Records: FTX, its executives, and SBF's parents bought 19+ properties in the Bahamas worth ~$121M over the past two years as “residence for key personnel”

Sam Bankman-Fried's FTX, his parents and senior executives of the failed cryptocurrency exchange bought …

Reuters 2022-11-22 Koh Gui Qing

Context & Ripple Effects

The property trail sits alongside reports that FTX and Alameda presented overlapping assets as separate and that FTX's accounting concealed transfers between them. It gives the collapse a tangible set of transactions to examine, rather than only balance-sheet allegations.

Later coverage connected weak controls to extensive Bahamas spending and showed the estate assembling a broader asset pool, including Bahamas properties. It also culminated in the estate's suit against Bankman-Fried's parents seeking recovery of allegedly misappropriated funds.

First-order effects

FTX's collapse puts the purchases by the company, executives and Bankman-Fried's parents under immediate scrutiny as potentially relevant transactions and assets for the bankruptcy process.
The records add a documented real-estate trail to concerns over FTX's minimal controls and lavish Bahamas spending.

Second-order effects

The estate gains a clearer basis to trace who acquired which properties and assess whether they belong in the recoverable asset pool, alongside its broader Bahamas holdings.
Claims involving Bankman-Fried's parents become more consequential because the records distinguish their purchases from properties acquired directly by FTX or its executives.

Third-order effects

If recovery efforts continue to rely on asset tracing, FTX's case will reinforce that weak internal controls raise bankruptcy costs by forcing advisers to reconstruct corporate and personal transactions after a collapse.
The episode points to crypto failures being resolved not only through digital-asset accounting, but through scrutiny of conventional assets acquired by insiders and affiliated parties.

The trend: FTX's unwinding reflects a broader shift from opaque exchange balance sheets to forensic recovery efforts spanning both crypto holdings and insider-linked real-world assets.

