FTX spent the past year buying up residential property around its headquarters in the Bahamas

Now-bankrupt crypto exchange FTX Group went on a real estate splurge this year. The documents find that FTX Property Holdings spent $74,230,193 on property in the Bahamas in 2022. The bulk of that money, $67,440,193.99, went to entities surrounding Albany Bahamas, a luxury condo resort in New Providence.

FTX spent $74 million on real estate in the Bahamas this year

The document, moreover, notes “one purchase of a condominium at One Cable Beach for 2 million made by Sam Bankman-Fried directly in late 2021.” For reference, the Bahamian dollar is pegged to and maintains parity with the U.S. dollar. One Cable Beach is another beachside luxury condominium complex.

FTX is known for its unique communal set up in the Bahamas, were teammates at the firm and other companies with ties to FTX work and live side by side. The Caribbean luxury oasis is striking, considering Bankman-Fried’s commitment to effective altruism and much-promoted indifference to the trappings of wealth.

Those properties were purchased outright, not rentals, leaving the question unanswered as to what happens with that property when it was for a company that is effectively shutting down. FTX and a cluster of linked entities have also recently filed for bankruptcy protection, making significant assets a critical point of contention for users locked out of their funds. Those include FTX employees, who the firm reportedly pressured to keep their savings on the exchange.

Two days ago, the Securities Commission of The Bahamas froze FTX Digital Market’s assets and appointed a liquidator. Current FTX leadership could not be reached for comment. Representatives for Albany Bahamas had not returned a request for comment as of publication time.

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