The Strategist

Reuters: FTX management buys Bahamas real estate for $300 million

11/23/2022 - 09:36

According to Reuters, citing an FTX lawyer, former CEO of cryptocurrency exchange FTX Sam Bankman-Fried and a number of the company workers spent $300 million on property in the Bahamas.

The $300 million was mostly used to purchase residences and vacation properties, as FTX's attorney pointed out.

According to official property documents previously obtained by the agency, Bankman-Fried, his parents, and senior executives of FTX have spent nearly $121 million buying 19 properties in the Bahamas over the last two years.

Earlier, FTX reported that Sam Bankman-Freed, the exchange's CEO, was resigning and filed for bankruptcy. On November 12, Bloomberg reported that FTX experienced an unexplained $662 million loss in a single day. The exodus was noted from the international and American exchanges FTX, claims analytical firm Nansen. Earlier, Bankman-Fried was reportedly questioned by Bahamas police, according to a report from Bloomberg.



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