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How FTX brass racked up a $55K debt at ‘Margaritaville’ lodge in Bahamas

By Lauren Wilson Dec28,2022

FTX brass and staff spent a great amount of money and time losing away in Margaritaville — earlier than reportedly stiffing the Jimmy Buffett-themed lodge within the Bahamas for greater than $50,000.

The crypto staff racked up a $55,319 unpaid tab this 12 months as they it sounds as if discovered their misplaced shaker of salt whilst turning into fixtures at Margaritaville “for a number of months,” lodge staff advised Bloomberg.

The FTX staff reportedly stayed “for weeks or months” in about 20 suites at One Specific Harbour – a luxurious tower attached to the principle Margaritaville lodge.

Lodge staffers stated staff from the since-imploded company would pile right into a commute within the morning and go back to Margaritaville after their workday on the corporate’s Bahamas-based headquarters.

The cryptocurrency company’s staff had been reportedly round so continuously that one lodge staffer advised the opening they “nearly cried” when FTX imploded.

Sam Bankman-Fried
Sam Bankman-Fried is the disgraced ex-CEO of FTX.
Bloomberg by means of Getty Pictures
Caroline Ellison
Caroline Ellison was once CEO of Alameda Analysis.
Twitter / @carolinecapital

“They had been cool,” one unnamed Margaritaville staff advised the opening. “I by no means had an issue with any of them.”

In chapter court docket filings, the debt was once attributed to Alameda Analysis, a now-defunct FTX spouse cryptocurrency buying and selling company that was once owned by means of Sam Bankman-Fried and run by means of his ex-lover, CEO Caroline Ellison. The Margaritaville suites had been booked below Alameda’s title, the record stated.

It’s unclear if Bankman-Fried or Ellison had been amongst those that visited the lodge. The staffers advised Bloomberg that the closing FTX staff left Margaritaville a few month in the past, simply because the trade’s downfall started.

The lodge is situated about 10 miles from the corporate’s now-aborted campus web page and about 15 miles from the luxurious Albany lodge group – the place Bankman-Fried and different FTX executives labored from a luxurious penthouse.

Margaritaville resort
FTX staff reportedly occupied about 20 suites on the lodge.
Margaritaville Lodge Nassau

The Publish has reached out to Margaritaville for remark.

FTX owes its most sensible 50 collectors a whopping $3 billion. Up to now, US Chapter Pass judgement on John Dorsey has agreed to FTX’s request to redact the collectors’ names – a rarity in identical circumstances – because of privateness issues.

The Margaritaville debt is likely one of the maximum notable which have been publicly disclosed in court docket filings. FTX additionally owes $4.7 million to Amazon Internet Services and products, $120,000 to the regulation company Herbert Smith Freehills and $80,000 to Bloomberg Finance LP, in line with the paperwork.

FTX declared chapter closing month.

New FTX CEO John Ray and legal professionals overseeing the corporate’s chapter have decried lavish, unchecked spending by means of most sensible executives within the days previous to the meltdown. Court docket filings say Bankman-Fried successfully pillaged corporate assets to shop for up $300 million in high-end Bahamas actual property.

A record from the Monetary Instances stated FTX executives showered staff with perks, comparable to loose catering, onsite massages, all-expenses-paid journeys to the corporate’s more than a few places of work and a fleet of vehicles.

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