Parents Founders Of FTX Beli Kondomonium Off The Coast Of The Bahamas Islands

FTX founder Sam Bankman-Fried resigned from the position of CEO after FTX went bankrupt. (Photo; Doc. Coinscreened)

JAKARTA The bankrupt crypto exchange, FTX, is reported to have a number of high-value properties in the Bahamas. Not only the company, Sam Bankman-Fried as the founder, and parents, and company officials have purchased 19 properties worth nearly US$ 121 million (equivalent to Rp1.9 trillion) in the past 2 years, according to a Reuters report.

The properties they bought consisted of various luxury homes off the coast, including seven condominiums at the expensive resort Albany, for nearly US$72 million. According to the report, the luxury property is planned to be used as a residence for FTX key personnel'.

Apart from Albany, they are also noted to have property in a high-security environment located in Old Fort Bay. In this place, the signatures for the property purchase transaction are Sam Bankman's parents, Joseph Bankman (law professor from Stanford University) and Barbara Fried.

Based on information in one of the documents dated June 15, the property at Old Fort Bay is intended to be used as a vacation home. The spokesman for Sam Bankman-Fried's parents responded to a Reuters question by stating that they were planning to return the property to FTX before the crypto exchange filed for bankruptcy protection.

An investigation conducted by Reuters managed to find a deed for three condominiums at a beachside residence in New likelihood called One Cable Beach, which costs between US$950,000 and US$2 million. The luxury property was purchased by Bankman-Fried, Nishad Singh, a former engineering chief at FTX, and FTX co-founder Gary Wang.

Launching Bitcoin.com News, Singh and Wang, who along with other individuals involved did not comment, including among the high-level executives FTX recently fired by the company's current management. The property note for the purchase of the most expensive real estate,cheams worth 30 million US dollars at the Albany resort, signed by FTX Property President Ryan Salame.

In a US court filing to bankruptcy court Delaware District, FTX's new CEO, John Ray, said he understood that the company's funds from the FTX Group were used to "purchase houses and other personal belongings for employees and advisors." FTX's head office in the Bahamas is now uninhabited, the report added.

As is known, on November 11, the FTX crypto exchange filed for bankruptcy protection Chapter 11 in the US. CEO Sam Bankman as the leader of the Bahamas-based crypto trading company soon submitted his resignation.

Interestingly, authorities from Turkey and Japan started an investigation into the bankruptcy of FTX. The company has reportedly left one million creditors with billions of dollars worth of losses.

Meanwhile, the US Securities and Exchange Commission (SEC) regulator did not move quickly to deal with the problem. The importance of regulators in protecting consumers does not appear to be running optimally. Reflecting on a number of collapses in the crypto industry that occurred before FTX, such as the Terra LUNA, Celsius, and Three Arrows Capital cases, the fate of affected consumers is still in question. Likewise with the case that occurred with Mt Gox and Quadriga that occurred a few years ago.