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The Shocking Backstory of Cryptocurrency Crash: Her Boss (30) Bought Luxurious Mansions in an Exotic Paradise

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Former CEO of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, his family and senior members of the firm have purchased at least 19 properties in the Bahamas worth nearly $121 million (CZK 2.9 billion) over the past two years. This is evidenced by official property records, media reported.

FTX lawyers said today that jone division of the company spent $300 million in the Bahamas to buy vacation homes and properties for its executives. FTX, according to lawyers, acted as a “personal fiefdom” of Bankman-Fried, This was reported by Reuters.

According to the documents, the company mainly bought lluxurious seafront homes, including seven condominiums in the expensive resort community of Albany. They cost nearly $72 million. According to the docs they were supposed to be used as “residence for key employees” of the company. But Reuters was unable to find out who actually lived in these houses.

Bankrupt cryptocurrency exchange FTX has a total of about $1.24 billion in cash. But still the debt is at least $3.1 billion.í, according to CNBC, citing a court decision on Monday. FTX’s new management must stand trial to describe the events leading up to the company’s sudden collapse.

The collapse of the second largest cryptocurrency exchange in the world shocked the entire cryptocurrency industry. Even before the FTX crash, the market was in the midst of the so-called crypto winter, when the prices of bitcoin and crypto-currency ether fell, prompting a number of firms to file for bankruptcy.

Shares of cryptocurrency exchange Coinbase fell more than eight percent on Monday and fell sharply is the lowest since the company went public in April last year. Today, however, shares have gained more than four percent.

Meanwhile, the sell-offs in the cryptocurrency market have stopped. Bitcoin lost more than three percent below $15,700 on Monday, hitting its lowest level in more than two years. Ethereum weakened by six percent. This evening, according to specialized server Coindesk, bitcoin has risen in price by more than one percent and was sold for about 16,114 dollars (about 381,000 CZK). Ethereum added more than two percent to $1,122.

Source: Blesk

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