According to a recent report, at least 19 properties worth around $121 million were purchased under FTX’s name, Sam Bankman-Fried’s parents, and senior-level executives of the now-defunct crypto exchange in the Bahamas.
According to the most recent information from the FTX lawsuit, millions-dollar Bahamian properties were purchased under the company’s name. Over the last two years, FTX, which was then run by Sam Bankman-Fried (SBF), his parents, and other senior corporate officials, is said to have bought at least 19 properties in the Bahamas.
According to a Reuters investigation of the official property records, the total value of these acquisitions is above $121 million.
The purchased homes included seven opulent condominiums. The property deed states that the condominiums were to be utilized as “residences for important employees” of the shuttered exchange, albeit the inhabitants are still unknown.
SBF’s parents, Joseph Bankman and Barbara Fried are also signatories on a $16.4 million property. The property is purportedly listed as a “vacation house” in the deed, which was recorded on June 15 of this year.
According to the first reports, a couple of spokeswomen declined to comment when asked how this recreational property was obtained and if any FTX monies were used. Prior to the bankruptcy, only the couple had been attempting to give the land back to FTX.
“Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions.”
After purchasing the Bahamas for $60 million and holding a groundbreaking ceremony there in April of this year, FTX relocated its headquarters from Hong Kong to the Bahamas in September of 2021. A video of the event was made available on the Prime Minister of the Bahamas’ official YouTube page.
The area, meanwhile, has reportedly been vacant for months, according to claims from media outlets’ recent visits to the property.
Sam Bankman-Fried and two former partners at the defunct exchange were placed under “supervision” in the Bahamas by authorities as the liquidity problem and bankruptcy scandal developed; they are still there today.
The corporation may have over 1 million creditors in total, with the 50 biggest creditors each due over $3 billion, according to court filings filed after the original bankruptcy notification.
A planned FTX hearing on December 1 was announced by a US Senate committee on November 21. The director of the CFTC will give testimony at this hearing.
