Bankman Fried - so what happened to all the money

[Greenmantle]

Luddite here!
Whether the fraud was $8 or $10 billion surely that means that amount of money was received by FTX.
It would take an awful long time for that to be spent / wasted.
Could someone say how it was? Thanks.

[Hammersia]

I have zero interest and little knowledge in crypto so my guesswork maybe unhelpful, however -

I'd suggest it wasn't real money. 8 or 10 billion of "crypto asset" might have disappeared but it wasn't cash, just highly leveraged "nothing".

[Eric Mc]

Villas in the Caribbean, biz-jets and general lifestyle. There were others helping him spend the money so it's quite easy to get through large amounts when there's more than one person doing the spending.

He also tried to buy influence by making large political donations. Publicly he was boasting about how much he gave to the Democrats but he also paid large (secret) sums to the Republicans.

[DaveRed08]

On the BBC article it said they had managed to recover most of it, what that means number wise we'll probably never know

Edit: just read it again, and it's more than 7 billion
https://www.bbc.co.uk/news/world-us-canada-6730295...

Edited by DaveRed08 on Friday 3rd November 15:11

[loughran]

There's an interesting podcast called Spellcaster that documents his rise and fall.

[loughran]

Sorry, not Spellcaster.

Going Infinite on BBC Sounds.

https://www.bbc.co.uk/programmes/m001r7gh

Much better.