FTX Former CEO SBF Denies Rumors Fleeing to Argentina

• ADS-B Exchange users discovered his private plane’s whereabouts.
• Bankman-Fried apparently shares a Nassau penthouse with numerous other people.

As the tale of his defunct cryptocurrency exchange played out in near real-time on Twitter, FTX founder Sam Bankman-Fried refuted reports that he had fled to Argentina. On November 12, Bankman-Fried (SBF) texted Reuters to confirm that he was still in The Bahamas. He told Reuters, “Nope,” when asked directly whether he had traveled to Argentina, as the reports claim.

After FTX Group (which comprises FTX Trading, FTX US, and Alameda Research) filed for Chapter 11 bankruptcy last week, Twitter users began wondering whether SBF had gone into hiding. The rumors surfaced when ADS-B Exchange users discovered his private plane’s whereabouts. In the early hours of November 12th, the tracker indicated that SBF’s Gulfstream G450 had arrived in Buenos Aires after a nonstop trip from Nassau, Bahamas.

Sector’s Greatest Crisis

Bankman-Fried apparently shares a Nassau penthouse with numerous other people, including Caroline Ellison, CEO of Alameda Research. Formerly held up as an example of the crypto industry’s meteoric rise, SBF is now embroiled in the sector’s greatest crisis.

From being valued at about $32 billion and one of the top cryptocurrency exchanges in the world to becoming bankrupt with a $9 billion hole in its balance sheet took FTX less than a week. Bloomberg reports that following FTX’s bankruptcy, SBF’s net value dropped from $16 billion to nothing.

Lightspeed Venture Partners, Ontario Teachers’ Pension Plan, Circle Internet Financial, Coinbase Ventures, Multicoin Capital, Paul Tudor Jones, and Sequoia Capital are among the investors that have helped FTX raise billions of dollars in venture capital over the last several years.

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