How Patrick Gruhn’s Historic Purchase Contrasts with Sam Bankman-Fried’s Downfall

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More than a month after the sentencing of US FTX’s founder Sam Bankman Fried, a significant auction event gained worldwide attention due to the involvement of former FTX Europe executive Patrick Gruhn.

In the auction, the ex-executive of UK-based FTX acquired a 112-year-old gold pocket watch that was recovered from the body of John Jacob Astor IV, the wealthiest man on the Titanic, for a record-breaking £1.175 million. 

This purchase, while a fascinating piece of history, comes amid the dramatic fall of FTX in the United States, illustrating a tale of two vastly different legacies.

Gruhn’s Connection with the Titanic Watch

Born in Germany, Patrick Gruhn, a crypto law expert, successfully bought the watch from Henry Aldridge & Sons, in Devizes, Wiltshire. Famous for honing and auctioning lost, memorable, and precious items from the ill-fated Titanic, the 112-year-old gold watch is the most expensive piece to be sold off the Titanic. 

Gruhn gave more specific details about why he wanted the watch. He talks about feeling a connection with the original owner of the watch John Jacob Astor IV and his own family, both sharing similar roots in Germany and having decided to migrate to America, unified by their successes and origin

Moreover, Gruhn shares a personal sentimental motive behind wanting to buy this watch. His wife had long been obsessed with the Titanic, especially the story of John Jacob Astor IV.

The gold pocket watch, with the admirable initials “JJA” on it, was recovered seven days after he had drowned on the night of April 15, 1912, in an act of altruism helping his pregnant wife get a space onboard the lifeboat before the ship sunk 

Gruhn, who purchased the watch as a gift for his wife, said he wants “to ensure that this important piece of history remains in the United States where it belongs.”

A Tale of Two FTXs

While the former executive at FTX Europe, Patrick Gruhn, is making his place in history by buying the most valuable artefact from one of the most infamous shipwrecks in the history of the world, his U.S. counterpart, Sam Bankman-Fried, has carved a very different legacy. 

Bankman Fried is currently serving his sentence of 25 years behind bars, for orchestrating one of the biggest financial frauds conducted not only in the crypto market of the U.S. but an infamous incident that scarred the world. 

Notable to see how the once crypto mogul, SBF’s empire collapse is akin to the Titanic’s demise, with billions of dollars misappropriated and an unprecedented impact on investors and customers.

Coming back to the present, Gruhn shows he wants to carry forward legacies. During his interview post-auction, Gruhn expressed his intention to relaunch FTX Europe under a different name called as ‘Perpetuals’, much because he wants to distance himself and the company from the scandalous ‘FTX’ name of the U.S. branch.