The founding father of failed crypto change FTX, Sam Bankman Fried (SBF), has turn into controversial within the crypto area. In a latest report by Rolling Stone, reporter Tracy Wang checked out his $40 million penthouse in his former house within the Bahamas.
Sam Bankman Fried Life In The Tiger Wooden Personal Apartment
Bankman Fried’s house was situated within the marina of Albany, Bahamas, the report claims. The property was one of many many built-in personal luxurious condominiums owned by golf legend Tiger Woods and pop singer Justin Timberlake.
Wang visited the luxurious complicated, which additionally operated as dwelling quarters for a few of FTX’s employees, two months earlier than the corporate went bankrupt. At the moment, Sam Bankman Fried was nonetheless a champion for the trade and a poster boy for “efficient altruism” and the “subsequent Warren Buffer,” because the report said.
The report met with SBF at a luxurious restaurant within the Bahamas the place “avocado toast runs $22” and was left to choose up the tab. On the crypto founder’s luxurious life, Wang claims that it may shift from that of a billionaire to that of an undergrad scholar:
Bankman-Fried’s life-style was luxurious, nevertheless it didn’t match the picture of the Lamborghini-driving change founder (…) Bankman-Fried and his 9 roommates may’ve had a non-public chef — they usually did, a company chef catered meals to the workplace — however their house freezer was filled with Dealer Joe’s $2.99 microwavable vegetable biryani, flown in from Miami.
The report factors out that life on the luxurious rental was remoted, so the corporate bought extra items to host guests and employees’s buddies. As well as, the reporter witnessed the weird working hours of the executives and the best way private lives combined with the work setting:
(I noticed no proof of a “polycule,” a community of polyamorous relationships, which some media studies speculated had occurred at FTX.) In all, it was an organization led by an govt who appeared to thrive off of blurred traces and the shortage of boundaries: social, skilled, and romantic.
Below the brand new FTX administration, led by John Ray III, the corporate is attempting to get better belongings to make its collectors complete. The buying and selling venue filed for chapter in late 2022 after a crash within the worth of Bitcoin and different cryptocurrencies led to a financial institution run on the platform.
The crypto change was allegedly co-mingling its clients’ belongings with that of its buying and selling arm, Alameda Analysis. SBF is ready to face trial for fraud, conspiracy to commit fraud, and conspiracy to commit cash laundering.
In months, the crypto founder went from dwelling in a $40 million penthouse to probably spending over a century in a US jail if he’s convicted of the fees.
Cowl picture from Unsplash, chart from Tradingview
