Sam Bankman-Fried, the former CEO and founder of FTX, has been having a rough couple of weeks. With his reputation on the line amidst the collapse of the massive cryptocurrency exchange, a new report indicates that FTX and Bankman-Fried’s own parents purchased a collective 19 properties in the Bahamas over the past two years worth upwards of $US121 ($168) million.
New reporting from Reuters indicates that several of the purchases from the FTX executives were luxury beachfront homes that were expected to serve as key personnel residences according to deeds obtained by the outlet. Seven of these properties were condominiums in a high-end resort community called the Albany, and were purchased for a total of $US72 ($100) million.
Bankman-Fried’s parents were listed as signatories on a property in the gated community of Old Fort Bay in Nassau, which was reportedly used as a vacation home. According to Reuters, the couple is now trying to return the property back to what’s left of FTX.
Reuters’ dive into Bahamian property records show a total of 19 properties that were purchased by FTX’s property holdings group. 15 properties worth around $US100 ($139) million were purchased in 2021 and 2022. Later on, FTX Property Holdings Ltd purchased a $US30 ($42) million penthouse at the Albany as a “residence for key personnel.” Three more condominiums were also purchased in New Providence’s One Cable Beach for anywhere from $US950,000 ($1,318,790) to $US2 ($3) million.
FTX filed for bankruptcy earlier this month while Bankman-Fried announced he would also be stepping down from his position as CEO. The proceeding fallout has been an absolute circus involving a potential hack draining $US600 ($833) million from the company, the takedown of other crypto exchanges that relied on FTX, and the revelation that the company doesn’t even really know who was withdrawing and depositing money. At least we have the movie to look forward too.
The Bahamas are quite the breeding ground for shady business practices. In addition to the country serving as the headquarters for FTX, Fyre Festival fraudster Billy McFarland has recently apologised to the Bahamian government shortly before launching his next endeavour in the country.