Former FTX CEO Sam Bankman-Fried bought homes in the Bahamas for $ 121 million

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Former FTX CEO Sam Bankman-Fried bought homes in the Bahamas for $ 121 million

According to New York Post, former FTX CEO Sam Bankman-Fried has bought, along with his parents and other managers of the cryptocurrency trading platform, real estate in the Bahamas for $ 121 million in the past two years.

The US newspaper underlined how the indiscretion fuels doubts about the funds disappeared from FTX.

Sam Bankman-Fried's career and FTX collapse

Bankman-Fried was born in 1992 in Stanford, United States, to Barbara Fried and Joseph Bankman, both professors of law at Stanford Law School; his family is of Jewish origin.

Between 2010 and 2014 he attended the Massachusetts Institute of Technology, where he graduated in physics. He starts working for Jane Street Capital, a proprietary trading company, where he deals with ETFs. In October 2017 he founded Alameda Research and in April 2019 FTX.

In January 2018 he starts arbitrage trading, taking advantage of the difference in bitcoin prices between Japan and the United States, moving up to 25 million dollars per day. At the end of 2018 he moved to Hong Kong. In 2021 he was included in the Forbes Under 30 Finance list, the ranking of the American magazine of billionaires under thirty.

Bankman-Fried is vegan. He lives in a penthouse in the Bahamas with about 10 roommates. He loves the League of Legends video game and his company, FTX, invested in organizing TSM esports, which included changing TSM's name to TSM FTX.

FTX suffered a liquidity crisis in late 2022, which led to the collapse of FTX's native cryptocurrency, FTT. In the midst of the crisis, Bankman-Fried also announced that he would close operations at his trading company, Alameda Research.

Bankman-Fried's net worth peaked at $ 26 billion. As of October 2022, he had an estimated net worth of $ 10.5 billion. However, on November 8, 2022 during FTX's solvency crisis, its net worth is estimated to have dropped 94% in one day to $ 991.5 million, according to the Bloomberg Billionaires Index, the largest drop in a year.

day in the history of the index. By November 11, 2022, the Bloomberg Billionaires Index considered Bankman-Fried to be devoid of material wealth. Before his wealth was eroded in November 2022, Bankman-Fried was a major donor to the Democratic Party.