Sam Bankman-Fried, disgraced founder of collapsed cryptocurrency exchange FTX, used to espouse the ideals of effective altruism and being an ethical billionaire.
Popular vlogger Nas Daily called him the “most generous billionaire in the world” who wanted to donate his entire US$22bn fortune to charity.
Bankman-Fried once contended that his entire belongings could fit in a backpack, and he only drove a crusty old Toyota.
But court documents recently reviewed by Business Insider show the wild extent of lavish spending systemic within the upper echelons of FTX.
According to the report, FTX’s management team spent $40 million in just over nine months on expenses such as hotels, entertainment, and flights, in stark contrast to the humble image SBF put out to the world.
Approximately US$5.8mln was spent at the Albany Hotel, a glitzy oceanside resort in his country of residence The Bahamas.
The four-star Grand Hyatt and five-star Rosewood were also preferred destinations.
Filings showed that FTX spent $6.9mln on meals and entertainment, including on Nassau catering company Six Stars Catering.
FTX was also in the habit of hiring private planes to fly Amazon (NASDAQ:AMZN) packages from Miami, since, the ecommerce giant didn’t deliver to The Bahamas.
Bankman-Fried is facing life behind bars for large-scale criminal fraud relating to the theft of billions of dollars of FTX customers’ funds.
He was extradited to the US from The Bahamas in December, and currently remains under house arrest at his parents’ California home on a US$250mln bail.