Crypto Giant FTX Executive’s $6 Million Real Estate and Restaurant Investment in Massachusetts Town Causes Local Concerns Over Future After Company’s Collapse

Lenox, Massachusetts, is understood for its picturesque New England appeal. It is a cultural hotspot, house to the Tanglewood Music Middle and Norman Rockwell Museum. It is also identified for its historic properties and native eating places. It will probably really feel like a spot out of time, however 2022 is catching up with Lenox within the demise of the FTX cryptocurrency change, which can immediately have an effect on the city’s financial future.

In keeping with The Berkshire Eagle, Ryan Salame, beforehand co-CEO at FTX subsidiary FTX Digital Markets, invested $6 million in buying Lenox eating places and actual property.

FTX infamously declared chapter on Nov. 11, and its founder, Sam Bankman-Fried, was arrested final week within the Bahamas pending extradition to the U.S. Bankman-Fried, also referred to as SBF, has been accused of redirecting FTX prospects’ cash to his buying and selling firm, Alameda. Bankman-Fried additionally allegedly used a few of these funds to purchase luxurious actual property and make hefty political donations.

Enterprise Insider experiences that courtroom papers be aware that Ryan Salame, whom Alameda loaned $55 million at one level, alerted authorities of issues at FTX days earlier than the corporate filed for chapter. As well as, the Wall Avenue Journal reported that Salame was bodily in poor health upon studying of the corporate’s collapse.

Talking to the Eagle, Lenox Chamber of Commerce director Jennifer Nacht stated, “I really feel actually badly for Ryan, and sure, I’m involved about what it means for Lenox. I do know Heritage and Firefly [two eateries owned by Salame’s Lenox Eats] are persevering with to function as regular. Every part else is on maintain till additional discover.”

“It is so loopy that one thing of this international magnitude has such a direct impact on our little city,” Nacht added.

For his half, Salame has been publicly quiet, not responding to questions on his pursuits in Lenox or the rest. His final tweet was posted on Nov. 6, 5 days earlier than FTX collapsed. It learn, “It is so highly effective studying who your pals are! Very excited to develop with them in the long run. It is not arduous to genuinely work out who cares about prospects and who does not in case you look previous the madness.”