SBF’s Parents Revealed To Have Bought $121M Worth Of Bahamas Property With FTX Funds

SBF’s Parents Revealed To Have Bought $121M Worth Of Bahamas Property With FTX Funds.

Issues surrounding the now-bankrupt crypto exchange FTX having mishandled and misused their customer funds rise again after it was recently discovered that hundreds of millions of dollars went to buying property.

$121M Worth of Property

According to Reuters, FTX had bought at least 19 properties in the Bahamas worth nearly US$121 million over the last two years leading up to the bankruptcy. Some of these properties were even bought under the name of certain FTX executives and Sam Bankman-Fried’s parents themselves.

The luxury homes bought included seven condominiums in a high-end resort called the Albany, which was reportedly purchased for a total of $72 million.

News of FTX’s massive property purchases had already been known since earlier this month when the newly appointed CEO John Ray revealed these details during FTX’s bankruptcy hearing, however, details on the prices of these luxury properties had only been revealed recently and shows the scale of customer funds misuse within the company.

Related: NYC Mayor Says ‘We Must Embrace’ Crypto Industry Even Amid The FTX Collapse

Latest Updates On FTX & SBF

Although the misuse of customer funds within the company seems to be blatantly obvious at this point, there have been no moves yet by any police body to arrest or question Sam Bankman-Fried.

In fact, it was recently revealed that the former CEO will attend as a guest speaker at the NYT DealBook summit next Wednesday. This revelation brought on a lot of criticism towards SBF who many claimed seemed like he did not care about the massive amount of lost customer funds due to his actions.

“Let me make this clear if SBF isn’t arrested and charged with fraud, wire-fraud, theft, and possibly money laundering before and instead gets to spew out his bullshit narrative, our system of justice has been compromised. @ewarren you claim to be for the little guy, where are you,” U.S. Attorney and founder of Crypto Law John Deaton wrote on his Twitter.

Related: Ex-FTX CEO, Sam Bankman-Fried (SBF) Will Be A Guest Speaker at NYT DealBook summit

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