Ex-FTX Europe chief pays record $1.5M for Titanic gold watch

The former head of FTX Europe has paid the highest amount ever for a piece of Titanic memorabilia. Patrick Gruhn reportedly paid $1.5 million for a gold pocket watch recovered from the ship’s richest passenger, wall street journal where did it go.

The watch was owned by John Jacob Astor IV, an American real estate tycoon who was aboard the ill-fated ship with his pregnant wife Madeleine Astor after their honeymoon in Europe.

When the Titanic hit an iceberg in 1912, an officer told Astor that he would not be able to board the lifeboats until all the women and children were safely evacuated. According to reports, a week later, Aster’s body was found in the water along with his possessions – a 14-karat gold watch, gold and diamond cuff links, a diamond ring and a gold pencil.

The watch was expected to be priced between £100,000 and £150,000, but this was much more than expected.

Gruhn revealed that he used the money he received from the sale of his companies to purchase the historic watch for his wife, Maren Gruhn. However, he said that the watch will be displayed in a museum, so that others can enjoy this timeless artefact.

FTX collapse

In July 2023, the FTX bankruptcy estate requested that the US bankruptcy court allow recovery of more than $323.5 million from FTX Europe’s leadership. As part of a settlement, Gruhn and others agreed to purchase FTX’s European assets for approximately $33 million. Gruhn also said he was unaware of the FTX fraud before its collapse.

However, there has been criticism over the purchase of the Titanic watch, as many people have not yet seen anything of them. Money returned from FTX scam, “The irony of this cannot be overstated,” finance writer Erin Arvendlund posted on X.

Since the collapse of FTX in November 2022, Gruhn has relocated to Oregon. From there, he operates a German Catholic TV network and is working to establish a cryptocurrency derivatives exchange in Europe.

Sam Bankman-FriedWas the disgraced founder and former CEO of a now defunct crypto exchange sentenced to 25 years in prison For their role in the fraud. However, Bankman-Fried’s defense team said they would appeal the sentence.

During sentencing, U.S. District Judge Lewis Kaplan commented that Bankman-Fried did not offer “a word of remorse” for her “horrible crimes”. However, he has since expressed regret, saying: “I worry every day about what was lost. It was never my intention to hurt anyone or take anyone’s money.”

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