The financial scandals around FTX still do not end. As the victims of the memorable fall of Sam Bankman-Fried’s empire struggle to get their heads above water, news hits them hard again. A well-known news agency indeed reveals the acquisition of 300 million dollars of property by the boss of FTX and his relatives.
Luxury homes, vacation properties… and so on!
The information was relayed by the world press agency Reuters. Sam Bankman-Fried’s parents bought a lot of properties in the Bahamas, but that’s not all! This real estate buying spree also involves senior FTX executives. According to the crypto company’s lawyers, the total real estate purchases made in the past two years amount to $300 million.
Official property records provide specific details: the acquisition of at least 19 properties in the Bahamas worth $121 million. This includes 7 condos (condominiums) with an average total of $72 million. These luxury homes are located in a resort town in Albany. Added to this is another vacation property in Old Fort Bay.
FTX: personal fiefdom of Sam Bankman-Fried
Without providing concise details, FTX’s attorneys weighed in on the case on Nov. 22. All agree that the crypto exchange company was managed as a personal estate of Sam Bankman-Fried. The proof: the main signatories of the deeds of sale of the duly cited properties are none other than the parents of the boss of FTX.
Admittedly, the said deeds specify very well the use of the properties acquired as being residences for the key personnel of FTX. But for now, it is not known exactly who lived in these apartments and houses.
Asked about the source of the funds, the parents of Sam Bankman-Fried remained vague in their answers. According to their spokesperson, they are currently awaiting further instructions in order to return the deeds. For now, the boss of FTX has not commented on this case either. Still, this latest scandal only confirms the doubts that hung over the management method of this crypto company.
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