Home Business Sam Bankman-Fried’s FTX, parents bought properties worth nearly $121-million in Bahamas over past two years

Sam Bankman-Fried’s FTX, parents bought properties worth nearly $121-million in Bahamas over past two years

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FTX founder Sam Bankman-Fried testifies before a US Senate committee in Washington on February 9.SAUL LOEB/AFP/Getty Images

Sam Bankman-Fried’s FTX, his parents and senior executives at the failed cryptocurrency exchange have purchased at least 19 properties worth $121 million in the Bahamas over the past two years, official real estate records say. shows.

Most of FTX’s purchases were nearly $72 million in luxury beachfront homes, including seven condominiums in an expensive resort community called Albany. The deeds show that these properties purchased by FTX units were intended to be used as “key person residences” for the company. Reuters was unable to identify who lived in the apartment.

Documenting another house with beach access in Old Fort Bay is a gated community with an English colonial fort built in the 1700s to protect against pirates. as a signatory. According to one of the documents dated June 15, the property is intended for use as a “vacation home”.

Asked by Reuters why the couple decided to buy a vacation home in the Bahamas and how it was paid for (cash, mortgage, or through a third party such as FTX), a spokesman for the professor said Bankman Freed simply replied: I was about to return my property to FTX.

“Even before the bankruptcy proceedings, Mr. Bankman and Mr. Freed have sought to return the deeds to the company and are awaiting further instructions,” the spokesperson said, without elaborating.

FTX and its employees are known to have purchased property in the Bahamas, where they established their headquarters last September, but property records reviewed by Reuters do not indicate the size of their acquisition and the uses of some of them. showing for the first time. real estate.

FTX, which filed for bankruptcy earlier this month after a flood of customer withdrawals, did not respond to a request for comment.Bankman-Fried did not respond to a request for comment.

Bankman-Fried told Reuters he was living in the house with nine other colleagues. For his employees, he said, FTX provided free meals and “his Uber-like service in-house” around the island.

An estimated 1 million creditors face losses totaling billions of dollars due to the collapse of FTX, one of the world’s largest cryptocurrency exchanges. Reuters reports that Bankman-Fried secretly used his $10 billion in client funds to support his trading business, and at least $1 billion of his deposits disappeared.

In a U.S. court filing filed with the Delaware District Bankruptcy Court earlier this month, FTX’s new chief executive, John Wray, said that FTX Group’s corporate funds would be used “for the benefit of its employees and advisors, such as houses and other assets. He said he understands it was used to “purchase personal items.”

Reuters was unable to identify the source of funds used by FTX and its executives to purchase these properties.

Reuters searched the Bahamian Registrar’s property records for FTX, Bankman-Fried, his parents and some of the company’s key executives.

FTX’s unit, FTX Property Holdings Ltd, has purchased 15 properties worth nearly $100 million in 2021 and 2022.

The most expensive purchase was a $30 million penthouse in Albany, the resort where Tiger Woods hosts annual golf tournaments. Property records for the penthouse dated March 17 and were signed by Ryan Salame, president of FTX Properties, indicating it was intended as a “residence for important persons.”

Salame did not respond to a request for comment.

Other luxury real estate purchases include three condominiums in One Cable Beach, a beachfront home in New Providence. Records show that the condo was priced between his $950,000 and $2 million and was purchased for housing by former FTX head of engineering Nishad Singh, FTX co-founder Gary Wang, and Bankman-Fried. I was.

Shin and Wang did not respond to requests for comment.

Two of FTX Properties’ holdings have been marked as commercial. The $8.55 million home complex that served as FTX’s headquarters and his 4.95-acre land on the coastline overlooking the Cyan Sea was also intended to be developed as office space. for crypto exchanges.

The FTX HQ is currently empty with furniture pushed against some windows. That label has been removed. The $4.5 million land is empty.

The employee has not returned to headquarters after leaving earlier this month, security officials said.

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