Exclusive: Former FTX Exec Makes Historic Purchase
In a record-breaking move, a former executive of the European branch of a defunct cryptocurrency exchange has acquired a valuable artifact from the Titanic disaster. The purchase of a gold pocket watch salvaged from the Titanic wreckage for a staggering sum of ยฃ1.175 million ($1.5 million) marks the highest amount ever paid for an item connected to the tragic event.
New Owner of the Titanic Gold Watch
The remarkable timepiece belonged to John Jacob Astor IV, an affluent American who tragically perished aboard the ill-fated luxury liner in 1912. Astorโs widow, Madeleine Astor, survived the ordeal, but he did not. As one of the wealthiest passengers onboard, Astor was returning to the United States with his new bride when disaster struck in the frigid waters of the North Atlantic Ocean.
- The recovered items from Astorโs body included the gold watch, a gold pencil, a diamond ring, a gold buckled belt, and gold cufflinks.
- Vincent Astor, Johnโs son, briefly retained possession of the watch before passing it on to the offspring of his fatherโs former secretary.
- The watch eventually made its way to private collector John Miottel in the 1990s, where it remained until recently.
Historical Significance of the Purchase
The coveted timepiece was recently auctioned by Miottelโs collection, with the winning bid coming from Patrick Gruhn, the former FTX Europe executive. Alongside his wife, Maren Gruhn, they expressed their intention to share the watch, engraved with Astorโs initials, with the public in various U.S. museums.
โWe wish for individuals in America to have the opportunity to view and appreciate this significant relic,โ stated the former FTX executive.
Gruhn also highlighted a personal connection to Astor, citing their familiesโ shared journey from Germany to the United States in pursuit of prosperity.
Legal Battles and Resolution
Prior to FTXโs financial collapse in November 2022, Gruhn played a pivotal role in overseeing the exchangeโs operations in Europe. Amidst the turmoil, CryptoPotato previously detailed efforts by Gruhn and FTXโs disgraced founder, Sam Bankman-Fried (SBF), to establish a regional hub in Dubai.
Following the exchangeโs bankruptcy, legal action was initiated against Gruhn and other former executives by the companyโs estate to recoup $323 million spent by SBF on the acquisition of the Swiss entity that later became FTX Europe. Allegations of overpayment were leveled against the founder, prompting the lawsuit. However, in February, the case was resolved with the former executives agreeing to repurchase the European assets for an approximate sum of $33 million.
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