FTX Spent $40 Million Catering To Food, Flights And Hotels In 9 Months

Key Points:

• FTX spent $40 million between January and September in 2022 on meals, travel and hotels, before filing for bankruptcy in November due to “liquidity issues”.
• FTX provides “complete autos and gas for all employees, as well as limitless, all-inclusive vacations to any office globally” to employees in the Bahamas.

Before finally going bankrupt in November 2022, FTX blew a fortune on high-end lodging, travel, and dining during the preceding nine months.

According to documents submitted to the court, FTX spent $40 million on lodging, transportation, and dining between January and September of 2022. The company then filed for bankruptcy in November of that year citing “liquidity issues.“

More than 15 million US dollars is going toward high-end hotels and other types of accommodations, while 5.8 million US dollars is going toward a resort. In March, the British royal family stayed at the Grand Hyatt, which is a four-star hotel, costing them a total of $3.6 million. The construction of the Rosewood resort, which has five stars, cost $800,000.

In accordance with the documents that were presented to the court, an extra $7 million was spent on meals and entertainment, with more than half of that sum going toward food services. This information comes from the expenditures that were detailed in the paperwork. The cost of aircraft is around 4 million dollars, while the cost of mail and delivery is each more than half a million dollars.

In addition to that, FTX provides its staff in the Bahamas with “complete vehicles and gas for all employees in addition to limitless, all-inclusive vacations to any office worldwide.”

In December, a former worker of FTX revealed the amount of the company’s exorbitant expenditure on luxury things, which she compared to the behaviors of an immoral and excessive cult. She also disclosed the extent of the company’s lavish expenditure on luxury items.

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