SBF’s parent FTX buys $121M Bahamas property, report reveals – Bitcoin News Exchange


Bankrupt cryptocurrency exchange FTX and its founder’s parents have bought property in the Bahamas for about $121 million, according to a media report. Some of these are quoted from documents believed to be used by the company’s senior executives.

Bankman-Fried’s parents are trying to return the vacation home to FTX

FTX, the parents of its founder and CEO Sam Bankman-Fried (SBF) and senior executives of the bankrupt cryptocurrency exchange bought at least 19 properties in the Bahamas over the past two years worth about $121 million, Reuters reported, citing property records. .

Among the purchases were luxury waterfront homes, including seven condominiums in an expensive resort community called Albany that cost about $72 million, the news agency detailed. These were purchased by the FTX unit and were to be used as “key staff accommodation” in the documents.

Documents for another beachfront property in the gated community of Old Fort Bay list Bankman-Fried’s parents as signatories. According to one of the documents dated June 15, it is intended for use as a “rest house.”

Stanford University law professors Joseph Bankman and Barbara Fried, spokesmen for the couple, who responded to a Reuters inquiry, added that they were trying to return the property to the FTX before bankruptcy proceedings and were awaiting further instructions.

Bahamas-based FTX, one of the world’s largest digital asset exchanges, filed for Chapter 11 bankruptcy protection in the United States on November 11. The company went into voluntary administration and SBF lost its licenses in many jurisdictions when its chief executive resigned. .

Authorities from Japan to Turkey launched investigations into the latest collapse, which followed withdrawals that left a million lenders with billions of dollars in losses in early November.

Some Bahamas properties purchased by recently fired FTX executives

Reuters conducted the investigation based on the property records of Bankman-Fried, her parents and some of the stock exchange’s top executives at the Bahamas Registrar General’s Department of Securities and Exchange. Among them are documents for three condominiums at One Cable Beach, a waterfront residence in New Providence, priced between $950,000 and $2 million, and purchased by Bankman-Fried, FTX’s former head of engineering and FTX co-founder Nishad Singh. Gary Wang.

Singh and Wang, who, along with other related individuals, did not comment, were among senior FTX executives recently fired by the company’s current management. Property records for the most expensive real estate sale, a $30 million penthouse in the Albany resort, were signed by Ryan Salame, president of FTX Property.

FTX’s new CEO John Ray, who filed in US bankruptcy court in Delaware, said he understood FTX Group’s corporate funds were being used “to purchase homes and other personal items for employees and consultants.” The FTX headquarters in the Bahamas is currently vacant, the report added.

Tags in this story

bahamas, Bankman-Fried, Bankruptcy, CEO, Cryptocurrency, cryptocurrency, Cryptocurrencies, Cryptocurrency, Exchange, Executives, founder, ftx, Homes, parents, Properties, property, Purchases, Real Estate, Notes, report, Sam Bankman-Fried, sbf

What are your thoughts on the disclosures made by FTX and its executives regarding property purchases and sales in the Bahamas? Let us know in the comment section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes to quote Hitchens: “Being a writer is more about who I am than what I do.” Along with cryptocurrency, blockchain and fintech, international politics and economics are two other sources of inspiration.

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