In a newly released biography, it has been revealed that Sam Bankman-Fried, the founder of FTX, met with the Prime Minister of the Bahamas to discuss the possibility of paying off the country’s entire $10 billion national debt. The purpose of the meeting was to explore ways in which Bankman-Fried could improve the island’s infrastructure while also setting up offices and relocating employees to the Caribbean. This move was prompted by a crackdown on cryptocurrencies by the Chinese government, which led Bankman-Fried to consider moving his employees from FTX’s Hong Kong office.
According to the biography titled “Going Infinite: The Rise and Fall of a New Tycoon” by Michael Lewis, Bankman-Fried saw the Bahamas as an attractive option due to its cryptocurrency-friendly regulations. These regulations provided legitimacy to a crypto futures exchange, which was lacking in the United States. The Bahamas had created regulations that the United States had not, thus making it an appealing location for Bankman-Fried.
Furthermore, Bankman-Fried had amassed a nearly $300 million property portfolio in the Bahamas. This included a $16.4 million vacation home for his parents and a $30 million luxury penthouse for himself and his colleagues. The Bahamas, however, lacked the necessary infrastructure that Bankman-Fried required to build his cryptocurrency empire.
Lewis’s biography also reveals that Bankman-Fried was considering paying off the Bahamas’ $9 billion national debt himself in order to facilitate the improvement of roads, schools, and other infrastructure in the country. The Bahamas currently has a national debt of approximately $11.8 billion, which is around 103 percent of its gross domestic product.
The biography further discloses that Bankman-Fried was the first person the Bahamas Prime Minister wanted to meet after his election in 2021. Lewis, who met with Bankman-Fried over 100 times during the course of two years, provides a deep insight into the founder’s activities.
Bankman-Fried’s trial for alleged embezzlement is currently ongoing in a Manhattan court. He is accused of embezzling funds from FTX customers to support his hedge fund, Alameda Research, as well as making luxury property purchases and political donations. The trial is expected to last up to six weeks and features his ex-girlfriend and former top lieutenant, Caroline Ellison, as the prosecution’s star witness.
Overall, Bankman-Fried’s meeting with the Bahamas Prime Minister, his plans for relocating employees, and his potential efforts to pay off the country’s debt demonstrate the complex and intriguing developments surrounding his entrepreneurial journey and ongoing legal proceedings.
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