With the Bahamian crypto exchange FTX going bankrupt, new findings about the company and its spendings came out one after the another. Recently a news outlet came up with a report consisting of the information of real estate holdings of the FTX Group. The report cited several government documents and also asked two former employees at FTX.
Overall FTX Property Holdings is said to have over 74.23 million USD worth of properties within the Bahamas region and it is said to have spent this year itself. Out of this money, a significant amount of approx 67.44 million USD was allocated to a luxury condo resort within the New Providence region, Albany Bahamas.
In addition, the document also noted one purchase of a two million USD worth condominium at the One Cable Beach region. Sam Bankman-Fried made this purchase in the later part of the last year. The One Cable Beach is also another range of luxury condominium complexes beachside.
FTX has set up a unique communal atmosphere in the region as the teammates working in the firm as well as from other companies working for FTX, tend to have side by side accommodation.
Luxury was not Identity of FTX
FTX founder and CEO Sam Bankman-Fried has an altruistic image and is known to follow indifference to the wealth’s trappings. The findings of having such luxury beachside accommodations at the Caribbean luxury is quite surprising.
Furthermore, these properties are not even on rent or on limited period contracts, rather they were straight purchases. This makes plenty of room for many questions to arise seeking their answers as the fate of these properties given the company itself is going to face liquidation proceedings.
FTX’ Luxury Properties in Question
Now when FTX has filed for bankruptcy along with which, a lot of related companies also went on to do the same, the property would act stuck at a crucial point. During the liquidation proceedings, customers seeking for safe release of their locked out funds and these properties would also be termed as another battleground. FTX employees would be in the lead of this battle given they are in constant pressure to not remove their funds out of the platform.
Bahamian crypto exchange filed for Chapter 11 bankruptcy on Friday, 11th November 2022. The crypto exchange was among the top in the world and its behemoth size picturized it as an entity ‘too big to fail’. With a valuation over 32 billion USD and vast user base of more than one million, FTX collapse is likely to give a heavy hit to the overall crypto space in near future.
Source: https://www.thecoinrepublic.com/2022/11/13/ftx-holds-luxury-properties-worth-74-million-usd-in-bahamas/