New documents show that the bankrupt crypto exchange is building a real estate kingdom around its Bahamas headquarters. FTX and its managers have purchased $74 million in properties based on government-approved territories.
Resigning FTX CEO buys $2 million beachfront property
FTX Group, which declared bankruptcy on November 11, has purchased $74 million in properties around its headquarters in the Bahamas this year, The Block reported. The documents reveal that the company spent a total of $74,230,193 on these properties during the year. The bulk of the money, $67.4 million, went to organizations surrounding Albany Bahamas, a luxury condo in New Providence. The documents also state that founder Sam Bankman-Fried purchased a condominium at One Cable Beach for $2 million in late 2021. One Cable Beach is another luxury beachfront condominium complex.
FTX built its headquarters in the Bahamas due to regulatory pressure in the US. The team and managers are known for the luxurious life they live here. According to the documents, these properties were not leased but directly owned by FTX. It is unclear what happened to these properties at this time, as this is the case for a company that is actually shutting down. As you follow on Kriptokoin.com, FTX and its subsidiaries recently announced that they are officially bankrupt. This brought devastation for investors who were aggrieved by funds trapped in the stock market. Among them are FTX employees, who reportedly pressured the firm to keep their savings on the stock market.
Meanwhile, two days ago, the Bahamas Securities Commission froze the assets of FTX Digital Market. He appointed a liquidator for the exchange’s funds. FTX executives are hesitant to comment at this time. Albany Bahamas representatives have not returned a request for comment as of publication.
Sam Bankman-Fried on probation in the Bahamas
FTX’s deceased CEO and 3 executives were detained in the Bahamas. Sam Bankman-Fried told Reuters that he was still in the Bahamas while rumors were swirling that he had fled to South America right now. Later, rumors surfaced that he was flying from Nassau to Argentina earlier today. An anonymous source reports that the founder is currently “under supervision” by the Bahamian authorities. Bankman-Fried was captured in the Bahamas while fleeing to Dubai.
Earlier this year, the stock market was valued at $32 billion. Bankman-Fried has achieved crypto’s good angel status as he bailed out multiple cryptocurrency companies. Now, the former CEO is facing investigations by the Justice Department, SEC, and CFTC. Meanwhile, the bankrupt stock market came to the fore with hack news a day later. Nansen’s data showed a daily net outflow of $73 million from FTX US and $266 million from FTX.
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