An FTX exec bought $6 million of real estate and restaurants in a small Massachusetts town. The crypto giant’s collapse has a local official worried about the town’s future.

The Church Street Inn in Lenox, MA.Business Wire/APRyan Salame, a co-CEO at FTX, reportedly bought $6 million of restaurants and real estate in Lenox, Massachusetts. A local official told The Berkshire Eagle she was “concerned” about what FTX’s collapse meant for the town.The newspaper reported last year that Salame owned almost half the town’s restaurants.The 5,000-resident town of Lenox, Massachusetts is closely following the FTX fallout because one of the company’s co-CEOs owns a significant portfolio of property in the town.As first reported by The Berkshire Eagle, Ryan Salame, who was co-CEO at FTX Digital Markets, invested $6 million in restaurants and real estate in Lenox. The same newspaper reported last year that Salame owned almost half the town’s restaurants. FTX has since filed for bankruptcy and its founder, Sam Bankman-Fried, was arrested last week. Bankman-Fried has been accused of funneling customer funds into his trading firm, Alameda, and using some customer money to buy luxury real estate and fund political donations. Salame received a $55 million loan from Alameda, according to bankruptcy filings, and donated $23 million to mostly Republican political candidates. Jennifer Nacht, executive director of the Lenox Chamber of Commerce, told The Berkshire Eagle she was “concerned” about what FTX’s collapse “means for Lenox.” Salame’s company Lenox Eats, and his attorney, Jason Linder, didn’t ‘t immediately respond to Insider’s requests for comment. Two days before FTX’s bankruptcy, Salame alerted authorities about potential wrongdoing at the company, according to court filings. The Wall Street Journal also reported that Salame vomited upon hearing about FTX’s impending collapse. Read the original article on Business Insider

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