Tens of Millions Spent on Luxury Accommodations: FTX Co-Founder Under Fire

• Court filings show that FTX co-founder Sam Bankman-Fried and his team allegedly spent tens of millions of dollars in 2022 on residential accommodations, hotels, food, and flights.
• Records show that $15.4 million was spent on luxury hotels and accommodations, with a great deal of that money dedicated to Bankman-Fried’s $30 million penthouse.
• Furthermore, Bankman-Fried’s quantitative trading firm allegedly owes more than $55,000 to Jimmy Buffett’s beach resort, Margaritaville.

Tens of millions of dollars in living accommodations, hotels, food, and flights were spent by the FTX team in 2022, according to Delaware bankruptcy court documents. Records show that $15.4 million was spent on luxury hotels and accommodations, with a great deal of that money dedicated to co-founder Sam Bankman-Fried’s $30 million penthouse at the Albany beachside resort in The Bahamas.

The penthouse, which went on the market for sale in mid-Nov. 2022, was 12,000 square-feet and located within 600-acres of luxury resort. Furthermore, Bankman-Fried’s quantitative trading firm allegedly owes more than $55,000 to Jimmy Buffett’s beach resort, Margaritaville, after Alameda and FTX executives occupied 20 suites for a few months last year.

The extravagant spending was revealed in court filings following Bankman-Fried’s request for access to FTX’s $460 million in Robinhood shares. On Jan. 8, 2023, Bitcoin.com News reported on Bankman-Fried telling the court he needed access to the funds to „pay for his criminal defense.“ While Bankman-Fried argued that customers „face only the possibility of economic loss,“ the court filings have raised questions concerning his altruism.

The court documents have also highlighted the alleged extravagant spending of Bankman-Fried and his team. From the $30 million penthouse to the $3.6 million spent on hotel rooms at the Grand Hyatt, the expenses seem to have been excessive. Moreover, the $800,000 spent at the Rosewood and the $55,000 owed to Margaritaville have added fuel to the fire.

The court filings have brought to light the lavish spending by FTX co-founder Sam Bankman-Fried and his team. By spending tens of millions of dollars on residential accommodations, hotels, food, and flights, Bankman-Fried and his inner circle have raised questions regarding their financial management. Furthermore, Bankman-Fried’s quantitative trading firm allegedly owes more than $55,000 to Jimmy Buffett’s beach resort, Margaritaville, further highlighting the alleged extravagance.