FTX collapse: Storm looms over Sam Bankman-Fried’s Crypto Bahamas conference as A-list pals go dark

Months earlier than his $32 billion fall from grace, FTX founder Sam Bankman-Fried drew international leaders, celebrities and most likely the NFL’s most sensible quarterback to a $3,000-a-head pet-project cryptocurrency convention at an unique lodge close to his Bahamas headquarters. 

It used to be the inaugural convention in what organizers mentioned they was hoping to construct into “the premier institutional virtual property match on this planet.” FTX and SALT, which co-hosted the discussion board, mentioned 2,000 folks attended from April 26 to 29. Top Minister of the Bahamas Philip “Courageous” Davis individually welcomed them from the conference middle’s degree.

Keynote audio system integrated former President Clinton and previous U.Ok. Top Minister Tony Blair – in addition to Tom Brady. Gisele Bundchen, Orlando Bloom and Katy Perry additionally featured prominently. Perry is one in every of simply two folks Bankman-Fried follows on Instagram.

Brady and Bundchen have each be named as co-defendants in a class-action lawsuit alleging $11 billion in damages stemming from FTX’s cave in – which the company’s newly appointed CEO described as “a whole failure of company controls.”


(L-R) Lauren Remington Platt, Sam Bankman-Fried, Gisele Bündchen seem on the FTX Salt Crypto Bahamas convention Wed, April 27, 2022.

The convention kicked off on a Tuesday with a sequence of receptions and ended with a “VIP Pool Birthday celebration” 4 days later on the unique Grand Hyatt Baha Mar, a two-towered, five-star lodge on the center of the Baha Mar lodge advanced that opened in 2017. The beachside advanced boasts a golfing path designed by means of Jack Nicklaus, casinos, a water park and a flora and fauna sanctuary.

“It is been a wild previous few years for the trade,” Bankman-Fried informed the target market on day two. “That is any such other vibe than the primary crypto convention I went to, which used to be 2018.”

A general view of the 405 yards par 4, 13th hole at Royal Blue, The Golf Club at Baha Mar on November 29, 2018 in Nassau, Bahamas.

A basic view of the 405 yards par 4, thirteenth hollow at Royal Blue, The Golfing Membership at Baha Mar on November 29, 2018 in Nassau, Bahamas.
(David Cannon/Getty Photographs)

A month earlier than the convention, the lodge gained the royal remedy – with a consult with from the Duke and Duchess of Cambridge.


The celebs and influential international leaders had been photographed smiling and taking part in the surroundings on the convention, however none spoke back to Fox Information Virtual’s requests for remark by means of time of newsletter Friday.

Sam Bankman-Fried poses with Gisele Bündchen at the FTX Salt Crypto Bahamas conference Wed, April 27, 2022.

Sam Bankman-Fried poses with Gisele Bündchen on the FTX Salt Crypto Bahamas convention Wed, April 27, 2022.

All over the convention, Bloom, the “Pirates of the Caribbean” big name, posted for a lighthearted Instagram photograph with Bankman-Fried, by which they each pulled their lengthy hair again. 

“Like having a look in a replicate,” the A-lister wrote within the caption, tagging the soon-to-be disgraced Democratic megadonor. “@sbf_ftx #cryptobahamas.” 

Below the similar hashtag, customers can to find fan selfies with the celebs on Instagram and Twitter.

Tom Brady was a keynote speaker at the April Crypto Bahamas conference co-hosted by FTX and its now-disgraced founder, Sam Bankman-Fried.

Tom Brady used to be a keynote speaker on the April Crypto Bahamas convention co-hosted by means of FTX and its now-disgraced founder, Sam Bankman-Fried.
(Kevin Mazur/WireImage)

Bankman-Fried, an American ex-pat who moved his crypto trade to the Bahamas for its lax regulatory setting, individually hosted his keynote audio system on degree for 2 nights of the convention.

The primary used to be Brady, Wednesday, for a dialogue titled merely, “Profitable,” by which the long run Corridor of Famer vowed to check out for every other record-setting Tremendous Bowl victory.

Bankman-Fried, who has now not spoke back to more than one requests for remark, hosted Clinton and Blair Thursday for an “off-the-record” dialogue on “The International These days.”

Then again, audio of the VIP-only panel used to be got by means of TrustNodes, a crypto industry newsletter, revealing Clinton advocated a “do no hurt” regulatory method.

