The newest revelation from the FTX case reveals that Bahamian properties price thousands and thousands have been purchased within the firm identify. FTX, on the time operated by Sam Bankman-Fried (SBF), his dad and mom and different high-level executives of the corporate, reportedly bought not less than 19 properties within the Bahamas over the past two years.
Collectively, these purchases have a price of over $121 million, according to a Reuters report of the official property information.
Among the many acquired properties have been seven luxurious condos. Whereas the residents of the condos stay unknown on the time of writing, the property deed claims they have been for use as “residences for key personnel” of the defunct alternate.
Moreover, a property price $16.4 million has SBF’s dad and mom, Joseph Bankman and Barbara Fried, as signatories. The deed allegedly has the property designated a “trip residence,” with paperwork courting again to June 15 of this 12 months.
In line with unique studies, a spokesperson for the couple didn’t reply the query as to how this leisure property was acquired and if any FTX funds have been concerned. Solely the couple had been making an attempt to return the property to FTX previous to the chapter:
“Since earlier than the chapter proceedings, Mr. Bankman and Ms. Fried have been in search of to return the deed to the corporate and are awaiting additional directions.”
FTX moved its headquarters from Hong Kong to the Bahamas in Sept. 2021, which was bought for $60 million and had a groundbreaking ceremony in April of this 12 months. The official channel of the Prime Minister of the Bahamas released a video of the ceremony.
Nevertheless, according to studies from a latest property go to by media retailers, the area has been untouched for months.
Associated: Bahamian securities regulator ordered the switch of FTX’s digital belongings
Because the liquidity disaster and chapter scandal unraveled, Bahamian authorities had Sam Bankman-Fried and two former associates on the former alternate “underneath supervision” within the nation, the place they nonetheless stay right now.
Courtroom paperwork filed after the preliminary chapter discover revealed that the corporate could have over a million collectors in complete, with over $3 billion collectively owed to the 50 largest collectors.
On Nov. 21, the US Senate committee introduced a scheduled FTX listening to for Dec. 1, throughout which the pinnacle of the Commodity Futures Buying and selling Fee (CFTC) head will testify.