FTX and Staff Go on a Property-Buying Spree Across the Bahamas: Report

FTX, the parents of its former chairman Sam Bankman-Fried, as well as other top cryptocurrency exchange executives, have purchased at least 19 properties worth nearly $121 million in the Bahamas, according to new reports.

Official real estate records verified by Reuters reveal that FTX has purchased luxury beachfront homes, including seven penthouses at a luxury resort called Albany, over the past two years. The total cost was approximately $72 million.

  • The properties documents show that the unit will be used as a “residence for key people” of the cryptocurrency exchange.
  • The property in Albany was the most expensive deal, worth $30 million, and the documents were signed by the head of FTX Property, Ryan Salameh.
  • FTX’s former chief engineering officer, Nishad Singh, co-founder Gary Wang, along with Bankman-Fried, bought three One Cable Beach condos and a beachfront residence in New Providence.
  • Records for another home, built in the 18th century with beach access at Old Fort Bay, list Bankman-Fried’s parents, Stanford law professors Joseph Bankman and Barbara Fried, as the signatories, and the property was to be used as a “vacation home”. .
  • While the method of payment for these purchases remains unknown, a spokesperson for Professors has only claimed that the duo had attempted to return the property to FTX prior to the bankruptcy proceedings.
  • The new development comes just days after FTX’s new CEO, John Ray, revealed in a lawsuit that the company’s funds were used “to purchase homes and other personal belongings of employees and advisors.”
  • Meanwhile, FTX Property has spent more than $8 million on a group of homes to be used as FTX’s office headquarters as well as $4.5 million on an approximately 5-acre site to be developed into offices.

FTX Post and its staff go on a property-buying spree across the Bahamas: The report appeared first on CryptoPotato.

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