Businessweek SBF’s Shopping List
The accused crypto scammer spent millions on everything from thought leaders and clubhouses to media investments and e-sports leagues.
It will be up to the courts to decide whether Sam Bankman-Fried, who’s been accused of orchestrating a multibillion-dollar fraud at the crypto exchange FTX, was a criminal or merely a poor businessman. SBF, whose story is the focus of a new podcast from Bloomberg and Wondery called Spellcaster, denies wrongdoing and is fighting the charges. What’s clear, beyond any reasonable doubt, is that he and his inner circle didn’t have the greatest taste. Here’s a partial list of where their money went. All figures are from public disclosures or bankruptcy documents, unless otherwise noted. —With Zeke Faux, Hannah Miller and Annie Massa
Semafor
Media
$10 million
Investment in a startup promising “transparent news” and “distilled views.” It plans to return the money.
Soak My Deck
Luxury watercraft
$2.5 million
Alameda Research, Bankman-Fried’s affiliated hedge fund, bought a 52-foot yacht for Sam Trabucco, its co-chief executive officer.
Team SoloMid FTX
“Sports”
$210 million
Naming rights for an LA e-sports team; it had set a world record for Super Smash Bros. tournament wins and has since dropped “FTX” from its name.
The Orchid Penthouse
Clubhouse
$30 million
Hangout for Bankman-Fried and his inner circle inside the ultra-exclusive Albany resort in the Bahamas.
Moonstone Bank
Local business
$11.5 million equity stake
Community bank in Washington state that briefly rebranded to focus on crypto and cannabis. It’s since changed its name back to Farmington State Bank, saying it was “returning to its original mission.”
Representative George Santos
Thought leader
$29,000
Campaign contributions for the Long Island Republican, known for stretching the truth and for a wire fraud indictment. Santos, who denies wrongdoing, counted FTX as his top corporate backer.
A Tesla for Greg16676935420
Stunt
$136,000
Tesla Model S Plaid given to a semifamous crypto influencer. “This is the craziest day of my life,” Greg16676935420 tweeted after receiving it.
“Don’t Be Like Larry”
Super Bowl anti-endorsement
$20 million for a 60-second ad*
Commercial featuring Curb Your Enthusiasm star Larry David as a crypto skeptic who doesn’t want to invest with FTX.
*For production and airtime, according to a person familiar with the spot.
Ape In!
“Art”
$24.4 million
Lot of 101 drawings of monkeys in various costumes, created by the crypto company that owns Bored Ape Yacht Club and auctioned by Sotheby’s as nonfungible tokens, or NFTs.
FTX Arena
Sports branding
$135 million for 19 years
Naming rights for the 20,000-seat home of the NBA’s Miami Heat. Since renamed the Kaseya Center, after a local IT company.
League of Legends Championship Series
“Sports” branding
$96 million for seven years
Agreement to become the official cryptocurrency exchange partner of the North American e-sports league, which is now suing FTX.
Trips to Jimmy Buffett’s Margaritaville Paradise Island
Corporate hospitality
$599,409
Unpaid bill at a themed Bahamas resort.