By: Staff Writer
April 2, 2024
Samuel Bankman-Fried, the cryptocurrency prodigy, has been sentenced to 25 years in a US Federal Court for the “orchestration of multiple fraudulent schemes,” the US Department of Justice said as the scramble to liquidate his Bahamas real estate heats up.
The DOJ said Bankman-Fried, who was the founder of the cryptocurrency exchange FTX and the cryptocurrency trading firm Alameda Research, misappropriated billions of dollars of customer funds deposited with FTX, defrauded investors in FTX of more than $1.7 billion, and defrauded lenders to Alameda of more than $1.3 billion. Bankman-Fried was previously found guilty on two counts of wire fraud, two counts of conspiracy to commit wire fraud, one count of conspiracy to commit securities fraud, one count of conspiracy to commit commodities fraud, and one count of conspiracy to commit money laundering, following a one-month trial before U.S. District Judge Lewis A. Kaplan, who imposed the sentence.
Now that SBF has been sentenced, liquidators are now in a mad rush to sell off some of his Bahamas based real estate he purchased while he operated the now failed FTX in the jurisdiction.
His opulent Bahamas real estate empire is about to hit the market, signaling the end of an era of excess and deceit.
Before his spectacular downfall, Bankman-Fried lorded over a vast property portfolio in Nassau, the epicenter of his now-defunct cryptocurrency exchange, FTX, which imploded in 2022.
Now, after a protracted legal battle, FTX has wrested control of some 38 properties worth a staggering $222 million from Bankman-Fried and his cronies.
Among the seized assets is the infamous waterfront penthouse where the disgraced tycoon once held court with a revolving door of roommates.
But as FTX moves to liquidate these ill-gotten gains to repay creditors, including thousands of defrauded customers owed a whopping $16 billion, a new chapter unfolds in this sordid saga.
The sale, overseen by federal bankruptcy court in Delaware, promises to inject fresh capital into a beleaguered crypto landscape still reeling from the fallout of Bankman-Fried’s scheme.
Among the prized real estate holdings is a lavish Orchid penthouse in the renown Albany Bahamas luxury gated community worth over $30 million, frequented by golf champion, Tiger Woods and owned by UK billionaire, Joe Lewis.
Court records reveal that FTX is also gearing up to offload a slew of prime real estate assets in the exclusive Albany resort community, with a total value of $151 million.
Aside from the iconic Orchid penthouse, prospective buyers can vie for a slice of paradise in 15 other properties within Albany.
These include multiple condos spread across prestigious buildings like Charles, Choral, Cube and Gemini, offering a taste of luxury living at its finest.