Bankman-Fried’s Parents Reportedly Spend Millions on Properties in the Bahamas

• SBF’s parents are also signatories on a property with a value of $16.4 million.
• Seven opulent condos were included in the purchased premises.

Top officials at the defunct exchange FTX run by Sam Bankman-Fried (SBF), as well as his parents, spent $121 million in Bahamas investment. 19 residences in total were bought over two years, according to the investigation.   

High-end beachfront properties made up the majority of FTX’s acquisitions. Seven condominiums in Albany’s resort district are included in this. These cost roughly $72 million. Additionally, a division of FTX bought these homes to be used as residences for important members of the staff. Who stayed at these houses is unknown, though.

Owners of $16.4 Million Vacation Home

SBF’s parents, Joseph Bankman and Barbara Fried are also signatories on a property with a value of $16.4 million. In September 2021, FTX relocated its headquarters from Hong Kong to the Bahamas, which it had bought for $60 million, and held a groundbreaking ceremony in April of this year. 

Court filings filed following the initial bankruptcy notice revealed that the corporation may have over one million creditors, with the 50 largest creditors due over $3 billion in total. On November 21, the United States Senate Committee announced a scheduled FTX hearing for December 1, during which the head of the Commodity Futures Trading Commission (CFTC) will appear.