Founder of FTX Reportedly Goes On a Luxury Beachfront Shopping Spree

Founder of FTX reportedly goes on a luxury beachfront shopping spree. Reuters reports that Sam Bankman purchased at least 19 properties amounting to $121 million.

Founder of FTX Reportedly Goes On a Luxury Beachfront Shopping Spree

Founder of FTX Reportedly Goes On a Luxury Beachfront Shopping Spree

Sam Bankman-Fried who helped found and led cryptocurrency exchange platform FTX just before its catastrophic meltdown spent the last two years reportedly buying at least 19 properties for his senior staff and his parents that is worth $121 million as per Reuters.

One Unit of the Company Spent $300 Million on Homes and Rental Properties

And on top of that, one single unit of the company spent $300 million on homes and rental properties according to reports from Reuters. One very specific resort community among the buys was Albany which is the same resort where Tiger Woods hosts golf tournaments every single year. The report claims that the buy was intended for key personnel.

FTX filed for chapter 11 bankruptcy protection on November 11

Over the last couple of weeks, FTX went under due to a lack of liquidity and the revelation that it was largely a house of cards that is set to collapse. The exchange however was poised for a bailout by its rival Binance, which initially had agreed to purchase the company just before changing its mind. On November 11, FTX filed for chapter 11 bankruptcy protection.

The parents of Bankman-Fried are also named as the owners of a $16.4 million home.

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