Crypto

FTX: luxury villas, free meals, travel… The company’s staggering cost to its employees

The FTX saga continues and each day brings its share of revelations. Despite repeated apologies from its founder, Sam Bankman-Fried, following the high-profile bankruptcy of a cryptocurrency trading platform, the Financial Times just made new revelations on Wednesday, November 30th. FTX executives reportedly spent huge sums of money offering generous in-kind benefits to their employees in the months leading up to the platform’s collapse.

Free meals and massages, delivery from Amazon on a private jet, travel, cars… At the FTX headquarters in the Bahamas, employees were offered a daily catering service “in addition to free groceries, a hairdresser, twice a week massages”, thus entrusting the household newspaper to a former employee. Employees can also take advantage of “a full range of petrol-coated vehicles for all employees” as well as “unlimited and paid all trips to any office in the world.”

READ ALSO

Cryptocurrencies: FTX’s New Collateral Victim

Amazon does not ship to the Bahamas, so FTX has also reportedly chartered private jets to transport orders from its employees from Miami to the company’s headquarters. Employees of the US subsidiary could deliver $200 a day food using DoorDash. “[C’était] children lead children […]. I have never seen so much money in my life,” a former FTX employee told the Financial Times.

>> Discover 21 Million, Capital’s Cryptocurrency Newsletter. Every week a complete file to understand everything about the crypto revolution and price analysis to support you in your investments. Use promo code CAPITAL30J right now for a free trial month.

Luxury homes bought in the Bahamas

FTX’s new CEO John Ray III and other officials involved in the company’s bankruptcy process point to questionable purchases and sloppy accounting practices in various court documents following the company’s collapse earlier this month. According to FTX lawyers, Sam Bankman-Fried and his partners used the company’s funds to buy $300 million worth of luxury real estate in the Bahamas. The platform founder, his ex-girlfriend Caroline Ellison, and a group of other senior executives lived and worked together in a luxurious penthouse apartment in the Albany complex.

READ ALSO

FTX Bankruptcy: Affected French Investors Organize to Get Their Money Back

FTX’s spending also included major advertising campaigns for such personalities as NFL legend Tom Brady or a Super Bowl spot with Larry David. The company also paid the NBA’s Miami Heat $135 million to have their logo displayed in the stadium.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.