“It does glance cool, and so they’re after all two large names,” the opening reported, including prophetically, “However this can be a bit pretend isn’t it?”

Politico, which got a partial transcript, added that the previous president additionally warned of a “temptation to abuse” rising applied sciences.


Inside of months, Bankman-Fried could be beneath investigation in more than one international locations with that query in thoughts.

Visitors met at the lodge’s Jasmine Garden, outdoor its huge conference middle, for breakfast each and every morning.


The Palm Lawn at Baha Mar has a waterfront view. It is where Crypto Bahamas guests gathered for "Sunrise Yoga" sessions during the April conference.

The Palm Garden at Baha Mar has a waterfront view. It’s the place Crypto Bahamas visitors accrued for “Daybreak Yoga” periods throughout the April convention.
(Fox Information Virtual)

On the identical time, they had been introduced daybreak yoga at the waterfront Palm Garden, the place guests can get a view of the ocean or pose for footage with a flock of flamingos.

A flock of Flamingos near where Crypto Bahamas guests gathered for morning yoga sessions.

A flock of Flamingos close to the place Crypto Bahamas visitors accrued for morning yoga periods.
(Fox Information Virtual)

Visitors returned to the Jasmine Garden for networking lunches day-to-day.

Lots of the shows got here in panel layout, with a moderator and audio system on degree discussing crypto-related subjects.


Wind blows palm leaves on an overcast day at the Baha Mar resort's beach on New Providence Island in the Bahamas.

Wind blows palm leaves on an overcast day on the Baha Mar lodge’s seashore on New Windfall Island within the Bahamas.
(Fox Information Virtual)

Andrew Yang, a former Democratic presidential candidate and math-minded entrepreneur, took the degree along the Blockchain Affiliation’s government director Kristin Smith for a dialogue titled, “How Governments Can Empower the Folks with Crypto.”

And “Shark Tank” big name Kevin O’Leary joined Jeremy Allaire and previous Trump White Space spokesman Anthony Scaramucci, who helped arrange the development, to delve into Wall Boulevard’s flirtations with crypto markets.

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during the Bloomberg Crypto Summit in New York, US, on Tuesday, July 19, 2022.

Sam Bankman-Fried, founder and leader government officer of FTX Cryptocurrency Derivatives Trade, throughout the Bloomberg Crypto Summit in New York, US, on Tuesday, July 19, 2022.
(Jeenah Moon/Bloomberg by the use of Getty Photographs)

Different audio system integrated a large number of tech and trade reporters, together with FOX Trade Community’s Susan Li.

The lineup lent Bankman-Fried an air of credibility months earlier than his shadowy crypto platform and sister hedge fund would cave in in a single day.

Two audio system from Coinbase, a former FTX rival and the sector’s second-largest cryptocurrency alternate, took phase in panels curious about a crypto-based monetary machine and virtual asset infrastructure.

Jasmine Lawn at Baha Mar, where Crypto Bahamas visitors gathered for networking meals during the April conference.

Jasmine Garden at Baha Mar, the place Crypto Bahamas guests accrued for networking foods throughout the April convention.
(Fox Information Virtual)

“We continuously discuss at trade meetings,” an organization spokeswoman mentioned.

The development used to be a good fortune, in keeping with organizers, and in June they introduced a follow-up for 2023.

“We are excited to welcome the crypto neighborhood again to the Bahamas in 2023,” Bankman-Fried mentioned on the time. “Our inaugural Crypto Bahamas convention used to be an enormous good fortune and taken one of the crucial greatest innovators within the trade to the island to collaborate at the persevered collaboration between TradFi, crypto and DeFi. Everybody at FTX is keen to unveil our plans as we pass larger and higher for subsequent 12 months’s convention.”

But if Changpeng “CZ” Zhao, the CEO of crypto large Binance, were given a have a look at Bankman-Box’s funds, he mentioned he noticed purple flags and unloaded more or less a part a thousand million greenbacks of FTX’s FTT token – which temporarily ended in the cave in.

“He used to be mendacity to everybody,” he informed Li Friday morning. “This man is most likely going to be in a large number of bother, in all probability going to prison.”



SALT didn’t right away reply to a request for touch upon whether or not they nonetheless deliberate to host the second one convention after FTX’s cave in. The communications company that had up to now represented FTX for Crypto Bahamas mentioned it now not labored with the corporate Friday.

Fox Information’ Chris Pandolfo, Megan Henney and Matteo Cina contributed to this file.

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