FTX liquidators report exchange held $2.4M ‘fleet of vehicles’ in the Bahamas

The joint temporary liquidators of FTX Digital Markets, the company’s subsidiary in the Bahamas, have released a report on the company’s physical assets in the island nation.

According to an affidavit filed by an associate of PricewaterhouseCoopers with the Supreme Court of the Bahamas on February 8, the FTX Joint Interim Liquidators, or JPL, said the company purchased 52 properties in the Bahamas, including properties “in the name of individual SBF employees or relatives, despite FTX Digital providing funding.” These properties, including FTX employee housing and commercial office space, cost approximately $255 million and were purchased by a subsidiary of FTX.

JPL also identified a “fleet of vehicles” that FTX employees used on the island worth approximately $2.4 million, $500,000 worth of office furniture and computer equipment, and 13 leased storage spaces, the contents of which have yet to be assessed. The liquidators said they would “go into liquidation” after approval from the Supreme Court of the Bahamas.

It is not clear where many of the people still employed by FTX at the time of the bankruptcy proceeding worked. FTX CEO John Ray said in bankruptcy court on Feb. 6 that the company no longer has physical offices and instead operates in the metaverse, though this may have referred to FTX headquarters rather than local subsidiaries.

According to the JPL report:

“Most employees no longer reported on their work at the FTX Digital office in the Bahamas. Many of FTX Digital’s key employees were expatriates who moved to the Bahamas on work visas, and it was subsequently learned that many of them physically left the Bahamas around the time of their assignment.”

The report follows FTX debtors announcing on Jan. 6 that they have reached an agreement with FTX Digital aimed at liquidating or selling assets associated with the Bahamas subsidiary. The Supreme Court of the Bahamas ruled that all of FTX Digital’s digital assets be transferred to a wallet controlled by the Bahamas Securities Commission on November 12, a day after FTX filed for bankruptcy in the United States.

Bahamas regulator denies asking crypto exchange FTX to mint new tokens

The FTX bankruptcy case is pending in the United States Bankruptcy Court for the District of Delaware. The judge in the case ruled on Feb. 8 that the FTX debtors were authorized to issue subpoenas to certain individuals, including Bankman-Fried and his immediate family.

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