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.
READ MORE: Ethereum (ETH) is a Commodity Says CFTC Chairman
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
