Bahamas Property Worth $121 Million Acquired by FTX, SBF’s Parents, Report Unveils

Bankrupt crypto speech FTX and its founder’s parents person purchased properties for astir $121 cardinal successful the Bahamas, according to a media report. Some of these were expected to beryllium utilized by the company’s elder executives, quoted documents person revealed.

Bankman-Fried’s Parents Trying to Return Vacation Home to FTX

FTX, the parents of its laminitis and CEO Sam Bankman-Fried (SBF), and apical executives of the insolvent cryptocurrency speech person bought astatine slightest 19 properties worthy astir $121 cardinal successful the Bahamas implicit the past 2 years, Reuters reported, citing spot records.

Among the purchases were luxury beachfront homes, including 7 condominiums successful an costly edifice assemblage called Albany, costing astir $72 million, the quality bureau detailed. These were acquired by an FTX portion and were to beryllium utilized arsenic “residence for cardinal personnel,” the documents indicate.

The deeds for different spot with formation access, located successful an Old Fort Bay gated community, amusement Bankman-Fried’s parents arsenic signatories. According to 1 of the documents dated June 15, it was meant for usage arsenic a “vacation home.”

Responding to a query from Reuters, a spokesperson for the couple, Stanford University instrumentality professors Joseph Bankman and Barbara Fried, said they had been trying to instrumentality the spot to FTX since earlier the bankruptcy proceedings, adding without elaborating that they are awaiting further instructions.

The Bahamas-headquartered FTX, 1 of the world’s largest integer plus exchanges, filed for Chapter 11 bankruptcy extortion successful the U.S. connected Nov. 11. The institution was placed nether voluntary administration, and lost its licenses successful aggregate jurisdictions portion SBF resigned arsenic main executive.

Authorities, from Japan to Turkey, person launched investigations into its caller collapse, which followed a unreserved of withdrawals earlier successful November, reportedly leaving a cardinal creditors with combined losses successful the billions of dollars.

Some of the Bahamas Properties Purchased by Recently Fired FTX Executives

Reuters has based its probe connected spot records astatine the Bahamas Registrar General’s Department for FTX, Bankman-Fried, his parents, and immoderate of the exchange’s cardinal executives. Among them are the deeds for 3 condominiums astatine a beachfront residence successful New Providence called One Cable Beach, that outgo betwixt $950,000 and $2 cardinal and were bought by Bankman-Fried, Nishad Singh, erstwhile caput of engineering astatine FTX, and FTX co-founder Gary Wang.

Singh and Wang, who on with different implicated individuals did not comment, were among the FTX high-ranking executives precocious fired by the company’s existent management. The spot records for the astir costly existent property purchase, a $30-million penthouse astatine the Albany resort, were signed by the President of FTX Property, Ryan Salame.

In a U.S. tribunal filing with the District of Delaware bankruptcy court, the caller CEO of FTX, John Ray, said helium understood that firm funds of the FTX Group were utilized to “purchase homes and different idiosyncratic items for employees and advisors.” The FTX office successful the Bahamas is present unoccupied, the study added.

What are your thoughts connected the revelations astir the spot purchases made by FTX and its executives successful the Bahamas? Tell america successful the comments conception below.

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