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FROM DRUG ABUSE TO POLYAMORY: FTX SCAM MASTERMIND SAM BANKMAN-FRIED'S WILD LIFESTYLE

The FTX crew reportedly partied often and even made key company decisions while high on amphetamines.

PUBLISHED APR 5, 2024

Cover Image Source: WASHINGTON, DC - DECEMBER 08: CEO of FTX Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee at Rayburn House Office Building on Capitol Hill December 8, 2021 in Washington, DC. (Photo by Alex Won

Sam Bankman-Fried's spectacular success story in the cryptocurrency space can only be matched by the grim tale of his fall from grace. Once celebrated as the founder of the world's second-largest crypto exchange, he is now the convicted mastermind behind one of the biggest financial frauds the country has ever witnessed. Throughout his reign as the crypto king, Sam presented a very flamboyant personality of himself to the public. His lifestyle choices and claims that he sealed million-dollar deals while playing games created a buzz in the media. It was also reported that his home in the Bahamas, which he shared with 10 roommates, was allegedly a meeting place for FTX executives to indulge in their fantasies. A recent report by the New York Post even shed light on polyamory and the drug-fuelled lifestyle of the residents of that villa.

Image Source: NEW YORK, NEW YORK - DECEMBER 22: FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on December 22, 2022 in New York City. Bankman-Fried, who was indicted on December 9th and arrested 3 days later by Bahamas law enforcement at the request of U.S. prosecutors, consented to extradition to the U.S. where he is facing eight criminal counts of fraud, conspiracy and money-laundering offenses which includes making illegal political contributions. He is potentially facing life in prison if convicted. He was released on $250 million bond with the bail package requiring him to stay with his parents in California. (Photo by Michael M. Santiago/Getty Images) — Image Source: NEW YORK, NEW YORK - DECEMBER 22: FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on December 22, 2022 in New York City. (Photo by Michael M. Santiago/Getty Images)

Their belief that such a lifestyle enabled them to be more productive was further emboldened as they were led by Bankman-Fried, who was seen as a trailblazer in the crypto business. At the villa, the FTX crew were working and partying hard all night as they were high on amphetamines even while making key decisions.

Image Source: NEW YORK, NEW YORK - JANUARY 03: FTX founder Sam Bankman-Fried is seen on January 3, 2023 in New York City. Bankman-Fried has been charged with eight criminal counts of fraud, conspiracy, and money-laundering offenses which includes making illegal political contributions. (Photo by Gotham/GC Images)

A Miami High Society elite was reportedly not impressed with the way Sam and Co. went about their business in the Bahamas and alleged that “They were staying up all night, snorting Adderall, smelling like they hadn’t showered in a week.”

Image Source: NEW YORK, NEW YORK - MARCH 30: (EDITOR'S NOTE: Alternate crop) FTX Founder Sam Bankman-Fried arrives at Manhattan Federal Court for a court appearance on March 30, 2023 in New York City. A revised indictment was filed in federal court accusing Bankman-Fried of paying a $40 million bribe to one or more Chinese government officials. He has already been charged with eight criminal counts of fraud, conspiracy, and money-laundering offenses which include making illegal political contributions. (Photo by Michael M. Santiago/Getty Images)

The house had a strict no-meat policy but had no such stringent regulations when it came to relationships with each other. Sam's former girlfriend, Caroline Ellison ex-CEO of Alameda Research was also a regular member of such stints in his villa. She advocated both drug use and polyamory on her social media handles. She wrote in a 2021 post, “Nothing like regular amphetamine use to make you appreciate how dumb a lot of normal, non-medicated experience is."

Image Source: NEW YORK, NEW YORK - AUGUST 11: Former FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court on August 11, 2023 in New York City. Federal prosecutors are asking U.S. District Court Judge Lewis Kaplan to revoke Bankman-Fried's bail and to be jailed until his October criminal trial. Bankman-Fried who has pleaded not guilty to multiple conspiracy and fraud charges was accused of witness tampering after the New York Times published a story featuring personal documents of Caroline Ellison, former Alameda Research CEO. Judge Kaplan will also hear arguments on the gag order placed on Bankman-Fried that was placed as part of his bail agreement for the alleged witness tampering. (Photo by Michael M. Santiago/Getty Images)

Sequoia Capital, which invested in FTX in their now-deleted report made some interesting comments about the lifestyle of the villa's residents. A report by CoinDesk about residents of the villa claimed, "All 10 are, or used to be, paired up in romantic relationships with each other.” There seems to have been toxic behavior at play within these relationships as a member of this group Ellison believed in the 'Chinese Harem' philosophy of polyamory. In this system, individuals ranked their partners, and partners on the other hand needed to compete in order to jump up the rankings of their loved ones.

Image Source: NEW YORK, NEW YORK - JUNE 15: FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court after a court appearance on June 15, 2023 in New York City. A court in the Bahamas temporarily barred the country’s government from agreeing to let US prosecutors pursue part of their criminal case against Bankman-Fried this week due to them being added after his agreed extradition. The Justice Department in a filing informed Judge Lewis Kaplan that it will only try Bankman-Fried on the original eight counts mentioned in the original indictment that includes wire fraud, securities fraud, money laundering, and campaign finance fraud. (Photo by Michael M. Santiago/Getty Images) — Image Source: NEW YORK, NEW YORK - JUNE 15: FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court after a court appearance on June 15, 2023 in New York City. (Photo by Michael M. Santiago/Getty Images)

They were not open about their lifestyle in front of everyone and an aura of mystery developed around these up-and-coming executives trying to change the face of finance with cryptocurrency. Unfortunately, the idealistic ambitions had a tragic downfall. As per NBC News, SBF was sentenced to 25 years in jail for his role in defrauding users of the collapsed cryptocurrency exchange FTX. In the court proceedings, he agreed to having been "selfish" in his actions which caused him to "throw it all away." He claims that his calls would haunt him for the rest of his life.

Image Source: NEW YORK, NEW YORK - JUNE 23: Sam Bankman-Fried speaks onstage during the first annual Moonlight Gala benefitting CARE - Children With Special Needs - hosted by Michael Cayre, Roy Nachum and MegaMoon Museum at Casa Cipriani on June 23, 2022 in New York City. (Photo by Craig Barritt/Getty Images for CARE For Special Children )

As part of the testimonies of victims of his scam presented in court, one individual wrote “My whole life has been destroyed. I have 2 young children, one born right before the collapse. I still remember the weeks following where I would stare blankly into their eyes, completely empty inside knowing their futures have been stolen through no fault of our own. I did not gamble on crypto. I did not make any crypto gains. I had my [bitcoin] which I had collected over the years deposited on FTX as a custodian. I did not agree to the risk that SBF took with my funds."