Former CEO of cryptocurrency exchange FTX, Sam Bankman-Fried’s The Reserve Residences reportedly up for sale at USD40m
Over the past few weeks, crypto exchange FTX International and its affiliates, such as FTX USA, and trading firm Alameda Research have been prominently featured in the media.
Founded in 2019, FTX was a top cryptocurrency exchange, along with Coinbase and Binance. However, FTX has gone bankrupt due to alleged misappropriation of investors’ and customers’ funds.
It was reported that the exchange was hacked just hours after it filed for bankruptcy and after the resignation of Sam Bankman-Fried, its founder and CEO. Some claimed it could have been an insider, or a disgruntled employee who had lost their life savings and vested life savings.
Not only this, but Singaporeans make up 5.26% of FTX International’s second largest customer base, behind South Koreans (6.2%). FTX has 1 million users as of February 2022.
It’s no secret that many Singaporeans and international users are unhappy with the way their funds are being held in FTX. Many of these users are unable withdraw their investments from these platforms.
Notable is also the fact that Temasek Holdings in Singapore has invested USD210m or a 1% share in FTX International alongside other investment firms such as Sequoia Capital and SoftBank.
It also invested USD65m into FTX USA. These investments totaling USD275m have been refunded.
Online chatter revealed that Bankman-Fried, also known as SBF, is assisting in investigations in the Bahamas (where FTX is headquartered).
The Bahamas penthouse
The 12,000-square-foot penthouse, which is listed for USD40m, is located in Albany Resort on New Providence Island in The Bahamas. It’s a luxury, 600-acre resort community that overlooks the ocean and offers luxury amenities.
These photos show the property located in the Orchid Building of the resort. There are nine residences in the building, each with two to six bedrooms and 2,500 to 11,500 sq. feet of space.
Morris Ajmi Architects designed the Orchid, which overlooks the Albany Marina and Atlantic Ocean. The Penthouse at Orchid is the foundation of the development. It features a luxurious master bedroom suite with its own bathroom, walk-in closets, and a private balcony that includes a lounge area with spa.
Four additional ensuite bedrooms are available, as well as a large living area with a dining room that opens onto the patio and outdoor pool. A family entertainment area, a modern kitchen, and a separate bar are all available. There’s also an outdoor barbecue alcove.
The penthouse features Venetian plaster walls and matching Italian marble accents. It also has German-engineered doors, windows and custom cabinets. Creston smart home systems are included. The private elevator is password-protected and connects the owner to his garage.
Although we are unable to confirm this penthouse is where SBF lived with his friends, there are some similarities to past interviews. You can see a previous interview by Nas Daily with SBF, and you will also find him “chilling out” in various parts of his penthouse that have similar backgrounds.
In just a few short days, Sam Bankman Fried’s fortune plunged from USD16b to almost zero as a result.
He is not the only person we have reported on in cryptocurrency circles.
We have previously reported on 3 Arrows Capital’s Su Zhu. He purchased a Good Class Bungalow from Yarwood Avenue under the trusteeship of Yarwood Avenue, for S$48.8m in late 2013. The crypto hedge fund company was also liquidated after losing investments in cryptocurrency platforms such as Terra Luna. It was speculated that some of his Singapore properties might have to be liquidated.