FTX Spent Millions of Dollars on Luxury Real Estate in the Bahamas
Bankrupt crypto exchange FTX had indulged in a serious shopping spree for real estate this year.
FTX Property Holdings is found to have spent $74.2 million on properties in the Bahamas in 2022. The majority of that money, $67.4 million, has gone to sites around Albany Bahamas, a luxury condo resort in New Providence.
In addition, there is mention of “a €2 million condominium purchase at One Cable Beach made directly by Sam Bankman-Fried in late 2021”. One Cable Beach is another luxury condominium complex on the beach.
FTX is known for its unique community arrangement in the Bahamas, where fellow FTX team members and other FTX-affiliated companies work and live alongside each other. The Caribbean luxury oasis is captivating given Bankman-Fried’s commitment to effective altruism and widely advertised indifference to the trappings of wealth.
These properties were purchased outright, not leased, which leaves one unanswered question – what will happen to this property when it was owned by a company that was effectively shutting down. FTX and a group of related companies have also recently filed for bankruptcy protection, making the outstanding assets a critical point of contention for consumers who cannot access their funds. Among them are FTX employees, who have reportedly been pressured by the firm to keep their savings on the exchange.
Three days ago, the Bahamas Securities Commission froze FTX Digital Market’s assets and appointed a liquidator.