Bankrupt crypto exchange FTX and its founder’s parents have purchased properties for nearly $121 million in the Bahamas, according to a media report. Some of them were supposed to be used by senior company executives, cited documents revealed.
Bankman-Fried’s parents try to return their vacation home to FTX
FTX, the parents of its founder and CEO Sam Bankman-Fried (SBF), and top executives of the insolvent cryptocurrency exchange have purchased at least 19 properties worth nearly $121 million in the Bahamas in past two years, Reuters reported, citing property records.
Among the purchases were luxury beachfront homes, including seven condominiums in an expensive resort town called Albany costing nearly $72 million, the news agency detailed. These were acquired by an FTX unit and were to be used as a “residence for key personnel”, the documents say.
Deeds for another property with beach access, located in a gated community in Old Fort Bay, show Bankman-Fried’s parents as signers. According to one of the documents dated June 15, it was intended to be used as a “holiday home”.
Responding to a question from Reuters, a spokesperson for the couple, Stanford University law professors Joseph Bankman and Barbara Fried, said they tried to return the property to FTX before the impeachment process. bankruptcy, adding without specifying that they were awaiting further instructions.
The Bahamian– headquartered at FTX, one of the largest digital asset exchanges in the world, deposit for Chapter 11 bankruptcy protection in the WE the 11th of November. The company was placed in voluntary administration, and lost their licenses in several jurisdictions while SBF resigned as CEO.
The authorities, of Japan at Turkeyhave launched investigations into its recent collapse, which followed a wave of withdrawals earlier in November, leaving a million creditors with combined losses of billions of dollars.
Some of the Bahamas properties purchased by recently fired FTX executives
Reuters based its investigation on Bahamian Registrar General’s Department property records for FTX, Bankman-Fried, his parents and some of the stock exchange’s top executives. Among them are the deeds of three condominiums in a beachfront residence in New Providence called One Cable Beach, which cost between $950,000 and $2 million and were purchased by Bankman-Fried, Nishad Singh, a former head of engineering at FTX and co-founder of FTX. Gary Wang.
Singh and Wang, who along with others involved did not comment, were recently among the top executives of FTX. fired by the current management of the company. The property records for the most expensive real estate purchase, a $30 million penthouse in the Albany complex, were signed by FTX Property President Ryan Salame.
In a U.S. court filing with the District of Delaware Bankruptcy Court, new FTX CEO John Ray said he understands FTX Group corporate funds are being used to “buy homes and other personal items for employees and advisors”. FTX’s Bahamas headquarters are now vacant, the report adds.
What do you think of the revelations about the real estate purchases made by FTX and its executives in the Bahamas? Tell us in the comments section below.
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