1 Million Bahamas Property Acquired by SBF’s Parents FTX, Report Reveals – Exchanges Bitcoin News

$121 Million Bahamas Property Acquired by SBF’s Parents FTX, Report Reveals – Exchanges Bitcoin News

According to a media report, bankrupt crypto exchange FTX and the founder’s parents have purchased properties for nearly $121 million in the Bahamas. Some of these would be used by the company’s senior executives, according to documents cited.

Bankman-Fried’s parents are trying to return the holiday home to FTX

FTX, the parents of founder and CEO Sam Bankman-Fried (SBF), and top executives of the insolvent cryptocurrency exchange have purchased at least 19 properties worth nearly $121 million in the Bahamas over the past two years, Reuters reported. referring to property data.

The purchases included luxury beachfront homes, including seven condominiums in an expensive resort community called Albany, costing nearly $72 million, the news agency said. These were purchased by an FTX unit and were to be used as “residences for key personnel”, the documents show.

The deeds for another property with beach access, located in a gated community in Old Fort Bay, show Bankman-Fried’s parents as signers. According to one of the June 15 documents, it was intended for use as a “holiday home.”

Responding to a question from Reuters, a spokesperson for the couple, Joseph Bankman and Barbara Fried, law professors at Stanford University, said they tried to return the property to FTX even before the bankruptcy proceedings, without explaining further. that they await further instructions.

Bahamas-based FTX, one of the world’s largest digital asset exchanges, filed for Chapter 11 bankruptcy protection in the US on Nov. 11. The company was placed under voluntary administration and lost its licenses in multiple jurisdictions as SBF stepped down as CEO.

Authorities from Japan to Turkey have launched an investigation into the recent collapse, which followed a wave of withdrawals earlier in November that reportedly left a million creditors with combined losses in the billions of dollars.

Purchased some properties in the Bahamas by recently fired FTX executives

Reuters based its investigation on ownership data from the Bahamas Registrar General’s Department for FTX, Bankman-Fried, his parents and some of the exchange’s top executives. Among them are the deeds for three condominiums in a New Providence beachfront residence called One Cable Beach, which cost between $950,000 and $2 million and were purchased by Bankman-Fried, Nishad Singh, former head of engineering at FTX, and co-founder from FTX Gary Wang.

Singh and Wang, who declined to comment along with other individuals involved, were among senior FTX executives recently fired by the company’s current management. The ownership records for the most expensive real estate purchase, a $30 million penthouse at the Albany resort, were signed by FTX Property President Ryan Salame.

In a U.S. court filing with the District of Delaware Bankruptcy Court, new FTX CEO John Ray said he understood that FTX Group corporate funds were being used to “purchase homes and other personal items for employees and consultants “. The FTX headquarters in the Bahamas is now vacant, the report said.

Tags in this story

bahamas, Bankman-Fried, Bankruptcy, CEO, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, Exchange, Executives, founder, ftx, Houses, parents, Properties, property, Purchases, Real estate, Records, report, Sam Bankman-Fried, sbf

What do you think of the revelations about the real estate purchases by FTX and its executives in the Bahamas? Tell us in the comments below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes the Hitchens quote, “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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