FTX Executives Sam Bankman-Fried, And His Parents Bought Bahamas Real Estate Worth Millions By DailyCoin


FTX executives Sam Bankman-Fried and his parents bought Bahamian real estate worth millions
  • FTX subsidiary FTX Property Holdings Ltd has purchased at least 19 luxury properties in the Bahamas worth $121 million, according to Reuters.
  • Among the FTX executives who bought the properties are former CEO Sam Bankman-Fried, chief engineering officer Nishag Singh, FTX co-founder Gary Wang, and president of FTX Property Holdings.
  • Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, are listed as signatories to a $16.4 million home intended as a “vacation home.”
  • It is not known what funds FTX used to purchase the properties.

FTX executives and former CEO Sam Bankman-Fried and his parents bought at least 19 real estate properties in the Bahamas worth $121 million before blowing up the once-mighty company, according to a report from Reuters.

Reuters reviewed official property records, which showed that FTX Property Holdings Ltd, a subsidiary of FTX, bought mostly luxury beachfront homes, including seven residential properties in Albany, an expensive 600-acre seaside resort community.

These properties cost $72 million and were reserved as “key staff residence,” but it is currently unknown who was staying there.

Other notable purchases include a $30 million Albany penthouse bought by Ryan Salama, President of FTX Property, three condominiums ranging from $950,000 to $2 million in One Cable Beach purchased by Bankman-Fried, and Nishad Singh, former President of Engineering at FTX. and Gary Wang, Co-Founder, FTX. These condominiums may be where Bankman-Fried lived with his roommates.

Property records also show that the $16.4 million beach property has Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, Stanford law professors, as signatories. The property was designated a “Vacation Home” in a document dated June 15th this year. A spokesperson for Bankman Fried’s parents told Reuters they wanted to return the “bond” to the company and “await further instructions”.

Bankman-Fried, who used to describe himself as a follower of the effective altruism movement, moved FTX’s headquarters from Hong Kong to the Bahamas in September 2021. The group of homes, valued at $8.55 million, has been abandoned for some time now. FTX Property also had a plot of land near the headquarters that was to be developed into office space.

FTX filed for Chapter 11 bankruptcy on November 11 after a series of troubling revelations sent banks rushing into the now-defunct exchange. FTX allegedly mishandled up to $10 billion in client funds by sending them to sister cryptocurrency trading firm, Alameda Research, which then lost them in risky trades.

According to court filings, FTX may have more than 1 million creditors and owe more than $3 billion to the 50 largest creditors.

According to the Bahamas regulators, the former CEO of Bankman Fried is currently under the supervision of the Bahamas government. It is unclear where the other FTX executives are.

on the flip side

  • It is unclear what funds FTX used to purchase its properties in the Bahamas.
  • It is unknown if someone still lives on the FTX property.
  • FTX Property and other affiliates may have purchased other properties of which the public was not yet aware.

Why should you bother

Property records show that Bankman-Fried was trying to build an FTX empire in the Bahamas. It is still not clear who the real owners were and what money they used to buy the properties. However, as the bankruptcy process progresses, more details and evidence will emerge as to the intentions and true use of the property.

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