A $1.8 million "Pineapple house" was allegedly funded by former FTX executives, who reportedly spent millions on niche projects unrelated to Web3 or crypto. The alleged uses of the customer funds that were allegedly misappropriated were outlined in a report by John Ray, CEO and chief restructuring officer of FTX. The report says that this included "charitable" donations made by former executives and the exchange's co-founder Sam Bankman-Fried through the non-profit FTX Foundation. According to the report, "grants" from the FTX Foundation totaled $700,000, with $400,000 going to "an entity that posted animated videos on YouTube related to ‘rationalist' and Effective Altruism material."
<h3>FTX Bahamas' Pineapple House, other Bahamian property 'awarded' with customer funds</h3>
[embed]https://twitter.com/molly0xFFF/status/1673496388980600832[/embed]

Beam affirmed these "awards" utilized FTX client supports mixed together in different financial balances constrained by <a href="https://www.cryptoknowmics.com/news/report-mainstream-media-questions-decision-to-safeguard-ftx-customers/" target="_blank" rel="noopener">FTX</a>, Alameda Exploration and different elements. Additionally, FTX's $243 million Bahamian real estate portfolio includes a $1.8 million property known as "Pineapple House," all of which were allegedly purchased with customer funds, according to the report. A property in The Bahamas with a name similar to Pineapple House is listed by international broker Sotheby's, but it is unclear whether this is the same property. Ray also mentioned that around $20 million was given to the non-profit organization Guarding Against Pandemics, Inc. and "related entities" from the alleged commingled customer funds.

As the name proposes, Preparing for Pandemics advocates for ventures to forestall pandemics, for example, Coronavirus according to its site. Ray claims that it "worked closely" with the political action committee with the same name, the Guarding Against Pandemics PAC, which is run by Gabe Bankman-Fried, Sam's younger brother.

FTX CEO Claims Extravagant Spending on Cartoon, Book, and 'Pineapple House

Explore the allegations made by FTX CEO regarding the company's lavish expenditure on a cartoon, book, and a mysterious 'Pineapple House.

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

FTX CEO Claims Extravagant Spending on Cartoon, Book, and 'Pineapple House

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