The liquidators announced that they will 'commence disposals' of physical assets for FTX Digital as soon as the Bahamas' supreme court allows it.
to an affidavit filed by a PricewaterhouseCoopers partner with the Bahamas’ supreme court on Feb. 8, FTX’s joint provisional liquidators, or JPLs, said the company had purchased 52 properties in the Bahamas, including units “in the name of individual employees or relatives of Sam Bankman-Fried, despite FTX Digital providing the funding.” These properties, which included housing for FTX employees and commercial office space, were worth roughly $255 million and purchased by an FTX subsidiary.
The JPLs also identified “a fleet of vehicles” FTX’s employees had used around the island worth roughly $2.4 million, $500,000 worth of office furniture and computer equipment and 13 leased storage units whose contents still need to be assessed. The liquidators said they would “commence disposals” following approval from the Bahamas’ supreme court.
It’s unclear where many individuals still employed at FTX amid bankruptcy proceedings were working. FTX CEO John Ray on Feb. 6 that the company no longer had physical offices and was instead operating in the metaverse — though this may have been referring to FTX’s headquarters rather than local subsidiaries.“Most employees were no longer reporting to the FTX Digital office in the Bahamas for work. Many key employees of FTX Digital were expatriates who had moved to the Bahamas on employment visas, and it was subsequently learnt that many had physically left the Bahamas around the time of the appointment.
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