FTX’s Physical Assets in the Bahamas

The joint provisional liquidators of FTX Digital Markets, which is the parent company’s subsidiary in that nation, has made public a report on the company’s tangible holdings in the Bahamas. The report details the company’s assets physically located in the Bahamas.

According to an affidavit that was filed with the Bahamas’ supreme court on February 8 by a PricewaterhouseCoopers partner, FTX’s joint provisional liquidators, or JPLs, stated that the company had purchased 52 properties in the Bahamas, including units “in the name of individual employees or relatives of Sam Bankman-Fried, despite FTX Digital providing the funding.” An FTX entity shelled out around $255 million to acquire these properties, which comprised living quarters for FTX employees as well as office space for rent by the commercial sector. The FTX subsidiary purchased these different pieces of real estate.

The JPLs also discovered “a fleet of vehicles” that the employees of FTX had used around the island and that were worth approximately $2.4 million, office furniture and computer equipment that was worth $500,000, and 13 leased storage units whose contents have yet to be evaluated. All of these items were located on the island. On the island, each and every one of these goods might be found. The liquidators have said that they would “commence disposals” once they have received clearance to do so from the highest court in The Bahamas.

In the middle of the procedures for FTX’s bankruptcy, it is unknown where the majority of the people who were still employed by the company were working. During his testimony on February 6 in the bankruptcy court, FTX CEO John Ray indicated that the firm did not have any physical offices anymore and instead conducted all of its operations in the metaverse. When Mr. Ray made this comment, he may have been referring to the headquarters of FTX rather than its local subsidiaries. It is probable that he had this in mind.