SBF mixed company and client funds, spending over $243 million on Bahamian real estate.

Jun 27, 202324

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According to a report by The Block, FTX co-founder Sam Bankman-Fried (SBF) used over $243 million to purchase properties in the Bahamas, including properties worth millions of dollars for employees, friends, and family. This includes a top-floor apartment in the Albany resort community, as well as properties in the "Albany Hive" unit and the "Old Fort A Plot" that were purchased for over $18 million and $16 million respectively. Earlier today, it was reported that FTX owes customers around $8.7 billion, but the new management has already recovered $7 billion.

According to The Block, according to the second report released by FTX debtors on Monday, FTX co-founder Sam Bankman-Fried (SBF) mixed company and client funds, spending over $243 million to purchase properties in the Bahamas, including properties worth millions of dollars purchased for employees, friends, and family.

This includes a top-floor apartment in the Albany resort community, which has six bedrooms and covers 11,500 square feet. This is the residence of FTX founder and team members Caroline Ellison, Nishad Singh, and Gary Wang. In addition, it includes properties purchased for over $18 million in the "Albany Hive" unit and properties purchased for over $16 million in the "Old Castle A Plot".

Earlier today, it was reported that the new report from FTX debtors stated that FTX owes customers approximately $8.7 billion, and the new management has already recovered $7 billion.