FTX spent $300mln on Bahamas actual property, run as “private fiefdom”
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tldr; Crypto exchange FTX was run as a “personal fiefdom” of founder Sam Bankman-Fried, attorneys for the firm said on Tuesday, describing that one of the company’s units spent $300 million on Bahamas real estate. The collapse of FTX has left an estimated 1 million creditors facing losses totaling billions of dollars. FTX’s cash balance of $1.24 billion as of Sunday was “substantially higher” than previously thought.
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