SBF’s Bankrupt Alameda Research Owes A Margaritaville $55K

Over the past decade or so, the cryptocurrency space has spawned countless cautionary tales highlighting the potential pitfalls of going all-in on Bitcoin and other digital assets thanks in no small part to the many, many unscrupulous actors who’ve taken advantage of its largely unregulated nature.

That includes the saga that’s unfolded over the past few weeks courtesy of Sam Bankman-Fried. The man commonly referred to as “SBF” actually devoted a fair amount of time and effort to legitimizing crypto after founding Alameda Capital and FTX, but the house of cards he constructed came tumbling down in dramatic fashion earlier this month when both companies filed for bankruptcy following a somewhat unprecedented collapse.

It didn’t take long for a fairly shocking paper trail to emerge that highlighted the dysfunction and mismanagement that left FTX on the hook for over $9 billion in liabilities. That was compounded by the $1 billion in client funds that was mysteriously moved from one of the company’s accounts and a report that found it had purchased $300 million worth of real estate in the Bahamas largely reserved for SBF, his parents, and senior members of the staff.

It would appear the powers that be spared no expense while spending time in the Caribbean based on a document that provided an Australian bankruptcy court with a closer look at the finances of Alameda Capital, the quantitative trading firm SBF founded in 2017 and still owned a controlling stake in after turning the bulk of his attention to FTX.

The company’s biggest outstanding debt is the more than $4.6 million it owes to Amazon Web Services. However, that’s nowhere near as entertaining as the $55,319 bill that remains to be paid to the Margaritaville Beach Resort in Nassau where SBF and Co. presumably had a very good time.

Here’s to hoping we eventually get an itemized receipt.