{"id":70426,"date":"2022-11-22T13:19:04","date_gmt":"2022-11-22T11:19:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70426"},"modified":"2025-09-08T02:14:12","modified_gmt":"2025-09-07T23:14:12","slug":"reuters-ftx-bought-121-million-worth-of-real-estate-to-house-its-former-chief","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/reuters-ftx-bought-121-million-worth-of-real-estate-to-house-its-former-chief\/","title":{"rendered":"Reuters: FTX bought $121 million worth of real estate to house its former chief"},"content":{"rendered":"

The parents of former FTX and Alameda Research chief Sam Bankman-Fried, along with himself and senior executives of the organisations, have become owners of at least 19 premium real estate properties worth $121 million. This follows from documents to which Reuters<\/a> had access.<\/p>\n

Most of the purchases made in 2021-2022 consist of luxury seaside homes, including seven condominiums in the prestigious Albany area of New Providence, Bahamas, worth about $72 million. They were intended as ‘leadership residences’ for the companies. The most expensive was a penthouse worth $30 million.<\/p>\n

\"View
View of the entrance to the ONE Cable Beach condominium complex, New Providence, Bahamas. Source: Reuters.<\/figcaption><\/figure>\n

A group of houses worth $8.55 million and a two-hectare plot of land were designated as the ‘offices of the crypto exchange’.<\/p>\n

Another property was purchased for the leisure of Bankman-Fried’s parents\u2014the Stanford University law professors Joseph Bankman and Barbara Fried. Even before the events became known, the couple attempted to recover the FTX property secured by a mortgage.<\/p>\n

According to a ruling by the Bahamas Supreme Court, FTX must pay the expenses incurred by the local Securities Commission for holding the exchange’s digital assets. CoinDesk<\/a> reported.<\/p>\n

In the court filings<\/a> the total value of assets of FTX, Alameda and affiliated entities stands at $1.2 billion. This is more than 2.6 times below the claims of the 50 largest creditors ($3.1 billion<\/a>). In total the firm owes to more than a million individuals and entities<\/a>.<\/p>\n

Of the $1.2 billion, about $751 million is held in debtor entities, and the remainder ($488 million) is in other companies.<\/p>\n

Approximately $514 million is free liquidity, $260 million is held in custody, $465 million is earmarked for debt repayments and cannot be used for general business purposes.<\/p>\n

On 11 November, FTX, Alameda and about 130 affiliated firms filed for bankruptcy<\/a>.<\/p>\n

The liquidity crisis at the exchange unfolded after on 6 November Binance CEO Changpeng Zhao announced the liquidation of the company’s stake in the FTX utility token<\/a> (FTT). The decision was reportedly taken after CoinDesk’s investigation, which found a large share of the digital asset on Alameda’s balance sheet.<\/p>\n

Coin Metrics analysts speculated that the possible cause could be ‘a large financial aid’<\/a> that it provided to the trading company in the second quarter of 2022.<\/p>\n

According to Bankman-Fried, assets of FTX and Alameda are valued at $1 billion, and liabilities total $8 billion<\/a>.<\/p>\n

Earlier Bloomberg analysts named a similar assessment and described as ‘unlikely’<\/a> the possibility of returning funds to customers and investors.<\/p>\n

Follow ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

The parents of former FTX and Alameda Research chief Sam Bankman-Fried, he himself, and senior executives of the organisations have become owners of at least 19 premium real estate properties worth $121 million. This follows from documents Reuters had access to.<\/p>\n","protected":false},"author":1,"featured_media":70427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1236,1403],"class_list":["post-70426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-ftx","tag-sam-bankman-fried"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70426"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70426\/revisions"}],"predecessor-version":[{"id":70428,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70426\/revisions\/70428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70427"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}