Sam Bankman-Fried's Legal Fees Paid with Alameda Funds Gifted to Father

Sam Bankman-Fried, the disgraced founder of FTX, is reportedly using funds from a "multi-million-dollar gift" he gave to his father, which was taken from his failed cryptocurrency hedge fund, Alameda Research, to pay for his expensive legal defense. Bankman-Fried gifted the maximum amount allowable under the lifetime estate and gift tax exemption, which would have been $11.7 million in 2021. He is currently under house arrest while awaiting trial on criminal charges related to FTX's downfall. Bankman-Fried's parents have received subpoenas for personal records of any financial assets they received from FTX.