FTX’s Bahamas company spent nearly $40 million on hotels, food and travel in just nine months. More than $15 million of that was spent on luxury hotels and lodging, $5.8 million on the resort Hotel Albany (a luxury apartment complex where SBF and other FTX, Alameda employees live), and about $3.6 million on the four-star Grand Hyatt, Another $800,000 was spent on the five-star Rosewood Resort, nearly $7 million was spent on dining and entertainment, about half of which was spent on food service, nearly $4 million was spent on flights, and more than $500,000 was spent on postage and delivery .
Additionally, the lawyers noted that FTX Digital Markets, a Bahamian-based company of the cryptocurrency exchange, did not generate any client revenue during this period.
The company is also offering Bahamian employees “a full package of cars and gas for all employees, as well as unlimited, all-expenses-paid travel to any office worldwide.” Before filing for bankruptcy, FTX had about 1,310 employees, which means that each employee spent an average of nearly $12,000 on hotels over a nine-month period, according to technology tracking site Growjo.