Bahamas accuses FTX administration of impeding investigation

by Jeremy

The Bahamas Securities Fee (SCB) mentioned FTX’s management was impeding its investigations by denying the court-appointed Joint Provisional Liquidators (JPL) entry to the bankrupt agency’s methods, in line with a Jan. 2 press launch.

The SCB additionally accused FTX’s CEO John Ray III of false statements that would promote distrust of public establishments within the Caribbean nation.

In keeping with the regulator, makes an attempt at cooperation have failed as a result of the CEO has not responded to such requests since Dec. 7. It added that Ray doesn’t state any of his issues with the Fee earlier than airing them publicly.

In the meantime, the monetary regulator mentioned FTX administration’s latest assertion difficult its calculations of the seized property was based mostly on incomplete info. In keeping with the regulator, the FTX management has did not make the most of its potential to request info from JPL.

“The U.S. Debtors’ continued lack of diligence when making public statements regarding the Fee is disappointing, and displays a cavalier angle in direction of the reality and in direction of The Bahamas that has been displayed by the present officers of the Chapter 11 Debtors from the date of their appointment by Sam Bankman-Fried.”

The Bahamian authority mentioned on Dec. 29 that it was quickly holding FTX property price $3.5 billion. Nonetheless, the bankrupt trade management requested the SCB to “clear up any confusion” surrounding the value of the seized crypto property.

The federal government company additionally mentioned statements alleging that the property underneath the management of the Fee had been stolen or that it directed FTX workers to mint $300 million FTT tokens had been made with none proof.

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