Pandora’s box is wide open. As cryptocurrency giant FTX descends into bankruptcy and its myriad proceedings, revelations about the company’s egregious practices abound. The latest is the delivery of an Amazon parcel by the airline to its headquarters in the Bahamas, 300 kilometers from Miami.
- Prime Macron 2022: conditions, amount, payment date … how it works?
The company’s employees created this private jet delivery system after realizing that the e-commerce platform was not shipping to the paradise island where they lived, according to the Financial Times, which reveals “the information. An employee of FTX opened to the British daily. “It was a bit crazy. If Sam (Bankman Fried, the head of the company) said well, it was good to take. Whatever it is.”
This complete lack of control, widely documented by company executives, also led FTX to spend $300 million (€287 million) on real estate investments. It was the company’s lawyers who explained it in the US bankruptcy court in Delaware. “Most of these purchases were for homes and vacation properties used by senior executives“, they said. These “senior leadersthey were mostly in their thirties, some even younger.
The real estate owned by FTX included, in particular, six residential houses worth several million euros each, all located in a luxury complex in the Bahamas. Among them is the villa of FTX founder Sam Bankman-Fried, estimated at about forty million dollars, which he shared with several executives of the company, including Caroline Ellison. The parents of the young boss also enjoyed their villa in the Bahamas, which is estimated at 16.4 million dollars.
To travel from their luxury homes to FTX offices or other international locations, staff based in the Bahamas had “full car and gas package covered for all (…) and unlimited travel and fully covered for all offices worldwide“, the employee confided Financial Times.
$200 per day for lunch
Other offices of FTX, indeed, were not left out. In California, where the cryptocurrency platform was also created, each worker benefited from a $200 (€191) credit per day on DoorDash, an app that delivers food and meals to their homes. Insane budget considering the price of lunch on application. If Bahamian employees didn’t have such an advantage, their offices included a barber shop, massage parlor, grocery store, and even 24-hour food service. All this at the expense of the princess.
“Children led children“, – sums up the former employee of FTX. “I had never seen so much money in my life. As I believe all staff including SBF (Sam Bankman-Fried, Ed)“, he adds. Internally, some fanciful decisions have been questioned. Like the legendary $135 million contract to have the Miami basketball team’s stadium named after the company. Employees have questioned the appropriateness of such spending on the company’s messaging system. In vain.
“They never controlled the performance we were actually getting. No one really followed through on what happened after the deal was madeA former marketing employee bemoaned FTX’s top management. A finding confirmed by John Ray, who has taken over the reins of the company since it filed for bankruptcy. “(The company) did not have the kind of allocation control that I believe is appropriate for a commercial enterprise“, he states in the documents available in the case.
The cryptocurrency platform, once one of the most influential in the world, placed itself under the protection of Chapter XI of the US bankruptcy law on November 11. For some professionals, FTX even represents “Lehman Brothersof cryptocurrencies, referring to a bank that failed during the 2008 crisis.
Source: Le Figaro
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.