FTX Bahamas spends over $40 million on luxury hotels and restaurants

According to court documents, the management of the collapsed FTX exchange lived on a grand scale – in just nine months, the Bahamian division of FTX Digital Markets spent more than $ 40 million on the best hotels, accommodation and food. The amount was spent from January to September 2022, and already in November the company filed for bankruptcy “due to liquidity problems”. $15 million was spent on hotels and accommodation, with $5.8 million going to a resort called the Albany Hotel, a $30 million luxury hotel that housed the penthouse of FTX founder Sam Bankman-Fried. four-star Grand Hyatt. About $800,000 spent on the five-star resort Rosewood. About $7 million for food and entertainment, about half of this amount was used to pay for catering services. Air travel cost $4 million, and $500,000 went to postal and delivery services. Interestingly, FTX Digital Markets even made a special deal with an air carrier to ship orders from an Amazon warehouse in Miami to resorts in the Bahamas.. The fact is that the e-commerce giant still does not deliver orders to the Bahamas on its own. It is also reported that the company provided Bahamian employees with “a full selection of cars, with full fuel compensation and the ability to fly for free to any FTX office in the world.” Earlier, Sam Bankman-Fried said he did not plead guilty to the charges brought by the court.