- Patrick Gruhn, the former head of FTX Europe, has recently made headlines for his extravagant purchases, including a $1.5 million gold watch found on a victim of the Titanic.
- The watch originally belonged to John Jacob Astor, an American business magnate and the richest passenger on the doomed 1912 transatlantic voyage.
- Gruhn’s past and present business ventures have been under legal scrutiny, including his role in the now-collapsed crypto exchange, FTX.
Former FTX Europe head, Patrick Gruhn, has drawn attention for his extravagant purchases amidst legal scrutiny over his business dealings. The most recent of his acquisitions is a $1.5 million gold watch recovered from the Titanic.
Patrick Gruhn’s Extravagant Purchase
Patrick Gruhn, the former head of FTX Europe, recently spent $1.5 million to acquire a gold watch found on the corpse of a victim of the Titanic, according to a report in The Wall Street Journal. The watch originally belonged to John Jacob Astor, an American business magnate considered to be the richest passenger on the doomed 1912 transatlantic voyage.
Gruhn’s Connection to FTX and Legal Scrutiny
In November 2021, FTX spent $376 million to acquire a Swiss crypto firm run by Gruhn and his business partners, which would become FTX Europe. However, a lawsuit later filed by FTX’s bankruptcy estate claimed that the firm had yet to operate and only boasted a “business plan”. Further, no due diligence was completed by FTX’s attorneys about Gruhn’s firm, before the acquisition was completed. Over the next two years, Gruhn allegedly sent over $4 million from FTX Europe to Kephas, a company he personally owned, for unspecified consulting services.
Gruhn’s Future Endeavors
Despite the legal issues, Gruhn continues to live in Oregon, where he purchased eight properties during the period he led FTX Europe. He’s now building a crypto derivative exchange in Europe, according to the report, and operates a Catholic television network in Germany.
Conclusion
Patrick Gruhn’s extravagant purchases and business ventures continue to draw attention. Despite the legal scrutiny surrounding his role in FTX Europe, Gruhn is forging ahead with new projects, including a crypto derivative exchange in Europe. His story serves as a reminder of the high stakes and potential pitfalls in the rapidly evolving world of cryptocurrency.
