The company did not immediately announce a replacement for Harrison, who had been FTX.US president since May 2021. [41], On September 27, 2022, FTX.US President Brett Harrison announced he would be stepping down from an active role at the exchange but would stay on in an advisory capacity. On 20th September 2021, FTX announced that its global headquarters had changed from Hong Kong to the Bahamas. The only lingering indication that it was a construction site was a sign next to the fence listing Mosko United Construction Company Limited., Fortune went to Moscos offices at an industrial park near the airport. The owner of a neighboring construction company confirmed that the HQ project never started, saying, We were waiting for the phone call to start sending trucks down with concrete.. FTX sponsored a number of sports teams and organizations. [75] FTX's in-house legal and compliance teams had, for the most part, resigned by November 10. Last year, FTX moved its headquarters to the Caribbean, which welcomed the crypto industry, from Hong Kong, where COVID-19 travel rules were strict. Speaking at CoinDesk's Consensus 2023 here on Thursday, Prime . 2. They did not provide a reason as to why the project halted but did express disappointment. Site setup, that was it. FTX spent $256.3 million on 35 different properties in the Bahamas. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. "4) We are building out our headquarters here in The Bahamas, and I'm proud of the work that @rsalame7926, Valdez, and others have put in to getting us where we are. It looked like a nice project., This story was originally featured on Fortune.com, The Pandemic Housing Bubble is burstingKPMG says prices falling 15% look conservative, The American middle class is at the end of an era, Meet the 30-year-old who just became Europes wealthiest millennial after inheriting half of the Red Bull empire, Sam Bankman-Frieds crypto empire was run by a gang of kids in the Bahamas who all dated each other. Offers may be subject to change without notice. Bahamian Prime Minister Doesn't Regret FTX | Currency News | Financial Today, they continue to make positive impressions with the groundbreaking of their new headquarters.. Bahamas Seeks to Tighten Its Crypto Laws Following FTX Collapse The platform can be used by professional trading firms and first-time visitors. It offers BTC, ETH, LTC, PAXG, BCH, and USDT currency trading, wallet funds management, digital currency, and wallet services. M Group Strategic Communications (for FTX), Cision Distribution 888-776-0942 FTX - Products, Competitors, Financials, Employees, Headquarters Locations . [87] Kraken has since offered to assist in identifying the perpetrator. The abandoned worksite for the planned FTX headquarters in the Bahamas. [94][95] The Financial Times reported that FTX's balance sheet shortly before the bankruptcy showed $9 billion in liabilities, with $900 million in liquid assets, $5 billion in "less liquid" assets, and $3.2 billion in illiquid private equity investments. [125], Gisele Bndchen was also appointed the ESG advisor for the cryptocurrency platform. [123] Temasek later wrote down its investment on November 16. Tens of millions were spent just at the small island development that Bankman-Fried called home, with FTX's holding company buying at least 15 properties and one vacant lot for a combined total of over $143 million. [97] As of November 15, the messages all read "What HAPPENED". Sylvain Sonnet | The Image Bank | Getty Images, Sam Bankman-Fried ordered back to prison after bail denied, Sam Bankman-Fried faces an onslaught of regulatory probes, FTX's collapse is shaking crypto to its core. [133], In December, it emerged that FTX had secretly invested in The Block, a cryptocurrency news firm, and to fund an LLC its CEO Michael McCaffrey used to buy an apartment. [50], Though Bankman-Fried, on November 10, wrote on Twitter that FTX's US customers did not have reason to worry, employees began attempting to sell assets belonging to the firm on the same day. [149], On December 13, 2022, FTX founder and CEO Sam Bankman-Fried was charged by the US attorneys office for the southern district of New York with fraud, conspiracy to commit money laundering, and conspiracy to defraud the US and violate campaign finance laws. Since opening its headquarters in the Bahamas in September 2021, FTX has hired at least 40 Bahamians who work in areas of finance, marketing, and software development.. As jurisdictions, like the Bahamas, roll out comprehensive crypto regulatory regimes, we are excited to take part by establishing a local presence., On Sept. 24, FTX CEO Sam Bankman-Fried elaborated on the decision in an, Bankman-Fried also said that it was also really important for us to be in a place where we could go on business trips, where there isnt quarantine, and that the move had been in the works for some time and was not particularly in response to any very recent news., Volatile Price Moves on Monday Contrast to Recent Calm Waters, First Mover Asia: Bitcoin Market Cap Is Surging, but a Retreat From $30K Continues, First Republic Bank Seized and Sold to JPMorgan Chase; Tron's Justin Sun Apologizes After Binance CEO Fires Warning, Bitcoin Drops Below $28K; JPMorgan Takes Over Embattled First Republic Bank. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Got a confidential news tip? [68], On November 9, FTX's website said that it was not processing withdrawals at that time. [120][121][122] The Ontario Teachers' Pension Plan released a similar statement. Its staff said they had no knowledge of the investments. The Office of the Prime Minister released a slickly produced video. 2023 Fortune Media IP Limited. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. [49] On November 12, anonymous sources cited by the Wall Street Journal said Alameda CEO Caroline Ellison disclosed to other Alameda employees that she, Sam Bankman-Fried, Gary Wang, and Nishad Singh knew that client deposits were transferred from FTX to Alameda. He was arraigned in federal court in Manhattan on January 3, 2023, and entered a plea of not guilty to all counts. [49][50] On November 14, Crypto.com's CEO assured users that the exchange was functioning as normal. Fortune visited the planned site of the headquarters on Tuesday, which is currently gated off with no sign of FTXs presence. Updated Apr 26, 2023 at 11:29 p.m. UTC. ", "The FTX Files: A Primer On The Chapter 11 Case Titan Grey", "Bankrupt crypto exchange FTX is under criminal investigation in The Bahamas", "FTX Faces Criminal Misconduct Probe by Bahamas Authorities", "FTX Collapse Probed by Federal Prosecutors in Manhattan", "U.S. House committee to hold a hearing on the collapse of FTX", "FTX founder Sam Bankman-Fried charged with defrauding investors", "FTX's Sam Bankman-Fried Pleads Not Guilty to Fraud as Judge Sets Tentative Trial Date", "FTX founder Sam Bankman-Fried pleads not guilty", "Sam Bankman-Fried Pleads Not Guilty to Fraud and Other Charges", "FTX's Nishad Singh pleads guilty to fraud charges", "Miami Heat to play in FTX Arena after county approves $135M deal with crypto exchange", "It's Official! FTX's Bahamas Headquarters Was the First Clue - Bloomberg The Nassau Guardian November 10, 2022. [34], In February 2022, it was reported that FTX was creating a gaming division that would help developers add cryptocurrency, NFTs, and other blockchain-related assets into video games. FTX Crypto Exchange HQ Moves to Bahamas - Yahoo Finance [57][58] The announcement by Zhao of the pending sale and disputes between Zhao and Bankman-Fried on Twitter led to a decline in the price of FTT and other cryptocurrencies,[59] resulting in a three-day depositor selloff, like a bank run, of an estimated $6billion that sent FTX into crisis.