An FTX bankruptcy filing describes $3.2B+ in payments and loans to founders and executives, chiefly from Alameda Research, including ~$2.2B to Sam Bankman-Fried
FTX entered Chapter 11 alongside FTX US and Alameda after Sam Bankman-Fried resigned, placing the group’s internal dealings under a court-supervised restructuring process. Early reporting had already identified substantial Alameda lending to Bankman-Fried; the new filing makes those founder and executive transfers a defined target of the estate’s forensic work.
The estate had reported more than $5 billion recovered by January, while excluding assets held in the Bahamas and illiquid tokens. Identifying the recipients and scale of the payments gives the recovery process a clearer map beyond the assets already located by the estate.
First-order effects
FTX’s estate can use the filing’s accounting of more than $3.2 billion in Alameda-funded payments and loans to focus its forensic review and potential recovery efforts on founders and key employees, especially Sam Bankman-Fried.
Recipients of the disclosed transfers face more detailed scrutiny from the bankruptcy process as FTX continues tracing intercompany and other transactions.
Second-order effects
Creditor recoveries become more dependent on whether the estate can convert identified insider transfers into assets, alongside the funds it has already marshalled.
Alameda’s role as the chief source of the transfers reinforces that untangling the trading firm’s accounts is central to resolving FTX’s wider bankruptcy estate.
Third-order effects
The case points to bankruptcy administration becoming the mechanism for reconstructing financial groups whose customer-facing and affiliated trading operations were deeply interconnected.
If similar insolvencies expose large insider flows, creditor committees and courts will place greater weight on granular intercompany records and transfer tracing rather than headline asset balances alone.
The trend: Crypto insolvencies are shifting from asset discovery toward forensic reconstruction of affiliated-company flows and insider transfers.
On March 14-15, FTX filed “Schedules of Assets and Liabilities” (or SOALs) and “Statements of Financial Affairs” (or SOFAs) for each debtor entity, which includes information regarding the assets and liabilities of FTX and its affiliated debtors as of the bankruptcy filing.
NEW: The numbers are in for much the top execs at FTX made. Sam Bankman-Fried walked away with $2.2B before the collapse. What really blows our mind is how little money Caroline got paid for how much risk she took. It seems almost offensive. Crazy! https://www.bloomberg.com/... h…
4 / At Alameda, this unnamed person received $180mn in August 2022 as an apparent loan repayment, just a couple of months before the bankruptcy https://twitter.com/...
FTX has published its ‘Schedules and Statements of Financial Affairs’ — detailed documents about payments made before the bankruptcy. The headline is SBF took out billions. But other $ transfers are hidden because of the secrecy in the case A brief 🧵 https://www.ft.com/...
FTX Debtors have filed Schedules of Assets and Liabilities and Statements of Financial Affairs for all Debtor entities involved in their Chapter 11 proceedings, which describe $3.2 billion in payments and loans to founders, chiefly from Alameda Research, including: https://twitte…
FTX Trading Ltd. Statement just filed. It was a money printer. There are 10 enormous attached >2000-page PDFs filed consisting of each customer ID and balances held. https://twitter.com/...
asking gpt to write an epic poem about the fall of the ftx polycule in the style of virgil and then feeding it straight into a rick ross text-to-speech model https://twitter.com/...
“These amounts exclude over $240 million spent to purchase luxury property in the Bahamas, political and charitable donations made directly by the FTX Debtors, and substantial transfers to non-Debtor subsidiaries in the Bahamas and other jurisdictions,” the FTX Debtors say.
Based on these, I estimate the number of international FTX Creditors to be ~1.4 million. Creditors, not customers. Customers are 9.7 million. To my knowledge, this makes FTX the largest bankruptcy in history in terms of creditor numbers. https://twitter.com/...