Former FTX executives allegedly splurged tens of millions on funding area of interest tasks unrelated to crypto or Web3, together with a uniquely named $1.8 million “Pineapple home.”
A June 26 report from FTX restructuring chief and CEO John Ray laid out the makes use of of the allegedly misappropriated buyer funds.
In accordance with the report, this included “charitable” donations made by the trade’s co-founder Sam Bankman-Fried and different former executives underneath the nonprofit FTX Basis.
Detailed had been $700,000 value of FTX Basis “grants,” $400,000 of which got to “an entity that posted animated movies on YouTube associated to ‘rationalist and [effective altruism] materials,” the report alleged.
One other $300,000 grant was given to a person to “[w]ceremony a ebook about how to determine what people’ utility perform is (are).”
Ray alleged these “grants” used FTX buyer funds commingled in numerous financial institution accounts managed by FTX, Alameda Analysis and numerous different entities.
The report additionally lists a $1.8 million property known as “Pineapple Home” amongst FTX’s $243 million Bahamian actual property portfolio, allegedly bought utilizing buyer funds.
rattling, the actual property trade has been pleasant to mr. squarepants pic.twitter.com/uqwGw4wGNz
— Molly White (@molly0xFFF) June 27, 2023
Worldwide dealer Sotheby’s lists a equally named property within the Bahamas, though it’s unknown if it’s the identical Pineapple Home listed within the report.
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Different makes use of of the alleged commingled buyer funds detailed by Ray included round $20 million despatched to the nonprofit group Guarding In opposition to Pandemics and “associated entities.”
Because the identify suggests, Guarding In opposition to Pandemics advocates for investments to stop pandemics akin to COVID-19, as per its web site.
In accordance with Ray, it “labored intently” with the equally named political motion committee Guarding In opposition to Pandemics PAC run by Gabe Bankman-Fried — the youthful brother of Sam Bankman-Fried.
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