Discussion

@watcherguru @watcherguru on x
JUST IN: Sam Bankman-Fried's parents purchased 19 properties worth $121 million in the Bahamas over the past two years, Reuters reports.
@tier10k @tier10k on x
[DB] US Prosecutors Opened Probe of FTX Months Before Its Collapse: BBG
@pelositracker_ @pelositracker_ on x
Sam Bankman-Fried's parents bought 19 properties worth $121M over the past two years $1B of clients funds are still missing at FTX $70M was traced to political campaign donations $300M was cashed out by Sam himself $121M now traced to his parent's property It never ends.
@wallstreetsilv Wall Street Silver on x
SBF, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years... I wonder if his parents asked any questions why Sam was parking real estate in their names. 🧐 https://twi…
@ledgerstatus @ledgerstatus on x
This is hilarious but also just has me feeling sad. Man risked everything — most importantly the livelihoods of millions of others — and he's now running around in the Bahamas like he's about to miss the school bus. https://twitter.com/...
@carnage4life Dare Obasanjo on x
Can't get over how this guy was out here dressed like a schlub while balling like Hushpuppi. https://twitter.com/...
@buccocapital @buccocapital on x
FTX story keeps getting weirder. SBF's mom and dad bought a house in the Bahamas...or did FTX depositors buy them a house? Pretty bad look for Stanford Law, yeah? https://twitter.com/...
@baldingsworld @baldingsworld on x
No idea how they structured it but this could mean real problems for mom and dad. At the very least HUUUUGE tax bill. If they are connected to the company via funds and not just through son, problems increase exponentially https://twitter.com/...
@niubi Bill Bishop on x
Exclusive: Bankman-Fried's FTX, parents bought Bahamas property worth $121 million | Reuters no wonder sbf's dad was in tears. Looks like he got caught stealing money from ftx too. Lawyer up, you don't get a “just return it to ftx” mulligan https://www.reuters.com/...
@tombevanrcp Tom Bevan on x
The SBF/FTX grift was apparently a family affair. https://www.reuters.com/...
@niubi Bill Bishop on x
Does Stanford have a policy for tenured professors who steal assets from companies? And given that Stanford is likely an LP in one or more the funds that lost their entire investments in FTX this could get awkward https://twitter.com/...
@spencerjakab Spencer Jakab on x
I had no idea teaching law was so lucrative 🙄https://www.reuters.com/ ...
@lilmoonlambo @lilmoonlambo on x
They caught SBF in the Bahamas 😭 https://twitter.com/...
@biohazard3737 @biohazard3737 on x
Totally normal to buy 19 properties in the Bahamas. If I were to own 19 properties, they'd all be on one island. https://twitter.com/...
@revshark James DePorre on x
Just some portfolio diversification? https://twitter.com/...
@packym Packy McCormick on x
This guy is going to absolutely lose his shit when he hears about the Bankman-Frieds' real estate portfolio https://twitter.com/... https://twitter.com/...
@scottmelker @scottmelker on x
Thanks for the heads up when you started, much appreciated. https://twitter.com/...
@raph_bloch @raph_bloch on x
Sam Bankman-Fried's parents purchased 19 properties in the Bahamas over the past 2 years They spent more than $100 million 🙃 https://www.reuters.com/...
@johnedeaton1 John E Deaton on x
I didn't know Stanford Law paid so well. https://twitter.com/...
@smtuffy Sean Tuffy on x
Okay, so we can blame the parents now https://www.reuters.com/...
@aaronwall Aaron on x
“When asked by Reuters why the couple decided to buy a vacation home in the Bahamas and how it was paid for, a spokesman for the professors said only that Bankman and Fried had been trying to return the property to FTX.” https://www.reuters.com/... effective altruism
@smtuffy Sean Tuffy on x
tHEy'Re LaW pRoFeSsoRs https://twitter.com/...
@hsakatrades @hsakatrades on x
Even the US gov joining the “We actually knew he was a fraud when...” clout chasing. https://twitter.com/...
@ghostofwhitman Dick Whitman on x
No arrests yet? https://www.reuters.com/...
@plebcapital @plebcapital on x
Ruh roh. Looks like Mummy and Daddy are ball deep in the fraud too. https://www.reuters.com/...
@priapusiq @priapusiq on x
⚠️ When asked by Reuters why couple decided to buy a vacation home in the Bahamas and how it was paid for — whether in cash, with a mortgage or by a third party such as FTX — spokesman for the professors said only that Bankman and Fried had been trying to return property to FTX h…
@jeffkauflin Jeff Kauflin on x
NEW: FTX and Alameda Research lost $3.7 billion before 2022. The huge loss is perplexing for two reasons: It contradicts the image SBF has portrayed of his companies, and it bucks the trend of a highly profitable 2021 for the cryptocurrency industry. https://www.forbes.com/...
@evgenygaevoy @evgenygaevoy on x
how do you buy SOL at $3, run one of the top exchanges, create billions of paper wealth from SRM, pillage (farm🙃) entire ecosystems AND you still manage to end 2021 with 3.7B loss🤯??? https://twitter.com/... https://twitter.com/...
@ericzhu105 Eric Zhu on x
The best part about the FTX bankruptcy is that my account balance was actually negative $157,000 thanks to leveraged trades. Now I don't have to pay that back.
@parabolit @parabolit on x
If you made $1 in 2021 you out traded one of the biggest trading funds in crypto https://twitter.com/...
@danny8bc Danny on x
Turns out Alameda didn't even make money during the 2020-2021 bull run. How can you be this bad? https://twitter.com/...
@kadhim @kadhim on x
FTX filed the motion just after midnight last night eastern time. Then about 2 hours later, it updated the agenda for today's hearing to say that it had received no objections to the motion! 👍 https://pacer-documents.s3.amazonaws.co m/ ... https://twitter.com/...
@kadhim @kadhim on x
FTX wants the bankruptcy court to let it indemnify “certain individuals” for authorised actions taken “in light of the risk of cyber-attacks and other malicious activity”. But it also doesn't want to disclose the actions or individuals: https://pacer-documents.s3.amazonaws.co m/ …
@smtuffy Sean Tuffy on x
It's almost as if it was always just a scam https://twitter.com/...
@wublockchain Wu Blockchain on x
FTX Group have $1.2 billion in cash, about $514 million is unrestricted cash, court documents show. FTX owes $3.1 billion to the top 50 creditors; the liquidity gap is about $8 billion; FTX also has various investments worth billions of dollars. https://www.coindesk.com/...
@lordshipstrade Matthew Earl on x
What a hideous bungling of counterparty risk management. Article highlights that Su Zhu is by no means alone but should undoubtedly be one of the first to beat himself over the head with a frying pan. https://www.ft.com/... @FT @journofletcher https://twitter.com/...
@paulg Paul Graham on x
A person I have known for more than ten years, who I consider trustworthy, is convinced the cryptocurrency economy will shortly experience a systemic risk. I don't know anything concrete, but if I were exposed, I would be concerned.
@vitalikbuterin @vitalikbuterin on x
I'm hearing through the grapevine that something important is about to happen. Please recognize the fact that my elite social connections to people who are early to know things make me cool, and please help me validate my self-image of coolness.
@twobitidiot @twobitidiot on x
1/ THE STATE OF CRYPTO
@lawmaster Larry Cermak on x
The FTX blackhat just transferred 15k ETH to 12 different addresses, which amounts to ~$200M total. This means he will likely dump the ETH to renBTC and gradually exit to BTC mainnet. Selling didn't start yet but will take some time though as liquidity will need to be reloaded ht…
@cryptohayes Arthur Hayes on x
The Zhu-per cycle in reverse. Where is my money mofo? 🧐 https://twitter.com/...
@twobitidiot @twobitidiot on x
2/ Bad week, bad month, bad year... Esp. for the over-levered, greedy, and unethical! The long-term builders have been hurt by association, but they aren't the ones who've been perpetuating fraud or fleecing investors. The innovators will be here when the trash is removed.
@arkhamintel @arkhamintel on x
The FTX Drainer has just sold 15000 ETH to renBTC and bridged out to native BTC. This follows a pattern: 1) operating between 08:00 and 10:00 UTC 2) generating a new account for each operation The attacker is limited by the liquidity of renBTC, so cannot bridge lots at once. http…
@crypto_bobby Rob Paone on x
Su and Kyle did just as much damage as FTX, in different ways Media giving them interview opps to rebuild their reputations is disgusting SBF, Su, Kyle, Mashinsky, etc should be banished to the shadow realm https://twitter.com/...
@thestalwart Joe Weisenthal on x
Bitcoin sub-16K https://twitter.com/...
@adamscochran Adam Cochran on x
Looks like we're now pretty damn sure which address isn't the Bahamian government. Looks like a lot of onchain liquidity is going to get sold into. https://twitter.com/...
@lookonchain @lookonchain on x
Could the FTX Accounts Drainer be @SBF_FTX? 1.🧵 We share some interesting findings with you.
@patrikakis Yiannis Patrikakis on x
$COIN YTD -83.2%
@allnick @allnick on x
Said the charts are pointing to $10k BTC on our show last week and it's not looking great at the moment... $11.5k is a more accurate estimate
@btc_jacksparrow @btc_jacksparrow on x
Some things are better left unsaid. Recommend no more new like this week, for the sake of the people, our industry , (and your business) https://twitter.com/...

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