The ongoing FTX hearing for its Chapter 11 Bankruptcy case recently found that the companies under Sam Bankman-Fried, including the non-existent crypto exchange platform, spent as much as $400,000 for DoorDash deliveries. This extravagant spending was revealed to be made in under several months only, despite the struggles of the company to keep it afloat.
Alameda Research's excessive spending was among the recent court orders that required the company to detail its spending habits and make it known on record, revealing all of its allocations before it shut down.
FTX, Alameda Research Spent $400,000 on DoorDash Deliveries
(Photo : Megan Briggs/Getty Images)
FTX recently made its spending habits known to the public following a court order, where it detailed its debtors in a press release, revealing many unknown facts in this case for all to discover. Other court documents which detailed their case show a whopping significant spending of $400,000 for its DoorDash deliveries in only under several months.
Reports assumed that this food was intended for the consumption of its employees, and according to Gizmodo, the West Realm Shire Services, Inc., the operating entity of FTX, made this specific payment in over two months (Docket 1010, Delaware County Court).
It is also a known fact now, as per its court documents (Docket 1001), that FTX still has unpaid debt to DoorDash for as much as $25,347.95.
Read Also: FTX Creditors List Revealed: Airbnb, Netflix, and MORE-Did it Really Reach 1 Million?
Sam Bankman-Fried's Excessive Spending as its CEO
This is still ongoing from FTX, as Sam Bankman-Fried's excessive spending as its CEO also saw a claim from The Margaritaville Beach Resort in Nassau, Bahamas. The resort has filed a claim alongside this, saying that the hedge fund company owes them $599,409.72 (Docket 1022).
The recent unsealing of records from its list of creditors only shows the lavish lifestyle of the company, particularly with its executives who spent a lot, going overboard in its spending.
FTX's Bankruptcy Case and Controversy
Towards the end of 2022, one of the world's top crypto exchange platforms, FTX, filed for bankruptcy, and this took the world by storm as it showed no signs of a collapse in its operations. This time was also when Sam Bankman-Fried stepped down as the CEO of the company and left it to a successor who stepped in when the company was burning down.
There were initial reports regarding the actions of its co-founder and former CEO about transferring digital assets to the Bahamas after the company's downfall, with FTX claiming this in public.
Since then, regulators and Justice officials have made a case to catch Bankman-Fried, who was extradited from his home in the Bahamas and brought to the country to face the legal charges, which he claimed "not guilty" for fraud.
FTX's Creditors List was made public before, and it included DoorDash receiving hundreds of dollars from the company, availing of its services to provide food deliveries to them.
It was only until recent times that it was revealed how much Alameda Research and FTX spent for its creditors and more, allocating this massive amount of money despite the company struggling to push through with its operations.
Related Article: FTX Founder Sam Bankman-Fried Can Only Use Flip Phone with no Internet After Insider Trading Allegations
