Cryptocurrency

FTX bought $121M properties in Bahamas within 2 years

Hull Invest

Bankrupt crypto exchange FTX, along with senior executives and Sam Bankman Freed’s parents, has bought at least 19 properties worth $121 million in the Bahamas over the past two years, Reuters report November 22.

According to reports, FTX bought seven condominiums in a resort community called Albany for $72 million. One of these condos is worth $30 million. The condo was said to have been used as a residence by key personnel of the company.

Reuters added that senior FTX executives, including former FTX engineering chief Nishad Singh, co-founder Gary Wang and SBF, have purchased condos worth between $950,000 and $2 million for residential use.

The report further revealed that the parents of the exchange’s founders, professors Joseph Bankman and Barbara Freed, were signatories to the $16.4 million villa. SBF’s parents said they were “trying to return the deed to the company and are awaiting further instructions,” according to Reuters.

FTX’s new CEO, John Ray, said in court filings that the exchange’s funds were used to “purchase homes and other personal items for its employees and advisers.” said to have been used.

FTX will move its headquarters from Hong Kong to the Bahamas in September 2021. The exchange’s headquarters was on his $4.5 million worth of land. Media reports revealed that traces of the exchange had been removed. say it Construction on the project never actually started.

Posted In: FTX, Bankruptcy

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