According to government documents verified by two former FTX employees, the bankrupt cryptocurrency stock exchange FTX Group embarked on a real estate purchase frenzy this year.
FTX Acquires $74M Property In The Bahamas In 2022
The documents reveal that FTX Property Holdings spent a total of $74,230,193 on properties in the Bahamas during 2022. A large portion of that money, $67,440,193.99, went to organizations surrounding Albany Bahamas, a luxury residential resort in New Providence.
The document also states that “in late 2021, Sam Bankman-Fried purchased an apartment at One Cable Beach for $2 million.”
For reference, the Bahamian dollar is pegged to the US dollar and maintains parity with the US dollar. One Cable Beach is another luxury beachfront residential complex.
These properties are not leased but directly purchased, leaving the question unanswered what will happen to this property when it is actually owned by a company that is closing down.
FTX and a number of affiliated entities have also recently filed for bankruptcy protection, making unpaid assets a critical point of contention for users who have been deprived of their funds. These include FTX employees, who reportedly pressured the firm to keep their savings on the stock market.
Two days ago, the Bahamas Securities Commission froze the assets of FTX Digital Market and appointed a liquidator.
It was recently revealed that the bankrupt cryptocurrency exchange had $900 million in assets and more than $9 billion in debt.
*Not investment advice.
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