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FTX Bought $121M Properties in Bahamas Within 2 Years

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Bankrupt crypto exchange FTX, alongside senior executives at the firm and parents of Sam Bankman-Fried, bought at least 19 properties worth $121 million in the Bahamas within the last two years, Reuters reported Nov. 22.

According to the report, FTX purchased seven condominiums in a resort community called Albany for $72 million -one of these condos is worth $30 million. The condos were said to be used as residences by the firm’s key personnel.

Reuters added that FTX senior executives like its former head of engineering Nishad Singh, co-founder Gary Wang, and SBF purchased condos worth between $950,000 and $2 million for residential use.

The report further revealed that the parents of the exchange’s founder, professors Joseph Bankman and Barbara Fried, were signatories to a $16.4 million vacation home. Reuters reported that SBF’s parents said they have been “seeking to return the deed to the company and are awaiting further instructions.”

(by Oluwapelumi Adejumo)

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