- Former FTX Europe head, Patrick Gruhn, has purchased a piece of Titanic memorabilia for a record-breaking $1.5 million.
- The item is a gold pocket watch that belonged to John Jacob Astor IV, the richest passenger aboard the Titanic.
- This comes amidst financial controversies surrounding Gruhn and the bankruptcy of FTX.
Ex-FTX Europe head, Patrick Gruhn, acquires Titanic memorabilia for $1.5 million, amidst financial controversies and the bankruptcy of FTX.
Gruhn’s Record-Breaking Purchase
Patrick Gruhn, the former head of FTX Europe, has made headlines with his purchase of a piece of Titanic memorabilia for nearly $1.5 million. This marks the highest amount ever paid at auction for an item from the ill-fated ship. The item in question is a gold pocket watch that belonged to John Jacob Astor IV, a wealthy American property magnate and the richest passenger aboard the Titanic. Gruhn revealed that he financed the purchase using funds obtained from selling his companies and plans to display the watch in museums. He intends the watch as a gift for his wife, Maren Gruhn.
Controversies Surrounding Gruhn and FTX
The transaction comes amidst financial controversies surrounding the former FTX executive. Back in July 2023, FTX’s bankruptcy estate was chasing down over $323.5 million from the executives running FTX Europe. They ended up striking a deal where Gruhn and his team agreed to buy back FTX’s European assets for around $33 million. Moreover, Gruhn has said he had no clue about any fraudulent activities at FTX prior to its collapse in November 2022. Since the downfall of FTX, Gruhn has relocated to Oregon, where he is currently managing a German Catholic TV network and working on establishing a crypto derivatives exchange in Europe.
FTX’s Bankruptcy and Future Plans
A US bankruptcy court has given FTX’s liquidators the greenlight to kickstart bids to sell four functioning subsidiaries — including its Japanese and European units. The businesses include custody platform and broker-dealer Embed, crypto derivatives exchange and clearing house LedgerX, FTX Japan and FTX Europe, which have reportedly attracted as many as 117 expressions of interest. While the bankruptcy case could take years, a committee representing FTX’s creditors has prioritized the sale of certain entities. They argued that all these businesses have solvent balance sheets, independent management and valuable franchises, but they are at “risk of losing value if not sold quickly.” Coinbase was reportedly in the final stages of negotiations to acquire FTX Europe, primarily due to the profitability of its derivatives business and its increasing customer base.
Conclusion
As the former FTX Europe head makes a record-breaking purchase amidst financial controversies, the future of FTX’s subsidiaries hangs in the balance. With potential buyers showing interest, the fate of these entities will be a key development to watch in the crypto industry.
