FTX DINE & ‘DASH’
‘Margarita’ bill & food app debts total $1M
Sam Bankman-Fried’s defunct crypto exchange FTX owes Jimmy Buffett’s Margaritaville resort nearly $600,000 — more than 10 times what was previously thought — and meanwhile racked up a $400,000 DoorDash tab ahead of its bankruptcy, court papers revealed this week.
In November, FTX’s investment affiliate Alameda Research was reportedly sought after by the Margaritaville resort in the Bahamas over a $55,319 bar tab.
But court papers on Wednesday show the oceanside retreat named after Buffett’s hit single is now claiming $599,409 owed by the crypto hedge fund, according to Insider.
FTX employees reportedly stayed “for weeks or months” in about 20 suites at One Particular Harbour — a luxury tower connected to the main Margaritaville resort, according to Bloomberg.
Resort staffers said Alameda workers would pile into a shuttle in the morning and return to Margaritaville from their Bahamasbased headquarters at the end of the day, according to reports.
Court filings this week also show that Alameda racked up a $400,000 DoorDash bill in the months leading up to the crypto giant’s spectacular implosion.
Documents filed in Delaware bankruptcy court on Wednesday revealed an unpaid tab of $403,765 to the delivery app. West Realm Shires Services, which manages FTX US, paid a total of $357,526 to DoorDash in May and July of 2022, Insider reported. Former employees previously told The Financial Times that FTX US was given $200 per day toward DoorDash food delivery, along with the free groceries, a barbershop pop-up and bi-weekly massages.
DoorDash confirmed to Insider that FTX US was a customer of “DoorDash for Work, our employee benefit product.”
FTX US made two substantial payments to DoorDash in 2022 with the entity of around 75 employees. The first payment of $173,000 came in May, followed by another payment of $183,000 in July, according to Axios reports in November.
Alameda Research still has an outstanding DoorDash balance of $46,239, court papers show.