• FTX unit bought 7 condos in upscale resort for “key personnel”
  • Bankman-Fried’s dad and mom named homeowners of $16.4 million trip residence
  • Bankman and Fried inform Reuters: Searching for to return the deed to FTX

NEW PROVIDENCE, Bahamas, Nov 22 (Reuters) – Sam Bankman-Fried’s FTX, his dad and mom and prime executives of the failed cryptocurrency alternate have bought at the very least 19 properties price almost $121 million within the Bahamas over the previous two years, in accordance with official property information.

Most of FTX’s purchases had been luxurious beachfront properties, together with seven condominiums in an costly resort city referred to as Albany, costing almost $72 million. The deeds present that these properties, bought by a unit of FTX, had been for use as the corporate’s “residence for key personnel”. Reuters couldn’t decide who lived within the flats.

Paperwork from one other home with seaside entry in Outdated Fort Bay – a gated group that when housed a British colonial fort constructed within the 1700s to guard towards pirates – present Bankman-Fried’s dad and mom, academics of Legislation of Stanford College Joseph Bankman and Barbara Fried, as signatories. The property, in accordance with one of many paperwork dated June 15, is meant to be used as a “vacation residence”.

Requested by Reuters why the couple determined to purchase a vacation residence within the Bahamas and the way it was paid for – whether or not in money, with a mortgage or via a 3rd social gathering corresponding to FTX – a door The professors’ spokesman mentioned that Bankman and Fried tried to return the property to FTX.

“Since earlier than the chapter proceedings, Mr. Bankman and Ms. Fried have sought to return the deed to the corporate and are awaiting additional directions,” the spokesperson mentioned, declining to present additional particulars.

Though FTX and its staff are recognized to have bought actual property within the Bahamas, the place it established its headquarters in September final yr, property information seen by Reuters present for the primary time the extent of their shopping for frenzy and the supposed use of a few of them. actual property.

FTX, which filed for chapter earlier this month after a wave of shopper withdrawals, didn’t reply to a request for remark. Bankman-Fried didn’t reply to requests for remark.

Bankman-Fried instructed Reuters he lived in a home with 9 different colleagues. For his staff, he mentioned FTX supplies free meals and “in-house Uber-like” service across the island.

The collapse of FTX, one of many largest cryptocurrency exchanges on the earth, has left round 1 million collectors going through losses totaling billions of {dollars}. Reuters reported that Bankman-Fried had secretly used $10 billion in shopper funds to assist its enterprise exercise, and that at the very least $1 billion of these deposits had gone lacking.

In a U.S. court docket submitting with the District of Delaware Chapter Court docket earlier this month, John Ray, FTX’s new chief govt, mentioned he understands FTX Group’s company funds are used to “buy homes and different private gadgets for workers and councillors”.

Reuters couldn’t decide the supply of the funds that FTX and its executives used to buy these properties.

REAL ESTATE PURCHASES

Reuters searched possession information on the Bahamas Registrar Normal’s Division for FTX, Bankman-Fried, his dad and mom and a number of the firm’s prime executives.

FTX Property Holdings Ltd, an FTX unit, bought 15 properties price almost $100 million in 2021 and 2022.

His most costly buy was a $30 million penthouse on the Albany, a resort the place Tiger Woods hosts an annual golf event. Possession information for the penthouse, dated March 17, had been signed by Ryan Salame, the chairman of FTX Property, and confirmed it was supposed as “a residence for key personnel”.

Salame didn’t reply to a request for remark.

Different high-end actual property purchases embody three condominiums at One Cable Seashore, an oceanfront residence in New Windfall. Information confirmed the condominiums price between $950,000 and $2 million and had been bought by Nishad Singh, the previous head of engineering at FTX, Gary Wang, co-founder of FTX, and Bankman-Fried for residential use.

Singh and Wang didn’t reply to requests for remark.

Two of FTX Property’s properties have been marked for business use – an $8.55 million cluster of properties that served as FTX’s headquarters and a 4.95-acre piece of land on the shoreline overlooking Cyan Waters that was to even be became workplaces for the crypto alternate.

The FTX headquarters is now unoccupied, with furnishings pushed towards some home windows. Its signage has been eliminated. The land, which price $4.5 million, can also be empty.

A safety officer mentioned staff had not returned to headquarters after leaving earlier this month.

Reporting by Koh Gui Qing; edited by Paritosh Bansal and Claudia Parsons

Our requirements: The Thomson Reuters Belief Ideas.

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