FTX Disclosed Related-Party Transactions but Didn’t Name Names

Posted on AllSides November 18th, 2022
From The Center
Banking and Finance, Cryptocurrency, FTX, Sam Bankman-Fried
PHOTO: ROBYN DAMIANOS FOR THE WALL STREET JOURNAL

The saga of Sam Bankman-Fried‘s bankrupt crypto empire isn’t just about collapsing tokens, missing billions and sunny offshore tax havens. There were also red flags in its books.

At the core of FTX Trading Ltd.’s financial statements was a series of related-party transactions. But the company didn’t say who those parties were. 

On its balance sheet, the largest asset as of Dec. 31 was a “related party receivable” valued at $1.2 billion, or 44% of its assets. Its liabilities included a $362 million “related party payable.” 

FTX Trading last year paid $250 million, or 25% of...

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FTX Disclosed Related-Party Transactions but Didn’t Name Names

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