Former FTX Europe Head Makes Record-Breaking $1.5M Purchase of Titanic’s Richest Passenger’s Gold Pocket Watch
Ruholamin Haqshanas
Last updated: May 2, 2024 06:33 EDT | 2 min read
Patrick Gruhn, previously in charge of FTX Europe, has set a new record by acquiring a gold pocket watch from the Titanic for nearly $1.5 million. This purchase marks the highest amount ever spent on a piece of Titanic memorabilia at an auction.
The watch originally belonged to John Jacob Astor IV, an American real estate tycoon who was among the wealthiest passengers on the ill-fated ship. The Wall Street Journal reported this information.
Astor was traveling on the Titanic with his pregnant wife, Madeleine Astor, following their honeymoon in Europe. When the ship struck an iceberg in 1912, an officer informed Astor that he could not board a lifeboat until all women and children were safely evacuated.
Tragically, a week later, Astor’s lifeless body, along with his personal belongings including the 14-karat gold pocket watch, cufflinks, a diamond ring, and a gold pencil, were recovered from the water.
Gruhn Used Proceeds from the Sale of His Companies for the Purchase
Patrick Gruhn revealed that he utilized the funds obtained from selling his companies to acquire this historic timepiece for his wife, Maren Gruhn. The couple plans to display the watch in museums, allowing others to appreciate this significant artifact from the Titanic’s tragic voyage.
In July 2023, the FTX bankruptcy estate sought to recover over $323.5 million from the leadership of FTX Europe. As part of a settlement, Gruhn and other parties agreed to repurchase FTX’s European assets for approximately $33 million. Gruhn stated that he was unaware of the FTX fraud before its collapse.
Following the FTX incident in November 2022, Gruhn relocated to Oregon, where he now manages a German Catholic TV network and aims to establish a cryptocurrency derivatives exchange in Europe.
SBF Appeals Fraud Conviction and Sentence
Last week, Sam Bankman-Fried filed an appeal against his conviction and sentence for fraud and conspiracy charges. The disgraced crypto boss was convicted last November after a month-long trial on seven different charges and received a 25-year federal prison sentence.
In an additional court filing, attorneys for the FTX founder requested that Judge Lewis A. Kaplan keep Bankman-Fried at the Metropolitan Detention Center in Brooklyn to “facilitate access to his appellate counsel” as he works to overturn his sentence.
During his sentencing, Bankman-Fried’s lawyers described the Metropolitan Detention Center as “the worst federal jail in the country,” citing issues such as lack of access to water and poor electricity experienced by prisoners.
As reported, the FTX bankruptcy estate aims to initiate repayments to customers by the end of 2024, as disclosed during a meeting of FTX Digital’s Joint Official Liquidators in the Bahamas.
The FTX bankruptcy involves two separate processes: the Chapter 11 bankruptcy overseen by a Delaware court in the United States and the official liquidation of FTX Digital, the Bahamas-based subsidiary of FTX. However, both entities have agreed to collaborate, allowing creditors to submit their claims to either party while ensuring that no creditor receives less than their entitled value.
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