FTX and its Workers Went on Actual Property Shopping for Spree Throughout Bahamas: Report

FTX, its former chief Sam Bankman-Fried’s dad and mom, in addition to senior executives of the fallen crypto trade, bought at the very least 19 properties price virtually $121 million within the Bahamas, in accordance with new reviews.

Official property data verified by Reuters reveal that FTX purchased luxurious beachfront properties, together with seven condominiums in a penthouse in a luxurious resort known as Albany, over the previous two years. The entire value was virtually $72 million.

  • The properties’ deeds present that the unit was for use as “residences for key personnel” of the crypto trade.
  • The Albany property was the costliest deal and was price $30 million, the paperwork of which have been signed by the president of FTX Property, Ryan Salame.
  • FTX’s former head of engineering, Nishad Singh, its co-founder Gary Wang, together with Bankman-Fried, purchased three flats at One Cable Seaside and a beachfront residence in New Windfall.
  • The paperwork of one other dwelling, constructed within the 1700s with seaside entry in Outdated Fort Bay, present Bankman-Fried’s dad and mom, Stanford College legislation professors  – Joseph Bankman and Barbara Fried – as signatories, and the property was for use as a “trip dwelling.”
  • Whereas the mode of cost of those purchases continues to be not identified, a spokesman for the professors asserted solely that the duo had been making an attempt to return the property to FTX earlier than the chapter proceedings.
  • The brand new growth surfaces simply days after FTX’s new chief government, John Ray, revealed in a court docket submitting that company funds have been used to “buy properties and different private objects for workers and advisors.”
  • In the meantime, FTX Property had shelled out over $8 million on a bunch of homes for use as FTX’s workplace headquarters along with $4.5 million on a virtually 5-acre plot of land to be developed into workplaces.
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