Last Updated on 12 September 2023 by Admin
The overall value of FTX Bahamas Properties was reported to be $199M in a document dated September 11. The 38 Bahamas properties with a total book value of $222 million were valued at $199 million, according to the court filing. In light of the financial diversion charges leveled against FTX co-founder Sam Bankman-Fried, this is a significant turn of events.
The corporation said that 47 individuals, including SBF, had received compensation totaling $2.2 billion in cash, cryptocurrency, stock, and real estate value. The report revealed that FTX Bahamas owned 15 properties under the name Albany Marina Residences with a combined value of $151 million, in addition to 5 properties with a combined value of $34 million.
In addition, the cryptocurrency exchange said in the SEC filing that it has a cryptocurrency portfolio valued at $3.4 billion, which includes $1.16 billion in Solana and $560 million in Bitcoin.
It was revealed in November of 2022 that Sam Bankman-Fried’s parents and high-ranking FTX officials had acquired a number of properties in the Bahamas. According to reports, official property records indicated a total value of $121 million in the two years before to the FTX bankruptcy. Recently, the FTX founder has asked the court for permission to spend five days a week away from court in order to prepare his defense.
The cryptocurrency exchange also disclosed some intriguing political and philanthropic contributions totaling $86.6 million. The creator of FTX reportedly made a significant payment to presidential campaigns. In this regard, US courts are investigating possible breaches of campaign funding law committed by SBF.