As a crypto investor and history enthusiast, I find the recent news about Patrick Gruhn’s purchase of the Titanic gold pocket watch for his wife an intriguing development. The connection between this historic relic and the former FTX executive, who shares a common immigrant background with Astor, adds an interesting layer to the story.
An ex-top executive from the European branch of the defunct cryptocurrency exchange FTX has shelled out a staggering £1.175 million (approximately $1.5 million) – the highest price ever recorded – for a gold pocket watch salvaged from the Titanic wreckage.
Based on a Wall Street Journal article, Patrick Gruhn, a German fintech entrepreneur and ex-head of FTX Europe, purchased a 14-karat gold watch last Saturday from Henry Aldridge & Son, a renowned English auction house specializing in Titanic memorabilia.
Former FTX Exec Buys Titanic Gold Watch
John Jacob Astor IV, an affluent American real estate tycoon, tragically perished on the Titanic in 1912 during its fateful voyage back from his honeymoon in Europe with his pregnant wife, Madeleine Astor. Remarkably, she was saved in a lifeboat. As the wealthiest passenger aboard, Astor’s pocket watch now holds historical significance.
One week after the Titanic disaster, Astor’s corpse was discovered by the crew of a steamship. Among the possessions found on his body were a gold timepiece, a golden pencil, a diamond ring, a belt with a gold buckle, and cufflinks made of gold. Later on, Astor’s son, Vincent, held onto the watch for some time before passing it down to the son of his father’s deceased secretary. Eventually, in the 1990s, this watch was acquired by John Miottel, a private collector.
Last week, I observed Miottel conducting an auction where they sold a remarkable watch. This acquisition caught my attention as it was eventually purchased by none other than Mr. and Mrs. Gruhn. Maren, the gracious lady in question, will reportedly showcase this intricately engraved timepiece, bearing Astor’s initials, within esteemed museums across the United States.
“The ex-FTX executive expressed a desire for Americans to have the opportunity to view and appreciate this historical artifact.”
Gruhn shared that he felt a strong bond with Astor due to the fact that both their families had emigrated from Germany to the United States in pursuit of prosperity.
FTX Dropped Lawsuit Against Gruhn
Gruhn led FTX’s European expansion until the company as a whole faced bankruptcy in November 2022. According to CryptoPotato, a few months prior to FTX’s downfall, Gruhn and the disgraced founder Sam Bankman-Fried (SBF) were reportedly planning to set up a regional headquarters for the exchange in Dubai.
After the failure of the deal, the bankruptcy court representing FTX filed a lawsuit against Gruhn and other ex-executives in order to recoup the approximately $323 million that Sam Bankman-Fried (SBF) had paid for acquiring the Swiss company that later became FTX Europe. The allegation was that SBF had overpaid for this asset. However, the lawsuit was dismissed in February, with the ex-executives agreeing to repurchase the European assets for around $33 million.
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2024-05-05 15:04