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In just 9 months, FTX has spent $40 million on food, flights, and hotels

In the nine months leading up to the FTX stock exchange fiasco, the Bahamas-based company spent a staggering amount of money on hotels, luxury accommodations, flights and food, according to court documents.

According to bankruptcy court documents reviewed by Business Insider, between January and last Septemberbefore filing for bankruptcy “liquidity problems” In November, FTX Digital Markets spent $40 million.

Over $15 million spent on luxury hotels and accommodations, including $5.8 million on a resort Albany Hotel. This is the luxury resort where Sam Bankman-Fried lived until his arrest. he added the report.

Almost $3.6 million was spent on the Grand Hyatt, a four-star hotel that hosted the British royal family in March. Moreover, it has been spent $800,000 for a five-star Rosewood Resort.

In addition, according to the documents, it was spent Nearly $7 million for meals and entertainmentAlmost half of it is for catering services. Nearly $4 million was spent on flights and over $500,000 on shipping and handling.

to me London Financial TimesFTX even made a special deal with an airline to ship Amazon orders from a warehouse in Miami, because the e-commerce giant doesn’t deliver to the Bahamas.

The Financial Times added that the company also provided one employee in the Bahamas Full supply of cars and petrol for all employees [e] Unlimited, fully covered travel to anywhere in the world.

In December, a former employee revealed the excessive range of luxury company expensesindicating that it was Types of worship. “The whole process was symbolically and morally ineffective.”he said at the time.

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FTX has also made numerous donations to local charities and organizations in the Bahamas.

According to local media reports On January 8th, some of those donations could be returned as the Caribbean island looks to move forward.

On January 3 Bankman Fried He pleaded not guilty of eight counts in the United States District Court for the Southern District of New York.