FTX, founder’s parents reportedly bought expensive property in the Bahamas.
Bankrupt crypto exchange FTX and its founder’s parents have purchased properties for almost $121 million in the Bahamas, according to a media report. Some of these were supposed to be used by the company’s senior executives, quoted documents have revealed.
Among the purchases were luxury beachfront homes, including seven condominiums in an expensive resort community called Albany, costing almost $72 million, the news agency detailed. These were acquired by an FTX unit and were to be used as “residence for key personnel,” the documents indicate. The deeds for another property with beach access, located in an Old Fort Bay gated community, show Bankman-Fried’s parents as signatories. According to one of the documents dated June 15, it was meant for use as a “vacation home.”
Responding to a query from Reuters, a spokesperson for the couple, Stanford University law professors Joseph Bankman and Barbara Fried, said they had been trying to return the property to FTX since before the bankruptcy proceedings, adding without elaborating that they are awaiting further instructions.
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