Sam Bankman-Fried spent a fortune. Now, lawyers say 'the emperor had no clothes.' Here's where the money went.

Jabin Botsford/Getty Images
At its peak, Sam Bankman-Fried's net worth was $26 billion.
He spent his money on real estate, political donations, and funding sports teams.
Here's a list of many of the places Bankman-Fried is said to have spent his money.
Sam Bankman-Fried told Bloomberg in April he'd be living on $100,000 a year for the next few years -- that's it.
He would keep a small percentage of the billions he generated from his cryptocurrency empire and donate the rest.
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Bankman-Fried described himself as an effective altruist, a person who would amass stacks of money -- or coins -- to one day use it all to make the world a better place. And he donated money to several organizations founded on the principles of so-called effective altruism.
But Bankman-Fried also wrote big checks to sports teams, property owners, and political leaders. His spending seemed to reflect a desire to buy influence as much as his philosophical beliefs.
Everything collapsed in early November when Bankman-Fried saw most of his net worth plummet from $15.6 billion to $1 billion in a single day after news broke that his cryptocurrency exchange FTX was in need of a bailout.
Now it's revealed that up to $2 billion in client funds is missing - and questions are raising about how Bankman-Fried funded his high-end lifestyle, with lawyers now arguing that the former mogul, known as SBF , which apparently did Run FTX like a "personal fiefdom".
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These lawyers are helping FTX go through the bankruptcy process where customers hope they can recover at least some of their funds after FTX files for bankruptcy and Bankman-Fried resigned as CEO.
Some of that client money -- potentially $300 million -- may have found its way to the Bahamas to buy expensive homes for FTX executives, lawyers have argued.
Sullivan & Cromwell's restructuring partner, James Brumley, an attorney on FTX's bankruptcy team, told a U.S. court this week that "significant amounts of money were spent on things unrelated to the business," according to an Insider review Recording of Tuesday's hearing showed.
A team of lawyers is now working to trace FTX's assets in order to begin repaying the company's creditors. The company's new CEO, John J. Ray III, an attorney guiding it through bankruptcy, said Tuesday that FTX will reorganize or sell FTX's assets worldwide and has already received interest from potential buyers.
In the meantime, Bankman-Fried is unlikely to be making any major donations any time soon. Here's a list of how he spent some of his once vast fortune.
Characteristics
Leaf Cay, Bahamas Damianos Sotheby's International Realty
FTX spent around $300 million buying homes in the Bahamas for senior executives, according to a bankruptcy attorney.
Sullivan & Cromwell's restructuring partner, James Bromley, an attorney on FTX's bankruptcy team, said that one of the company's US arms "purchased nearly $300 million worth of property in the Bahamas."
Bankman-Fried reportedly lived with 10 roommates on a 600-acre oceanfront property in New Providence, Bahamas known as Albany.
media investments
John Lamb/Getty Images
Bankman-Fried has invested in a handful of media companies, according to Crunchbase. He invested in Semafor, a news startup founded by former New York Times columnist Ben Smith and former Bloomberg Media CEO Justin Smith.
Smith, the site's editor-in-chief, has acknowledged the investment and announced that it will continue to treat Bankman-Fried "aggressively" and disclose his stake every time the site writes about him.
Meanwhile, Bankman-Fried provided seed funding to Trustless Media, a production company at the intersection of Web3 and television production. According to the AP, Bankman-Fried also donated $5 million to investigative news outlet ProPublica.


Ratchaneeyakorn Suwankhachasit/Getty Images
Bankman-Fried has also put money into several startups through FTX, his research arm Alameda Research, and as an angel investor, according to Crunchbase.
These include financial technology companies like TrueFi and Chipper Cash, crypto platforms like Liquid Global, and blockchain companies like Faraway, which makes games.
politics
US Capitol in Washington DC. Kent Nishimura / Los Angeles Times via Getty Images
Bankman-Fried spent more than $10 million supporting Joe Biden's presidential campaign, according to Politico.
In 2022 alone, he spent more than $40 million on campaigns, according to Federal Election Committee filings reviewed by Politico.
He also gave $1 million to the Senate Majority PAC and $6 million to the House Majority PAC -- two super PACs committed to keeping Congress in Democrat hands, according to The Los Angeles Times.


philanthropy
IStock; Vicky Leta/Insider
Bankman-Fried has also made philanthropic donations. While he was working at Jane Street, he donated half his money to so-called effective altruism charities and also to animal welfare groups, according to Bloomberg.
He gave away $50 million for India's pandemic relief efforts and global warming initiatives in 2021, Bloomberg reported.
According to Politico, he has made COVID-19 prevention a top priority as the primary funder of Guarding Against Pandemics, a nonprofit organization run by his brother Gabe.
In his new home country of Bahamas, he donated $1.4 million worth of K95 masks and COVID-19 test kits, according to the Nassau Guardian.


Sports
Tom Williams/CQ-Roll Call, Inc via Getty Images; Greg Nelson/Sports Illustrated via Getty Images
His most notable sports sponsorship is acquiring arena naming rights from the Miami Heat. The original deal was expected to cost him $135 million over 19 years, according to Bloomberg. Although the deal has been called off since FTX filed for bankruptcy, FTX still has three years' worth of contract fees totaling $16.5 million to pay, according to CoinDesk.
He also spent about $30 million to air an ad in Super Bowl 2022 starring comedian Larry David, Bloomberg also reported.
As of June 2021, FTX is the "Official Cryptocurrency Exchange Brand of MLB". This means that all Major League Baseball umpires wear a patch featuring the FTX logo.

Through FTX, Bankman-Fried has also signed deals with major basketball teams such as the Washington Wizards and the Golden State Warriors. FTX has also signed individual athlete contracts such as basketball player Steph Curry and quarterback Tom Brady.
FTX even signed a $17.5 million deal with the University of California-Berkeley to sponsor their athletic department.
View a complete list of all of Bankman-Fried's sports sponsorships.
Read the original article on Business Insider
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