Patrick Gruhn, renowned as the former head of FTX Europe, has made headlines with his recent acquisition of a significant historical artifact: a gold pocket watch from the Titanic, purchased for an astonishing sum of nearly $1.5 million. This acquisition sets a new record as the highest amount ever spent at auction on a piece of Titanic memorabilia, underscoring the enduring fascination with the tragic story of the legendary ocean liner.
The watch in question belonged to none other than John Jacob Astor IV, a prominent American tycoon and one of the wealthiest passengers aboard the ill-fated Titanic. According to reports from The Wall Street Journal, Astor’s association with the iconic timepiece adds an extra layer of historical significance to its acquisition by Gruhn.
John Jacob Astor IV and his newlywed wife, Madeleine Astor, were among the passengers aboard the Titanic, returning to America following their European honeymoon. The tragic events of that fateful night in 1912 unfolded as the Titanic struck an iceberg, setting off a chain of events that would ultimately lead to one of the most infamous maritime disasters in history.
In the chaos and confusion that ensued as the Titanic began to sink, Astor found himself faced with a harrowing decision. When an officer informed him that he could not board a lifeboat until all women and children had been safely evacuated, Astor nobly adhered to the maritime tradition of “women and children first,” ensuring his pregnant wife’s safety before considering his own.
Tragically, despite his gallant efforts, John Jacob Astor IV perished in the icy waters of the North Atlantic. His lifeless body, along with his personal effects, including the exquisite 14-karat gold pocket watch, cufflinks, a diamond ring, and a gold pencil, were later recovered from the depths.
Gruhn utilized proceeds from the sale of his companies to finance the acquisition.
Patrick Gruhn disclosed that he utilized proceeds from the sale of his companies to acquire the historic timepiece for his wife, Maren Gruhn. With the aim of sharing this significant artifact from the Titanic’s tragic voyage with a wider audience, the couple plans to exhibit the watch in museums.
According to news on May 2, Patrick Gruhn, the former head of European business of the cryptocurrency exchange FTX, bought a gold pocket watch that survived the sinking of the Titanic for a sky-high price of 1.175 million pounds (about 1.5 million U.S. dollars) last Saturday. ,… pic.twitter.com/Pq1582Ynnz
— Jill (@Jill_yan1) May 2, 2024
In July 2023, the FTX bankruptcy estate initiated legal proceedings to recover more than $323.5 million from the executives of FTX Europe.
As part of a negotiated settlement, Gruhn and other involved parties reached an agreement to repurchase FTX’s European assets for around $33 million.
Gruhn asserted his lack of prior knowledge regarding the FTX fraud that led to its collapse.
Following the FTX debacle in November 2022, Gruhn relocated to Oregon, where he currently oversees operations at a German Catholic TV network. Concurrently, he is actively involved in establishing a cryptocurrency derivatives exchange in Europe.
SBF has filed an appeal against both the fraud conviction and the accompanying sentence.
Sam Bankman-Fried’s recent filing to appeal his conviction and subsequent sentence for fraud and conspiracy charges marks a pivotal development in his legal battle. Following his conviction last November on seven counts after a month-long trial, Bankman-Fried received a daunting 25-year federal prison sentence, adding to the gravity of his situation.
In a further legal maneuver, attorneys representing the FTX founder have requested that Judge Lewis A. Kaplan maintain Bankman-Fried’s confinement at the Metropolitan Detention Center in Brooklyn. This request aims to facilitate his access to appellate counsel as he endeavors to overturn his sentence. During his sentencing, Bankman-Fried’s legal team drew attention to the substandard conditions at the Metropolitan Detention Center, labeling it as “the worst federal jail in the country.” Reports have highlighted issues such as inadequate access to water and unreliable electricity, further complicating Bankman-Fried’s circumstances.
Meanwhile, the FTX bankruptcy estate has outlined ambitious plans to initiate repayments to customers by the conclusion of 2024, a significant development disclosed during a meeting of FTX Digital’s Joint Official Liquidators in the Bahamas. This bankruptcy proceeding encompasses two distinct processes: the Chapter 11 bankruptcy overseen by a Delaware court in the United States and the official liquidation of FTX Digital, a Bahamas-based subsidiary of FTX. Despite their separate jurisdictions, both entities have committed to collaboration, enabling creditors to submit their claims to either party while ensuring equitable distribution of assets to creditors, guaranteeing that no creditor receives less than their entitled value.
READ MORE ABOUT: Former executives and promoters of FTX have agreed to settle a lawsuit by paying $1.35 million.
