Properties Worth Millions Were Purchased by FTX in the Bahamas

Recent reports show that FTX purchased more than 19 properties worth around $121 million for its executives and SBF family members in the Bahamas.

According to Reuters, a recent report shows that SBF purchased a lot of property in the Bahamas for FTX executives. The properties are worth around $121 million.

These properties include luxury apartments. They were purchased for key people at FTX. However, it is unknown who lives on those properties as of now. Nonetheless, the report shows that one of the properties is a vacation home. This vacation home worth more than $16 million is known to be used by SBF’s parents, Joseph Bankman and Barbara Fried.

This is not the most expensive property, however. Ryan Salame, Co-CEO of FTX, signed the deed for one of the properties, which is worth around $30 million.

It’s unclear yet whether these properties were purchased with users’ money. Though Reuter’s report suggests that SBF’s parents tried to return the property under FTX’s name. This was before the latter filed for bankruptcy.

FTX has been operating in the Bahamas since September of last year. Still, most of FTX’s properties have not been under usage by other people for months, except the FTX headquarters of course.

SBF’s FTX owes billions to its creditors. SBF used an estimated $10 billion of customer funds in risky trades, where more than $1 billion presumably missing. We’ll have to wait and see how it will play out for FTX as well as what will happen with the properties purchased by FTX.

Reports say that SBF is still in the Bahamas, with authorities there monitoring him closely.