Former FTX Europe Executive Buys $1.5 Million Gold Watch Owned by Titanic Victim, Wealthy American Magnate John Jacob Astor IV

In a dramatic display of wealth and historical fascination, Patrick Grün, the former head of FTX Europe, has captured media attention after acquiring a 14-karat gold watch once owned by John Jacob Astor IV, the richest passenger aboard the ill-fated Titanic, for $1.5 million. This transaction occurred at an auction hosted by Henry Aldridge & Son.

Grün, a German fintech entrepreneur, led FTX Europe through a brief but eventful tenure. The division only operated in the region for eight months before its closure in March 2023, shortly after which FTX launched a website allowing European clients to withdraw their funds. Following the cryptocurrency exchange's collapse, Grün was involved in legal proceedings with FTX, which sought to recover $325.5 million spent on acquiring the Swiss startup Digital Assets AG (DAAG)—on which FTX Europe was based and of which Grün was a co-founder.

The dispute was eventually settled, and the European division was sold back to its original founders for $32.7 million. Grün has claimed ignorance of any fraudulent activities by FTX founder Sam Bankman-Fried, who was sentenced to 25 years in prison. He asserts that the funds used to purchase the gold watch were obtained from the sale of his businesses. Since leaving FTX, he has started a new venture and launched a cryptocurrency derivatives exchange in Europe.

The opulent timepiece belonged to Astor, an American real estate magnate, who famously secured a seat for his wife in a lifeboat while he remained on the sinking ship. Astor's body was recovered a week after the Titanic sank by the steamship CS Mackay-Bennett, along with the gold watch, luxurious cufflinks with precious stones, a diamond ring, several thousand dollars in cash, and a gold pencil.

Grün expressed a desire for this historical relic to be admired by people in the USA, underscoring his intention to share a piece of history intimately connected to one of the most tragic maritime disasters. This purchase not only highlights Grün's interest in historical artifacts but also reflects the ongoing public fascination with the Titanic and its notable passengers.