Source: Max Chafkin, Bloomberg
Translation: Nancy, LianGuaiNews
FTX founder SBF orchestrated a multi-billion dollar fraud, and although he denies any wrongdoing, whether he is a criminal or a “poor” businessman (claiming to have only $100,000 left in his bank account) will be determined by the court. According to bankruptcy documents and publicly disclosed 12-item purchase lists, SBF and his core circle have spent nearly $540 million on thought leaders, clubs, real estate, media, NFTs, and esports league sponsorships. The most expensive expenditure was the naming sponsorship of the esports club Team SoloMid, with a price tag of $210 million.
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Here is a partial list of SBF’s purchases:
1. Esports Team SoloMid FTX ($210 million)
Team SoloMid is an esports club based in Los Angeles that has set a world record in the Super Smash Bros. Ultimate tournament. FTX acquired the naming rights for TSM, and the company has since removed “FTX” from its name.
2. Miami Heat Arena Naming Rights ($135 million)
FTX sponsored the naming rights agreement for the Miami Heat arena, worth $135 million over 19 years, which was later terminated by a bankruptcy judge in Delaware.
3. League of Legends Championship Series ($96 million)
Riot Games, the developer of League of Legends, signed a 7-year sponsorship agreement with FTX for the League of Legends Championship Series (LCS), with increasing sponsorship fees each year, totaling $96 million by 2028. However, with FTX’s bankruptcy, Riot Games requested early termination of the contract citing “reputational damage.”
4. The Orchid Penthouse Luxury Apartment ($30 million)
This is the gathering place for SBF and his inner circle at the luxury resort Albany Club in the Bahamas, covering an area of 11,500 square feet.
5. 101 Bored Ape Yacht Club NFTs ($24.4 million)
The 101 Bored Ape Yacht Club NFTs include 101 different monkey images with various clothing, accessories, and facial expressions, auctioned by Sotheby’s.
6. Comedian Larry David’s Super Bowl Ad ($20 million)
Larry David, the star of the American comedy “Curb Your Enthusiasm,” played a role in a 60-second Super Bowl ad in 2022, where he denied the importance of some of humanity’s most important inventions (such as the wheel, the Declaration of Independence, the light bulb, the Walkman, and batteries) to express his iconic skeptical attitude. The ad then transitioned to FTX with the tagline “Don’t Like Larry, Don’t Miss Out on The Next Big Thing.” The ad also included a Bitcoin giveaway segment.
7. Digital Bank Moonstone Bank (equity worth $11.5 million)
Moonstone Bank is a rural bank located in Washington (at the time SBF created an account, this bank only had three employees) and has changed its name to the original Farmington State Bank, claiming to “return to its original mission”.
8. Media Semafor ($10 million)
This is a media startup company that promises “news transparency” and “refined perspectives”. The company plans to refund this investment.
9. Luxury Yacht “Soak my Deck” ($2.5 million)
Alameda Research, a hedge fund under SBF, purchased a 52-foot long yacht for their former Co-CEO Sam Trabucco.
10. Tesla ($136,000)
In May 2022, KOL @greg asked SBF if they would buy him a car for typing over 100 words per minute. Subsequently, @greg received a positive response from SBF and was gifted a Tesla Model S Plaid. After receiving the car, he tweeted, “This has been the craziest day of my life.”
11. Jimmy Buffett’s Margaritaville Resort ($59,000)
Alameda Research owes approximately $55,000 to Margaritaville Beach Resort, founded by American country rock singer Jimmy Buffett.
12. Congressman George Santos ($29,000)
SBF provided campaign donations to this candidate running for a seat in the House of Representatives from Long Island. He is known for exaggeration and telecommunications fraud allegations. However, George Santos denies any wrongdoing and sees FTX as his biggest corporate supporter.
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