Court Filings: FTX Spent About $40M on Hotels and Food

Crypto derivatives exchange FTX, which filed for bankruptcy in November 2022, spent around $40M on luxury hotels and accommodation, among other things.

According to court filings, FTX Digital Markets went through $40 million between last January and September, before filing for bankruptcy in November because of “liquidity issues.”

About $15 million were spent on luxury hotels and accommodation. In particular, $5.8 million were spend on the Albany Hotel, which is the luxury resort where the former company CEO Sam Bankman-Fried lived in until his arrest.

On top of that, the company allegedly also provided its Bahamas staff with a “full suite of cars and gas covered for all employees and unlimited, full expense covered trips to any office globally.”

On the other side of the coin we have the fact that FTX also made multiple donations to local charities and organizations in the Bahamas.