Now-bankrupt crypto exchange FTX Group went on a real estate splurge this year, according to government documents obtained by The Block and confirmed by two former FTX employees.
In total, the documents find that FTX Property Holdings spent $74,230,193 on property in the Bahamas over 2022. The bulk of that money, $67,440,193.99, went to entities surrounding Albany Bahamas, a luxury condo resort in New Providence.
The document, moreover, notes “one purchase of a condominium at One Cable Beach for 2 million made by Sam Bankman-Fried directly in late 2021.” For reference, the Bahamian dollar is pegged to and maintains parity with the U.S. dollar. One Cable Beach is another beachside luxury condominium complex.
FTX is known for its unique communal setup in the Bahamas, where teammates at the firm and other companies with ties to FTX work and live side by side. The Caribbean luxury oasis is striking, considering Bankman-Fried’s commitment to effective altruism and much-promoted indifference to the trappings of wealth.
Those properties were purchased outright, not rentals, leaving the question unanswered as to what happens with that property when it was for a company that is effectively shutting down. FTX and a cluster of linked entities have also recently filed for bankruptcy protections, making outstanding assets a critical point of contention for users who have been locked out of their funds. Those include FTX employees, who the firm reportedly pressured to keep their savings on the exchange.
Two days ago, the Securities Commission of The Bahamas froze FTX Digital Market’s assets and appointed a liquidator.
Current FTX leadership could not be reached for comment. Representatives for Albany Bahamas had not returned a request for comment as of publication time.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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