Bankrupt FTX spent $121 million on the homes of employees and the family of the company founder

Cryptocurrency exchange FTX filed for bankruptcy on November 11 after it was unable to sell part of its assets to rival Binance. In a bankruptcy filing, the new head of the exchange, John Ray III, announced the purchase of houses and other personal items for company employees and advisers with corporate money. According to the agency, FTX Property Holdings Ltd, a division of the stock exchange, acquired 15 properties for a total value of about $100 million.

In particular, in the city of Albany, where the famous golfer Tiger Woods holds an annual tournament, a penthouse was purchased for $30 million. In all, the company registered seven condominiums in Albany with a total value of around $72 million. As stated in the documents, the property is intended for “key personnel housing.” In addition, the deeds to a Bahamian beach-access home in Old Fort Bay in a gated community were signed by Bankman-Freed’s parents, Stanford University law professors Joseph Bankman and Barbara Freed.

In addition, the former head of the engineering department of the company Nishad Singh, the co-founder of FTX Gary Wang and Bankman-Fried himself became the owners of three condominiums on the seashore in New Providence. Its cost is estimated between $950,000 and $2 million, two more objects were purchased for commercial use, a group of houses for $8.55 million and a piece of land for $4.5 million.

Previously, the media wrote that Bankman-Fried began looking for investors to pay rewards to some traders and institutional investors. FTX later filed for bankruptcy as it is required to pay up to $9.3 million to critical customers.