A glimpse at SBF's shopping list: 12 consumer expenses totaling $540 million.
Source: Max Chafkin, Bloomberg
Translation: Nancy, PANews
FTX founder SBF orchestrated a multi-billion dollar fraud, and while he denies any wrongdoing, whether he is a criminal or a "poor" businessman (claiming his bank account balance is only $100,000) will be determined by the court. According to bankruptcy documents and publicly disclosed 12-item shopping list, SBF and his inner circle have spent nearly $540 million on thought leaders, clubs, real estate, media, NFTs, and esports league sponsorships. The most expensive expenditure is the naming rights sponsorship of the esports club Team SoloMid, which cost $210 million.
Below is part of SBF's shopping list:
1. Esports team Team SoloMid FTX ($210 million)
Team SoloMid is an esports club based in Los Angeles that has set world records in the Super Smash Bros. Ultimate tournament. FTX acquired the naming rights of TSM, and the company has since removed "FTX" from its name.
2. Naming rights of the Miami Heat arena ($135 million)
FTX sponsored the Miami Heat arena with a 19-year, $135 million naming rights agreement, which was later terminated by a US Delaware bankruptcy court judge.
3. League of Legends Championship Series ($96 million)
Riot Games, the developer of League of Legends, signed a 7-year sponsorship agreement for the Championship Series (LCS) with FTX. The sponsorship fee will increase each year, reaching a total of $96 million by 2028. However, due to FTX's bankruptcy, Riot Games requested early termination of the contract, citing "reputation 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 11,500 square feet.
5. 101 Bored Ape Yacht Club NFT ($24.4 million)
The 101 Bored Ape Yacht Club NFTs consist of 101 different images of apes with various clothing, accessories, and facial expressions. They were auctioned by Sotheby's.
6. Comedian Larry David's Super Bowl Ad ($20 million)
The main actor Larry David of the American comedy "Curb Your Enthusiasm" portrayed the denial of some of the most important inventions in human civilization (such as the wheel, the Declaration of Independence, the light bulb, the Walkman, batteries, etc.) in a 60-second Super Bowl commercial in 2022, expressing his iconic skeptical attitude. He eventually takes on the role of FTX, and the ad ends with "Don't Like Larry, Don't Miss Out on The Next Big Thing." Additionally, the ad includes a Bitcoin giveaway segment.
7. Digital Bank Moonstone Bank (valued at $11.5 million in equity)
Moonstone Bank, formerly known as Farmington State Bank, is a rural bank based in Washington (at the time SBF created the account, the bank only had three employees), and the renaming is touted as a "return to its original mission."
8. Media Company Semafor ($10 million)
This is a media startup company that promises "journalistic transparency" and "concise perspectives," and the company plans to return this investment.
9. Luxury Yacht "Soak my Deck" ($2.5 million)
SBF's hedge fund, Alameda Research, purchased a 52-foot yacht for its former Co-CEO Sam Trabucco.
10. Tesla ($136,000)
May 2022, KOL@greg, in a message to SBF, said, "Can I get a car for typing over 100 words per minute?" Following that, @greg received a positive reply from SBF and was gifted a Tesla Model S Plaid. He then tweeted, "This is the craziest day of my life."
11. Jimmy Buffett's Margaritaville Resort ($59,000)
Alameda Research owes approximately $55,000 to Jimmy Buffett, the American country rock singer, for the establishment of Margaritaville Beach Resort.
12. Congressman George Santos ($29,000)
SBF provided campaign funding for this candidate running for a seat in the House of Representatives from Long Island, known for exaggeration and telecom fraud allegations. However, George Santos denies any wrongdoing and considers FTX to be his biggest corporate supporter.
