FTX's Bankman-Fried, Parents Spent $121M on Luxury Property: Report
Main page News, Cryptocurrency Exchanges, FTX
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Nov. 22, 2022

FTX's Sam Bankman-Fried, his parents and top managers of the bankrupt trading platform spent nearly $121 million to buy 19 properties in the Bahamas, Reuters has learned, citing official property documents.

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The report says the group mainly bought luxury beachfront homes, including seven condominiums in a resort community called Albany, costing over $70 million. The properties were to be used as "residence for key personnel" of FTX, the documents read.

Reuters has also learned that Bankman-Fried's parent have been "seeking to return the deed to the company" shortly after FTX collapsed.

In early November, Binance publicly announced plans to liquidate FTT from its reserves due to "recent revelations that have came to light." Although Binance's CEO, Changpeng Zhao, declined to explain what was the trigger behind the move, he had pointed out that the exchange "won't support people who lobby against other industry players behind their backs," referring to FTX.

FTX Owes $3.1B to Top 50 Creditors

Later, CZ publicly announced that Binance signed a letter of intent to acquire FTX, but soon walked away from the deal, citing "news reports regarding mishandled customer funds and alleged US agency investigations."

FTX eventually filed for Chapter 11 bankruptcy protection in the US as it faced massive liquidity issues. According to the bankruptcy proceedings, the exchange had around $9 billion in liabilities while only having a slightly over $1 billion in liquid assets.

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