MarketsFTX's real estate purchases amounted to $121 million

FTX’s real estate purchases amounted to $121 million

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Official property records show that Sam Bankman-Fried and his parents and CEOs, of a cryptocurrency exchange FTX FTXthey had bought at least 19 A property worth approx 121 Million dollars, in the Bahamas over the past two years.

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Also read: Sam Bankman Fried regrets filing for bankruptcy with the FTX exchange

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Where most of the purchases were luxury beachfront homes, including seven condominiums in an expensive resort called Albanyat a cost of approx 72 Million dollars.

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The bonds show that the properties that were purchased were to be used as housing for key employees of the company, while it was not specified who lived in these apartments.

Furthermore, documents for another home show the signature of Bankman-Fried’s parents, law professors at Stanford University, Joseph Bankman And theBarbara Fried.

As mentioned in one of the documents dated in 15th June, this property was used as a vacation home.

When asked why they bought a vacation home in the Bahamas, and how it was paid for, a spokesperson for the professors said:

“Mr. Bankman and Ms. Fried have been seeking to return the bond to the company since before the bankruptcy proceedings, and are awaiting further instructions.”

FTX's real estate purchases amounted to $121 million

On the other hand, although it is known that FTX And its employees bought real estate in the Bahamas, where it established its headquarters in September of last year, but the real estate records seen by Reuters show, for the first time, the size of the buying spree and the intended use of some real estate.

For his part, Bankman-Fried told Reuters that he lives in a house with nine other colleagues. As for his employees, he said that the company FTX It provides free meals, and an Uber-like in-house service (delivery service) across the island.

Noteworthy, the collapse of Bursa FTXone of the largest cryptocurrency exchanges in the world, has caused an estimated one million creditors to stand down, and billions of dollars in losses.

Reuters reported that Bankman Fried used a secret 10 billions of dollars of client money, to support his business, and that at least a billion dollars of those deposits had disappeared.

In the same context, the new CEO of the company explained FTX, John Rayin a lawsuit filed in Delaware County Bankruptcy Court earlier this month, that FTXwere used to purchase homes and other personal items for employees and advisors.

Real estate purchases

Reuters researched property records in the Bahamas for Plc FTX Bankman Fried and his parents, and some of the company’s top executives.

Where I found that company FTX FTX Property Holdings Ltd, she bought 15th A property worth approx 100 million dollars, between the years 2021 And the 2022.

Where the most expensive purchase was a penthouse apartment worth 30 Million dollar Albany resort, other luxury real estate purchases include, three condominiums in One Cable Beach.

Also read: Sam Bankman Fried talks about the reason for the collapse of the FTX stock exchange

Finally, records show that housing units cost between 950 One thousand and two million dollars, and it was bought by the former head of engineering at FTXnNishad Singhand founding partner Gary Wangand Bankman Fried for residential use.

Source: Crypto Arabia

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William
William
I am a news writer at 24Happenings, where I help promote and write about events that matter to young professionals. I have worked in media for over a decade, most recently as an anchor in a small town in upstate New York. In my spare time, I like to read, cook simple meals, and watch DirecTV originals.

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