FTX liquidators report exchange held $2.4M 'fleet of vehicles' in the Bahamas

The associated provisional liquidators of FTX Digital Markets — the firm’s subsidiary successful the Bahamas — has released a study connected the company’s carnal assets successful the land nation.

According to affidavit filed by a PricewaterhouseCoopers spouse with the Bahamas’ ultimate tribunal connected Feb. 8, FTX’s associated provisional liquidators, oregon JPLs, said the institution had purchased 52 properties successful the Bahamas, including units “in the sanction of idiosyncratic employees oregon relatives of SBF, contempt FTX Digital providing the funding”. These properties, which included lodging for FTX employees and commercialized bureau space, were worthy astir $255 cardinal and purchased by an FTX subsidiary.

The JPLs besides identified “a fleet of vehicles” FTX’s employees had utilized astir the land worthy astir $2.4 million, $500,000 worthy of bureau furnishings and machine equipment, and 13 leased retention units whose contents inactive request to beryllium assessed. The liquidators said they would “commence disposals” pursuing support from the Bahamas’ ultimate court.

It’s unclear wherever galore individuals inactive employed astatine FTX amid bankruptcy proceedings were working. FTX CEO John Ray said successful bankruptcy court connected Feb. 6 that the institution nary longer had carnal offices and was alternatively operating successful the metaverse — though this whitethorn person been referring to FTX’s office alternatively than section subsidiaries.

According to the JPL report:

“Most employees were nary longer reporting to the FTX Digital bureau successful The Bahamas for work. Many cardinal employees of FTX Digital were expatriates who had moved to The Bahamas connected employment visas, and it was subsequently learnt that galore had physically near The Bahamas astir the clip of the appointment.”

The study followed the FTX debtors announcing connected Jan. 6 they had reached an agreement with FTX Digital aimed astatine liquidating oregon disposing of assets tied to the Bahamas’ subsidiary. The Bahamas’ ultimate tribunal ordered each FTX Digital integer assets transferred to a wallet controlled by the Securities Commission of the Bahamas connected Nov. 12 — 1 time aft FTX filed for bankruptcy successful the United States.

Related: Bahamas regulator denies asking crypto speech FTX to mint caller tokens

Bankruptcy proceedings for FTX are underway successful the U.S. Bankruptcy Court for the District of Delaware. The justice successful the lawsuit ruled connected Feb. 8 that the FTX debtors were authorized to contented subpoenas to definite individuals including Bankman-Fried and his contiguous family.