Sam Bankman-parents, Fried’s top executives, and FTX are said to have purchased at least 19 homes totaling about $121 million.
Why bahamas bought properties?
According to the most recent information from the FTX lawsuit, millions-dollar Bahamian properties were purchased under the company’s name. Over the past two years, FTX, which was then run by Sam Bankman-Fried (SBF), his parents, and other senior corporate officials, is said to have bought at least 19 properties in the Bahamas.
According to a Reuters investigation of the official property records, the total value of these purchases is above $121 million.
The purchased properties included seven opulent condos. The property deed states that the condos were to be utilized as “residences for key personnel” of the shuttered exchange, albeit the residents are still unknown.
SBF’s parents, Joseph Bankman and Barbara Fried are also signatories on a $16.4 million property. The property is purportedly listed as a “vacation home” in the deed, which was recorded on June 15 of this year.
Is FTX monies utilized?
According to the first reports, a few spokeswomen declined to comment when asked how this recreational property was obtained and whether any FTX monies were utilized. Before the bankruptcy, only the couple attempted to return the land to FTX.
“Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions.”
After purchasing the Bahamas for $60 million and holding a groundbreaking ceremony there in April this year, FTX relocated its headquarters from Hong Kong to the Bahamas in September 2021. A video of the ceremony was made available on the Prime Minister of the Bahamas’ official YouTube page.
The space, meanwhile, has reportedly been vacant for months, according to claims from media outlets’ recent visits to the property.
How Sambankman- fried handle bankruptcy scandal?
Sam Bankman-Fried and two former associates at the defunct exchange were placed under “supervision” in the Bahamas by authorities as the liquidity problem and bankruptcy scandal developed; they are still there today.
The corporation may have over 1 million creditors in total, with the 50 largest creditors each owed over $3 billion, according to court filings filed after the original bankruptcy notice.
A scheduled FTX hearing for December 1 was announced by a US Senate committee on November 21. The director of the CFTC will give testimony at this hearing.
Conclusion
According to a Reuters investigation of the official property records, the total value of these purchases is above $121 million.But the corporation may have over 1 million creditors in total,and Sam Bankman-Fried handle bankruptcy scandal.