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SBF’s Parents Joined FTX $121M Bahamas Property Splurge: Reuters

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SBF’s Parents Joined FTX $121M Bahamas Property Splurge: Reuters

Key Takeaways

  • FTX, several of the exchange’s senior executives, and Sam Bankman-Fried’s parents collectively spent $121 million on properties in The Bahamas from 2021 through 2022, according to property records seen by Reuters.
  • FTX bought a $30 million luxury penthouse and other properties for the exchange’s “key personnel,” while Bankman-Fried’s parents purchased a “vacation home” on the island.
  • Bankman-Fried was last seen in The Bahamas as the global scandal surrounding his exchange’s stunning collapse continues.

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The source of the funds FTX and its team members used to buy the properties is unclear. 

FTX Settles in The Bahamas 

FTX and some of the key figures within Sam Bankman-Fried’s orbit spent $121 million on real estate in The Bahamas from 2021 through 2022, according to property records seen by Reuters. 

A Tuesday report states that FTX, several of its senior executives, and Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, dropped the nine-figure sum on at least 19 properties over the past two years. 

According to the report, FTX spent $72 million on seven properties in the luxury resort Albany Club, including one $30 million penthouse that’s now listed on the market. FTX Property Holdings Ltd, an arm of FTX, purchased most of the properties “for key personnel” of the collapsed exchange, but the documents also reveal that Bankman-Fried’s parents are listed as signatories on a beachside “vacation home.” A spokesperson for Bankman and Fried reportedly said that the pair had tried to return the property to FTX. 

Nishad Singh and Gary Wang, two of Bankman-Fried’s closest associates who held senior positions at FTX, also personally purchased properties on the island alongside Bankman-Fried. Due to their close ties to Bankman-Fried, Singh and Wang are widely suspected to have had insider knowledge of his fraudulent activity at the helm of the exchange. The pair have stayed silent since FTX crumbled this month. 

FTX filed for Chapter 11 bankruptcy on November 11 after a bank run left the firm insolvent. Before the filing, it was revealed that Bankman-Fried had sent $10 billion worth of customer funds to his trading firm, Alameda Research, as it dealt with piling debts and losses in the market. Until its collapse, Alameda was led by Bankman-Fried’s onetime partner Caroline Ellison, who also shared a property with him and others in his inner circle in The Bahamas.

Reuters noted that the source of the funds used to purchase the properties is unknown. 

SBF’s Parents Buy “Vacation Home”

The revelation surrounding the Bahamas properties owned by FTX and its associates is only the latest development in what’s become the biggest scandal in cryptocurrency history. Bankman-Fried’s firm relocated from Hong Kong to The Bahamas in September 2021, and it was revealed earlier this month that FTX and Alameda team members had lived together on the island as both organizations imploded. 

However, it was previously unknown that Bankman and Fried owned a “vacation home” in close proximity to FTX’s headquarters. It’s yet another update that’s bound to raise questions about the pair’s dealings with their disgraced son, who’s become the subject of public scrutiny in the wake of FTX’s collapse. 

The crypto community has demanded answers for how Bankman-Fried, who until this month was seen as a golden boy of the industry, successfully duped an estimated 1 million customers, policymakers, the mainstream media, and the space at large while running a $10 billion swindle.

FTX’s new CEO John J. Ray III described “a complete failure of corporate controls” at the exchange in a bankruptcy filing last week, while FTX published a statement distancing itself from Bankman-Fried after he gave a controversial interview to Vox. The Securities Commission of The Bahamas, meanwhile, has claimed responsibility for a nine-figure hack that hit FTX on November 12, but on-chain data suggests that a bad actor may have siphoned the majority of the haul. 

The Department of Justice and SEC are both probing FTX, but Bankman-Fried has not yet been charged with any wrongdoing. Photos published in The Daily Mail show that Bankman-Fried was still residing in FTX’s Albany Court penthouse on November 21. 

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Crypto Derivatives DEXs Reposition for Life After FTX

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Crypto Derivatives DEXs Reposition for Life After FTX


That’s driven lots of new interest to some of the earliest decentralized players. Dan Gunsberg, creator of Solana-based derivatives exchange Hxro, said that in recent weeks he’s seen a boom in interest for his trading platform, which he claims cannot fall prey to the same pain points that felled FTX and its sister company, Alameda.


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Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain.


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Bitcoin’s Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits – Mining Bitcoin News

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Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

While bitcoin prices have been lower than the estimated cost of bitcoin production, the network’s hashrate has dropped a great deal since mid-November. Presently, the total hashrate dedicated to the Bitcoin network is coasting along at 236 exahash per second (EH/s) after dropping below the 200 EH/s range six days ago.

Bitcoin’s Hashrate Slips Lower

The first week of November 2022 was brutal for digital currency prices as FTX’s collapse rippled across the entire industry in a negative fashion. Prior to the FTX fallout, bitcoin was trading above the $20K zone and the network’s total hashrate was coasting along at roughly 270 to 290 exahash per second (EH/s) before the blowout.

There was a quick burst of increased hashrate the day after FTX filed for bankruptcy and BTC’s total hashrate tapped an all-time high on Nov. 12, 2022. At block height 762,845, bitcoin miners managed to get the hashrate to briefly rise to a whopping 347.16 EH/s. Since then, the hashrate has divebombed and slid below the 200 EH/s range on Nov. 26.

Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

Presently, bitcoin miners have managed to rise above the 200 EH/s region, to the current 236 EH/s recorded at 10:15 a.m. (ET) on Dec. 2, 2022. The drop in hashrate indicates that unprofitable mining entities have been forced to shut down machines, while only the strong operators survive.

At the time of writing, the estimated cost of bitcoin production ($16,956) is awfully close to the leading crypto asset’s spot market value ($16,897). Previously, the cost of bitcoin production was $18,313 on Nov. 30, which was significantly higher than BTC’s spot market value. With a drop in BTC production costs, it makes it easier for current operators to survive.

Bitcoin miners are also expecting a large mining difficulty reduction between 6.56% to 7.9% lower than today’s difficulty rating on or around Dec. 5, 2022. Presently, the estimated mining difficulty reduction could be the largest difficulty drop the network has seen in 2022. Since Nov. 30, up until Dec. 2, 2022, roughly 80 exahash of hashpower has been removed from the network’s total hashrate.

Tags in this story
Bitcoin, Bitcoin (BTC), Bitcoin Miners, Bitcoin mining, bitcoin mining sector, block rewards, block times, Blocks, braiins.com, cash reserves, Change in Difficulty, Cost of Production, Cryptoslate, difficulty change, difficulty retarget, glassnode, Hash Price, Macromicro.me, Miners, mining, Mining BTC, Mining Difficulty, Mining Operations, Mining Pools, Mining Report, pay down debt, selling BTC

What do you think about the current state of Bitcoin’s hashrate? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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