$199 Million Worth of Properties in the Bahamas
The court filing on September 11, 2023, revealed that FTX Bahamas Properties has been valued at $199 million. This assessment is significant in light of the allegations of cash diversion against FTX founder Sam Bankman-Fried. The filing stated that the 38 properties in the Bahamas, with a book value of $222 million, were appraised at $199 million.
Filing Details and Crypto Assets
According to the filing, Sam Bankman-Fried, along with 46 others including Nishad Singh, Zixiao Gary Wang, and Caroline Ellison, received a total of $2.2 billion in cash, crypto, equity, and real estate value. The FTX Bahamas properties consist of 15 Albany Marina Residences worth $151 million and 5 additional properties worth $34 million. The crypto exchange also disclosed that it holds $7 billion in assets, including $1.16 billion worth of Solana ($SOL) and $560 million worth of Bitcoin ($BTC).
FTX Founder’s Property Purchases and Relief Request
Previous reports revealed that Sam Bankman-Fried’s parents and senior FTX executives acquired properties in the Bahamas worth $121 million in the two years before the FTX collapse. In a recent development, the FTX founder has requested the court to allow him five days a week outside of court to work on his defense case.
Political and Charitable Donations
The crypto exchange also disclosed that $86.6 million in political and charitable donations were made to third parties. Notably, Sam Bankman-Fried made significant contributions to US President Joe Biden’s 2020 political campaign. As a result, he is currently facing campaign finance violations in US courts.
Hot Take: FTX Bahamas Properties Valued at $199 Million
The appraisal of FTX Bahamas Properties at $199 million is a crucial development in the ongoing case involving FTX founder Sam Bankman-Fried. With allegations of cash diversion and significant crypto assets held by the company, the court filing sheds light on the situation. Additionally, the disclosure of political and charitable donations, including Bankman-Fried’s contributions to Joe Biden’s campaign, adds another layer of complexity to the case. As the legal proceedings continue, it remains to be seen how these revelations will impact the outcome and future of FTX.
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