The latest disclosure in the FTX case reveals that million-dollar properties were purchased in the Bahamas in the name of the company. FTX, operated at the time by Sam Bankman-Fried (SBF), his parents and other top company executives, reportedly acquired at least 19 properties in the Bahamas in the last two years.
Together, these purchases are worth more than USD 121 million, according to a Reuters report on official property records.
Among the properties acquired were seven luxury condominiums. Although the condominium residents are unknown at the time of writing, the deed states that they were to be used as “residences for key personnel” of the exchange.
Also, a property valued at USD 16.4 million has as signatories the parents of SBF, Joseph Bankman and Barbara Fried. The deed supposedly has the property designated as a “vacation home,” and its documents date from June 15 of this year.
According to original reports, A spokesperson for the couple did not respond to a question as to how this leisure property was acquired and whether FTX funds were involved. It was only reported that the couple had tried to return the property to FTX before the bankruptcy:
“Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been trying to return the deed to the company and are awaiting further instructions.”
FTX moved its headquarters from Hong Kong to the Bahamas in September 2021, which was purchased for USD 60 million and had a ceremony laying of the first stone in April of this year. The official channel of the Prime Minister of the Bahamas published video of the ceremony.
Nevertheless, according to reports of a recent media visit to the property, the space has been untouched for months.
As the liquidity crisis and bankruptcy scandal unfolded, Bahamian authorities had Sam Bankman-Fried and two former partners of the former exchange “under supervision” in the country, where they still remain today.
Court documents filed after the initial bankruptcy notice revealed that the company could have more than a million creditors in total: it owed more than $3 billion combined to the 50 largest creditors.
On November 21, the United States Senate committee called for a hearing on FTX to be held on December 1.in which the head of the Commodity Futures Trading Commission (CFTC) will testify.
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