March 29, 2024

Reuters: Sam Bankman-Fried's Parents and FTX Executives Buy $121M Bahamas Real Estate

Article Reading Time:
1 min.

Reuters: Sam Bankman-Fried's Parents and FTX Executives Buy $121M Bahamas Real Estate

Reuters news agency receivedaccess to records showing FTX executives, including the parents of founder Sam Bankman-Fried, have purchased 19 properties in the Bahamas over the past two years.

Among objects totaling $121million there are seven apartments in luxury condominiums. It is not yet known who exactly lives in these apartments, but in the documents the objects are described as “residences for key personnel” of the FTX exchange. In addition, a certain “vacation home” was purchased for $16.4 million, and the purchase documents were signed by Joseph Bankman and Barbara Fried, the parents of the founder of FTX. The purchase took place in June 2022.

“Even before the bankruptcy proceedings began, FTXMr. Bankman and Mrs. Freed tried to return the deed to the company's house. They are awaiting instructions on how to do this,” said the lawyer for Sam Bankman-Fried's parents.

In September 2021, FTX moved its exchange headquarters from Singapore to the Bahamas. For this purpose, premises were purchased for the amount of $60 million. However, as reported
Media, the headquarters has remained abandoned for several months.

Earlier, the head of the FBI in Minneapolis, Neel Kashkari, said that the cryptocurrency industry is completely fraudulent, and the FTX exchange is just another representative of it.