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According to the filing dated September 11, 2023, the total value of FTX Bahamas Properties has been assessed to be worth $199 million. The court filing said that the 38 properties in the Bahamas with $222 million book value were appraised at $199 million. This is an important development in the case, in the context of the cash diversion allegations faced by FTX founder Sam Bankman-Fried.
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$199 Million Worth Property In Bahamas
The company revealed that $2.2 billion worth in cash, crypto, equity and real estate value was received by Sam Bankman-Fried, Nishad Singh, Zixiao Gary Wang, and Caroline Ellison among 46 others. The filing showed that the FTX Bahamas properties included 15 properties by the name Albany Marina Residences worth $151 million and $34 million across 5 additional properties. Further, the crypto exchange stated in the filing that it has organized about $7 billion in assets including $1.16 billion worth of Solana ($SOL) and $560 million worth of Bitcoin ($BTC) as part of a crypto portfolio worth $3.4 billion.
In November 2022, CoinGape reported that Sam Bankman-Fried’s parents and senior FTX executives have purchased several properties across the Bahamas. At the time, the official property records were reported to have shown a total worth of $121 million in the 2 years before the FTX collapse. In a recent development, the FTX founder has sought the court a relief of five days a week outside the court for working on his defense case.
Political Donations Made By SBF
In an interesting revelation, the crypto exchange had also mentioned that $86.6 million in political and charitable donations were paid to third parties. It has been reported that the FTX founder has made one of the biggest donations for US president Joe Biden’s 2020 political campaign. In this respect, Bankman-Fried is facing campaign finance violations in the US Courts.
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