Sam Bankman-Fried’s Companies Bought More Than $400,000 of DoorDash Delivery in Two Months
FTX, the defunct cryptocurrency exchange, is finally being forced into it publicly detailed his spending habits in the Company’s pending Chapter 11 bankruptcy proceedings. And the resulting documents are revealing.
The crypto exchange, founded and formerly owned by fallen blockchain gold boy Sam Bankman-Fried, spent hundreds of thousands of dollars on superfluous groceries and fun purchases — presumably on employees — over the course of just a few months.
This has so far been shown by unsealed court documents the debtors owed by FTX Affiliates included Doordash, Netflix and Airbnb — but additional documents released this week and viewed by Gizmodo show exactly how much was spent on some of those employee perks reported first by insider.
West Realm Shires Services Inc., the operating unit of FTX, paid $357,526.39 to grocery delivery company DoorDash over just two months, according to a filing Wednesday in Chancery Court in Delaware (Case number 1010). In September 2022, the trading company trading as FTX US paid $183,824.12 to Doordash. In October 2022, West Realm spent an additional $173,702.27 on the food delivery service, according to the document.
Another separate submission (File 1001) shows that West Realm has tens of thousands unpaid Debt at DoorDash. The FTX subsidiary reportedly owes the US food delivery service $25,347.95 and DoorDash Technologies Canada, Inc. another $521.87.
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Alameda Research LLC, the Bankman-Fried hedge fund that was closely associated with FTX and played a direct role in the stock market crash, also garnered some serious DoorDash bills. Alameda paid DoorDash a total of $46,239.11 between September 2022 and October 2022, according to the data Case number 1025. The hedge fund has filed $28,658.83 in outstanding food delivery debt, according to file number 1022.
In addition to food delivery fees, Alameda has some other questionable alleged outstanding debts listed in Wednesday’s documents. Margaritaville Beach Resort in Nassau, Bahamas, has filed a lawsuit alleging that the hedge fund firm owes $599,409.72 (Case number 1022). The only major expense listed in the same filing is more than $6 million owed to Amazon Web Services — which seems reasonable for a modern hedge fund. Half a million to Margaritaville, on the other hand, feels less classy.
West Realm Shire Services paid $70,066.57 to Caesars Entertainment, the Las Vegas-based hotel and casino company, in October. Similarly large payments went to Monumental Sports & Entertainment and WME Entertainment – both big events companies.
FTX Trading Ltd., the official name for the entire FTX exchange entity, has spent almost $100,000 a year on Grand Prix tickets alone File number 977.
The bankruptcy filings support allegations and reports that Bankman-Fried and his companies were irresponsibly spending and managing their financial books with an unremitting lack of attention. FTX US employees were allowed to spend up to $200 a day, according to the Doordash delivery financial times. The same FT report cited purchases of homes and vacation properties used by FTX executives, as well as restaurant purchases — not purchases of food from restaurants, but literal purchases of restaurants by executives.
FTX units paid more than $3 billion to its top executives, including Bankman-Fried, leading up to the company’s collapse. Then there’s the incredible amount of both public and private political spending on “dark money”. which Bankman-Fried and his associates allegedly directed various campaigns.
Unfortunately for FTX clients, the closed exchange, its subsidiaries and its former leadership will likely have to pay off the companies they owe well before the exchange’s US-based clients See all of their mutual funds being returned. Although FTX Japan has resumed customer withdrawals Thanks to the country’s strict financial regulation, no other affiliate of the exchange or FTX exchange has any connection.
https://gizmodo.com/ftx-crypto-sam-bankman-fried-sbf-doordash-1850236849 Sam Bankman-Fried’s Companies Bought More Than $400,000 of DoorDash Delivery in Two Months