FTX Digital Markets, the Bahamian sister company of the popular cryptocurrency exchange FTX, has acquired significant physical assets in the Bahamas. A report by the curators of FTX Digital Markets has revealed details about the assets held by the company on the island. Despite FTX’s financial struggles, it acquired 52 real estate properties on the Bahamas that were owned by individuals or family members of Sam Bankman-Fried, despite FTX Digital financing the purchase. These properties were roughly worth $255 million and were acquired by a sister company of FTX.
In addition to the real estate properties, the curators discovered a fleet of vehicles worth $2.4 million. This fleet likely includes some high-end cars. FTX also purchased $500,000 worth of office furniture and computer parts, as well as rented 13 storage units, the contents of which are yet to be determined.
| Book value of vehicles, plant and equipment | USDm |
| Vehicles | 2.4 |
| Office furniture & equipment | 0.5 |
| Leasehold improvements | 1.9 |
| Construction in progress | 1 |
| Total | 5.8 |
The whereabouts of many individuals still under contract with FTX are unclear. According to the curators’ report, “most employees did not return to the FTX Digital office on the Bahamas after the bankruptcy. Many key employees were expats who had moved to the Bahamas with a work visa and had left the island after the bankruptcy.”
The bankruptcy of FTX is now in full swing. On February 8th, the court ruled that FTX’s creditors have permission to send legal notices to individuals such as Sam Bankman-Fried and his immediate family. However, it is still unclear when the case will come to a close and users of the exchange can expect to receive their assets.
For example, when looking at the collapse of Mt. Gox in 2014, it could take years before anything is resolved. The curators of Mt. Gox have still not paid out any Bitcoins to the creditors of the fallen exchange. For FTX users, it is hoped that it will be faster, but there is currently little to be said about that.
In conclusion, FTX Digital Markets acquired significant physical assets in the Bahamas, including real estate properties and a fleet of vehicles, despite its financial struggles. The bankruptcy proceedings of FTX are ongoing, with the outcome and timeline for asset distribution to users still uncertain.