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FTX, Bankman-Fried parents and senior executives bought properties worth $121 million in Bahamas

Image Wikimedia Cointelegraph

FTX, the cryptocurrency exchange that has filed for bankruptcy this month as well as the former CEO Sam Bankman-Fried’s parents and senior executives officially bought at least 19 beach front and other exclusive properties worth $121 million. A FTX Unit bought the properties that were to be used as residences for top executives in the company. The former CEOs parents were the signatories of one property with exclusive access to the beach.

In an exclusive Reuters reported that a spokesman said that the Stanford law professors, who are SBF’s parents, said that they had been trying to return the property to FTX. The property for which they were signatories had beach access and was in a luxurious gated community. It had been a British colonial fort that was built in the 1700s. It was built to protect its residents against pirates.

Reuters saw extensive property records that showed the immense scale of residences and exclusive condominiums that have been acquired by the company as it established its headquarters in the Bahamas.

Earlier, the outlet had reported that SBF had used $10 billion from customers funds to secretly give a boost to his trading business. It also reported that $1 billion of this secret fund has disappeared.

Earlier in November, John Ray an experienced legal and restructuring expert, who was appointed as the new CEO of FTX also confirmed that the FTX Group used corporate funds to “purchase homes and other personal items for employees and advisors.” This was mentioned in a court filing with a bankruptcy court in Delaware, U.S.A.

FTX has $1.24 billion in cash as of November 20, but owes more than $3 billion in cash to about 50 large creditors and several small ones. The total number of people who are likely to suffer losses as the bankruptcy filing ensures that they might not receive their initial investments is expected to be around one million creditors.

The properties bought by FTX are reportedly as follows:
$72 million spent on apartments at a luxury Bahamas resort
$30 million penthouse in the same luxury Bahamas resort
$16.4 million vacation home
$950,000 to $2 million each for 3 apartments.

Commercial properties bought by FTX are reportedly as follows:
$8.55 million cluster of houses used as the company headquarters
4.9 acre of land on the coastline to be developed as office space.

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