FTX, Executives, Family Bought $121 Million In Luxury Bahamas Properties - Reports

FTX, Executives, Family Bought $121 Million in Luxury Bahamas Properties - Reports

Failed cryptocurrency exchange FTX, its founder's parents, and its senior executives purchased luxury properties in the Bahamas worth close to $121 million over the past two years, Reuters reported Tuesday, citing official property records at the Bahamas Registrar General

WASHINGTON (UrduPoint News / Sputnik - 22nd November, 2022) Failed cryptocurrency exchange FTX, its founder's parents, and its senior executives purchased luxury properties in the Bahamas worth close to $121 million over the past two years, Reuters reported Tuesday, citing official property records at the Bahamas Registrar General.

Reuters found records for at least 19 properties, most of which were luxury beachfront homes. It was unable to determine the source of the funds used.

An FTX unit, FTX Property Holdings, bought 15 properties worth nearly $100 million. This included seven condominiums in the Albany resort worth almost $72 million for "residence of key personnel." The most expensive purchase was a $30 million penthouse at the Albany.

FTX founder Sam Bankman-Fried, FTX's former head of engineering Nishad Singh, and FTX co-founder Gary Wang bought three condominiums at beachfront residence One Cable Beach for residential use, which cost $950,000 to $2 million

Joseph Bankman and Barbara Fried, the parents of the founder, were signatories for a $16.4 million "vacation home" in the gated community of Old Fort Bay. A spokesperson for the couple would only say that they had been trying to return the deed to FTX before its bankruptcy proceedings and were awaiting instructions.

FTX filed for bankruptcy earlier this month, leaving an estimated 1 million creditors with losses worth billions of Dollars.