SBF’s Parents Received Payments From FTX, New CEO Reveals

SBF’s Parents Received Payments From FTX, New CEO Reveals. 

After facing huge criticism and scrutiny following the collapse of his crypto exchange, FTX co-founder and former CEO Sam Bankman-Fried is now facing even more criticism for reportedly paying his family for their involvement in the exchange despite not being employees.

John Ray’s Statement

During his testimony in front of the U.S. Congress on the collapse of the second largest crypto exchange, new FTX CEO, John J. Ray III revealed that Sam Bankman-Fried’s parents may have had some level of involvement in FTX’s business operations.

When asked whether SBF’s parents had any involvement, Ray revealed that John Ray had been giving business advice and had received payments from SBF, despite it not yet being clear whether he was labeled as an FTX employee.

“He received payments,” Ray said, “The family certainly received payments.”

Related: SBF Files For New Bail Application In The Bahamas

SBF’s Parents’ Past Involvement

Earlier this month, John Ray had also revealed a number of other shocking revelations regarding SBF’s parents’ involvement with FTX, including the fact that many properties that had been bought with FTX’s funds, had been put under SBF’s parents’ names.

Ray revealed in FTX’s bankruptcy filing that up to $121 million in Bahamian real estate were associated with SBF’s parents and FTX, with one particularly luxurious home costing as much as $16.4 million.

Since these revelations, SBF and a spokesperson have both denied that the house was bought to be under the parents’ names, with SBF claiming that “it was intended to be the company’s property. I don’t know how that was papered in.”

A spokesperson for both of SBF’s parents had also revealed that the couple “never intended to and never believed they had any beneficial or economic ownership of the house.”

Related: Sam Bankman-Fried (SBF) On What He Thought His Biggest Mistake Was!

For more info regarding Crypto Alpha and NFTs Alpha.  Always follow us on Twitter and Instagram.


Related post