Sam Bankman-Fried had promised the island paradise a path to financial glory. His meltdown has left some Bahamians worried about the ripple effects.
, the closely guarded enclave where Bankman-Fried and his top deputies shared a $40 million waterfront penthouse, one construction worker told a reporter on a recent morning that, if Bankman-Fried were still inside, “we would grab him and bring him out.”
FTX spent clients’ funds on seaside homes for employees’ use and routed money to Bankman-Fried’s other company, the crypto trading firm Alameda Research, Ray said. Corporate reimbursements were often requested via an online chat box and approved by supervisors using “personalized emoji.” Only “a fraction” of customers’ money has been located and secured.
The victims of FTX’s spectacular collapse are just now being counted, and the damage will probably be enormous: In bankruptcy court filings, lawyers have estimated that more than a million people or businesses have lost money, withBut in the Bahamas, the implosion has meant not just lost fortunes but lost confidence in a dream of financial acclaim.
Bitcoin had just reached a record high at $66,000, and FTX had become one of the crypto industry’s biggest names thanks to a gusher of promotional spending: The Miami Heat basketball team played in the FTX Arena, and Major League Baseball umpires wore the crypto exchange’s logo on their arms. A major chunk of the spending spree went to Albany, an ultraexclusive luxury community developed in 2010 by a British billionaire with investment from musician Justin Timberlake and golfers Tiger Woods and Ernie Els.
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