Patrick Gruhn, previously in charge of FTX Europe, has bought a piece of Titanic memorabilia for a huge sum of $1.5 million. The item is a gold pocket watch that belonged to John Jacob Astor IV, the wealthiest passenger on the Titanic. This purchase stands as the highest ever paid for an item from the fateful ship. Gruhn mentioned that he used funds from selling his companies to finance the buy and plans to showcase the watch in museums, intending to gift it to his wife, Maren Gruhn.

Amidst the titanic purchase, Patrick Gruhn has faced financial controversies and the bankruptcy of FTX. Following the collapse of FTX in November 2022, where Gruhn claimed to have no prior knowledge of any misconduct, he has since moved to Oregon. Currently, he oversees a German Catholic TV network and is working towards establishing a crypto derivatives exchange in Europe.

As FTX faces bankruptcy, its liquidators have been granted approval by a US bankruptcy court to begin selling four functioning subsidiaries, including its Japanese and European units. There have reportedly been 117 expressions of interest for these ventures. The sale of these entities is a priority for a committee representing FTX's creditors, given their solvent balance sheets and valuable franchises. Coinbase is reportedly close to securing a deal to acquire FTX Europe due to its profitable derivatives business and growing customer base.

In the midst of financial turmoil, Patrick Gruhn's record-breaking purchase and the future of FTX's subsidiaries remain uncertain but crucial developments in the cryptocurrency industry. The fate of these businesses will be closely monitored as potential buyers show interest in keeping these entities afloat.