Home CryptocurrencyBitcoin SBF, FTX Execs Reportedly Spending Millions on Bahamas Real Estate

SBF, FTX Execs Reportedly Spending Millions on Bahamas Real Estate

by SuperiorInvest

The latest revelations in the FTX case reveal that Bahamian properties worth millions were purchased under the company’s name. FTX, at the time run by Sam Bankman-Fried (SBF)his parents and other high-ranking company executives are said to have purchased at least 19 properties in the Bahamas over the past two years.

Together, these purchases are worth over $121 million, according to to a Reuters report on official property records.

Among the acquired properties were seven luxury apartments. While the occupants of the apartments remain unknown at the time of writing, the title deed claims they were to be used as “residences for key personnel” of the defunct exchange.

Additionally, the $16.4 million estate has SBF’s parents, Joseph Bankman and Barbara Fried, as signatories. The deed is said to list the property as a “holiday home” with documents dating back to June 15 of this year.

According to initial reports, a spokesperson for the couple did not respond to questions about how the vacation property was acquired and whether any FTX funds were involved. Only the spouses sought to return the property to FTX before bankruptcy.

“Since pre-bankruptcy proceedings, Mr. Bankman and Ms. Fried have sought the return of 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 $60 million and inaugurated in April of this year. The official channel of the Prime Minister of the Bahamas posted a video the ceremony.

However, according to recent property reports visit the space has been untouched by the media for months.

Related: The Bahamian securities regulator ordered the transfer of FTX digital assets

As the liquidity crisis and bankruptcy scandal unfolded, Bahamian authorities had Sam Bankman-Fried and two former associates on the country’s former “supervised” exchange, where they remain today.

Court documents filed after the original bankruptcy filing showed that a company may have more than 1 million creditors total, with over $3 billion collectively owed to the 50 largest creditors.

November 21 United States Senate Committee announced the scheduled FTX hearing on Dec. 1, during which the CFTC’s chief executive will testify.

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