SBF spent over $243 million in Bahamian real estate, mixing company and client funds.

Jun 26, 202326

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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 millions of dollars worth of properties 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. 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, a six-bedroom property spanning 11,500 square feet, which serves as the residence for FTX founder and team members Caroline Ellison, Nishad Singh, Gary Wang, and others. It also includes properties purchased for over $18 million in the "Albany Beehive" units, as well as the "Old Fort A" plot purchased for over $16 million.

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