FTX and Sam Bankman-Fried’s Parents Reportedly Bought Millions of Dollars Worth of Bahamas Property

Sam Bankman-Fried, the previous CEO and founding father of FTX, has been having a tough couple of weeks. With his popularity on the road amidst the collapse of the large cryptocurrency trade, a brand new report signifies that FTX and Bankman-Fried’s personal mother and father bought a collective 19 properties within the Bahamas over the previous two years value upwards of $121 million.

New reporting from Reuters signifies that a number of of the purchases from the FTX executives have been luxurious beachfront houses that have been anticipated to function key personnel residences in response to deeds obtained by the outlet. Seven of those properties have been condominiums in a high-end resort neighborhood known as the Albany, and have been bought for a complete of $72 million.

Bankman-Fried’s mother and father have been listed as signatories on a property within the gated neighborhood of Old Fort Bay in Nassau, which was reportedly used as a trip dwelling. According to Reuters, the couple is now attempting to return the property again to what’s left of FTX.

Reuters’ dive into Bahamian property information present a complete of 19 properties that have been bought by FTX’s property holdings group. 15 properties value round $100 million have been bought in 2021 and 2022. Later on, FTX Property Holdings Ltd bought a $30 million penthouse on the Albany as a “residence for key personnel.” Three extra condominiums have been additionally bought in New Providence’s One Cable Beach for anyplace from $950,000 to $2 million.

FTX filed for chapter earlier this month whereas Bankman-Fried introduced he would even be stepping down from his place as CEO. The continuing fallout has been an absolute circus involving a possible hack draining $600 million from the corporate, the takedown of different crypto exchanges that relied on FTX, and the revelation that the corporate doesn’t even actually know who was withdrawing and depositing cash. At least now we have the film to look ahead too.

The Bahamas are fairly the breeding floor for shady business practices. In addition to the nation serving because the headquarters for FTX, Fyre Festival fraudster Billy McFarland has not too long ago apologized to the Bahamian authorities shortly earlier than launching his subsequent endeavor within the nation.