Sam Bankman-Fried spent a lot of money in a year in the Bahamas until his crypto empire collapsed and declared bankruptcy, allegedly mishandling the funds of as many as 1 million clients.
He spent $40 million on a penthouse with water on three sides and $60 million on a plot of land where he "broke ground" on Fortis' future headquarters building, but never started construction. In Sunday's interview, what we saw was a fenced overgrown area with views of the Atlantic Ocean.
Before his $32 billion cryptocurrency empire collapsed, Bankman Fried allegedly handed out tens of thousands of dollars a week to his employees in the Bahamas. In addition, he has a multimillion-dollar, 52-foot HCB yacht.
He donated millions of dollars to local government and charities in the Bahamas, prompting local media to report that "FTX's tentacles reach far and far into the Bahamas."
A Ukrainian expatriate working in finance in the Bahamas said in an interview: "They are walking around the Bahamas and it is raining."
However, John Ray, who was appointed FTX's CEO after Bankman Fried disclosed his financial problems, filed for bankruptcy and resigned, said in court filings that FTX and dozens of its sister companies lacked effective accounting and human resources departments, while Bankman Fried received a $1 billion personal loan from his own company.
The new owner of the foreign exchange house denounced banker Fried's "complete failure of corporate control"
In a court filing this week, he wrote: "Never in my career have I seen such a complete failure of corporate control and such a complete absence of financial information." He has twice mentioned that he was involved in the investigation into Enron's bankruptcy. "From compromised system integrity and misregulated regulation abroad, to the concentration of control in the hands of a tiny handful of inexperienced, immature and potentially compromised individuals, this is unprecedented."
Ray, who oversaw Enron's $23 billion bankruptcy in 2001, added that he had "no confidence" in FTX's balance sheet.
On Tuesday, May 11, 2021, FTX co-founder and CEO Sam Bankman-Fried spoke in Hong Kong, China.
A Nov. 19 filing shows that the exchange owes nearly $3.1 billion to the 50 largest creditors, all of whom are customers, though the document does not name names. It is estimated that the combined liabilities of the two companies exceed $10 billion. It is estimated that 1 million customers and other investors will face losses totaling billions of dollars.
Showcases panoramic views of Cocoplum restaurants in Nassau, Bahamas, where FTX is believed to have spent a lot of money on food.
The restaurant is just one of several local caterers that regularly serve lunch, with a total cost of about $10,000 a day, staff said.
FTX employees also have lunch with guests during working hours, employees said. However, according to one bartender, they never came back for happy hour.
"They're geeks, man," he said. "They don't hang out."
According to Ray's court documents, FTX employs about 300 people on the island but does not have a complete roster of employees.
An overview of the Albany Loft and surroundings in Nassau, Bahamas. Albany Beach in Nassau, Bahamas.
Bankman-Fried lives with several in-house executives in his beachfront penthouse at Albany Resort. The 600-acre private community includes a large marina, a private school and a golf course, designed by co-owner Ernie Els. On the lawn in the center of the compound is a Wall Street bull statue, as well as a free-gifted "Fearless Girl" sculpture overlooking the Atlantic Ocean.
Bankman-Fried lives on the top floor of a yacht-shaped low-rise building from which the marina, the sea and other parts of the complex can be seen from the avant-garde buildings. He and his core group reportedly tried prescription doping and polyamorousness (or having multiple relationships at once) while scamming customers out of billions of dollars.
Located near the waterfront temple-themed estate of notorious fashion mogul Peter Nygard, Albany is home to all of Tiger Woods, Els, Justin Timberlake and British financier Joe Lewis. Over the weekend, Joe Lewis' 322-foot, $150 million superyacht was seen floating at sea. In fact, it's too big for Albany Pier, which is designed to accommodate 250-foot luxury vessels.
Overview of Joe Lewis, owner of the Albany Resort in Nassau, Bahamas.
In 2019, Forbes called the Albany neighborhood "one of the most exclusive resorts in the world."
At each low tide, crews rake grass on the beach, removing seagrass and other debris. A pile of sand near the breakwater was used to beautify the narrow waterfront.
There was a hotel in the clearing, and documents sent by a woman who answered the phone showed that the cost of one night for membership alone was 5,100 US dollars (about 5,100 yuan), plus taxes. Membership starts at $6000.
An overview of Albany Penthouse and surroundings in Nassau, Bahamas.
On Sunday, in the penthouse at Bankman-Fried, the curtains were drawn, only one floor-to-ceiling window was open, and the curtains fluttered in the Bahamian breeze — until someone pulled it shut.
A passing yachtsman said he had met Banksman Fried regularly in the past, and he owned a 52-foot-long, multimillion-dollar HCB yacht.
The rooftop balcony of the Albany Hotel in Nassau, Bahamas.
"No one has seen him since that happened," he said. "I parked the boat there. I used to see him every day. ”
A woman on the beach said she knew Bankman-Fried, who still lives in the penthouse, declined to discuss the FTX.
Albany Field is closed to the public. On-site restaurants, clubs and other venues are for the exclusive use of members; However, FTX employees are said to have appeared in various parts of the island before the collapse.
Baja Mar is a towering five-star resort with views of the sea from the other side of the island and is the heart of the local nightlife.
FTX office on New Providence, Bahamas
The lack of regulation of the coin circle boss is so profligate that the coin circle has become a leek graveyard, and the future of cryptocurrencies is really worrying.