, per Bloomberg.
According to court documents filed by FTX's newly appointed $4, the company didn't have a formal $4.
Company expenses, which reportedly included a $4 for food delivery, were $4 on online chats, according to a $4.
Representatives for FTX did not immediately respond to Insider's request for comment made outside of normal working hours.