As of the September 11, 2023 filing, the total value of FTX’s properties in the Bahamas has been appraised at $199 million. The court document indicated that the 38 Bahamian properties, originally valued at $222 million according to the book, were now assessed at $199 million. This development holds significant relevance in the ongoing case, particularly in light of the allegations of cash diversion involving FTX founder Sam Bankman-Fried.
$199 Million in Bahamas Property Value
According to the filing, a total of $2.2 billion, encompassing cash, cryptocurrency, equity, and real estate assets, was received by individuals including Sam Bankman-Fried, Nishad Singh, Zixiao Gary Wang, and Caroline Ellison, among 46 others. The documentation specified that the FTX Bahamas properties comprised 15 properties under the name Albany Marina Residences, valued at $151 million, as well as an additional $34 million spread across 5 additional properties. Furthermore, the crypto exchange disclosed in the filing that it had organized approximately $7 billion in assets, including $1.16 billion worth of Solana ($SOL) and $560 million worth of Bitcoin ($BTC).
In a prior report in November 2022, it was highlighted that Sam Bankman-Fried’s parents and senior FTX executives had acquired multiple properties in the Bahamas. At that time, official property records indicated a cumulative value of $121 million in the two years leading up to the collapse of FTX. In a recent development, the founder of FTX has requested the court to grant him five days a week outside of the courtroom to work on his defense case.
