Sam Bankman-Fried treated FTX like a “personal fiefdom,” as he and a handful of associates looted the now-defunct crypto exchange’s coffers to fund an epic spending spree that included a $300 million splurge on Bahamas real estate, lawyers for the company claimed.
FTX’s bankruptcy team detailed the wild spending under 30-year-old Bankman-Fried in a closely watched court hearing on Tuesday — revealing rampant mismanagement by top executives until the platform collapsed with more than $1 billion in client funds missing.
Attorneys said the $300 million spent on real estate was mostly used to buy mansions and beachfront vacation properties for Bankman-Fried and other senior FTX executives.
Source: Sam Bankman-Fried ran FTX like ‘personal fiefdom’ as firm spent $300M on luxury real estate
