The Securities Fee of The Bahamas (SCB) launched a press release on Monday to defend itself in opposition to the “materials misstatements” made by the newly appointed Chief Govt of FTX, John Ray, who’s overseeing the chapter proceedings of the collapsed cryptocurrency trade.
The statements got here in response to Ray’s problem in opposition to calculating the digital belongings held by the Bahamas regulator, which belonged to FTX prospects. The SCB final week revealed that it’s holding $3.5 billion in digital belongings that it obtained from the native entity of FTX with a courtroom order. It stated that the problem to the calculation of digital belongings was primarily based on incomplete info.
Moreover, the Bahamas regulator challenged Ray’s allegations on its order to mint $300 million price of FTT tokens and the SCB-held tokens of FTX being stolen.
“The US Debtors’ continued lack of diligence when making [a] public assertion in regards to the Fee is disappointing, and displays a cavalier perspective in the direction of the reality and in the 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 SCB acknowledged.
Securities Fee of The Bahamas Corrects Materials Misstatements made by Chapter 11 Debtors pic.twitter.com/FkSXEt9fz5
— Securities Fee of The Bahamas (@SCBgov_bs) January 3, 2023
A Battle to Management FTX’s Funds
The FTX fiasco exploded final month, resulting in the chapter submitting of the crypto trade and over 130 of its associates . Furthermore, the trade was hacked a day after the chapter submitting, resulting in the theft of no less than $372 million in cryptocurrencies. The Bahamas regulator cited the cyberattack and different unwell practices by FTX management to get a courtroom order to pay money for the FTX tokens held by the domestically registered entity, which additionally filed for chapter within the US.
Celebrities endorsing FTX
Ray, who changed Bankman-Fried as FTX’s CEO, questioned the Bahamas regulator’s transfer to acquire the cryptocurrencies final month. On November 30, a gaggle of debtors of FTX and its associates sought the return of the cryptocurrencies held by the Bahamas regulator, because the digital belongings have been obtained after the graduation of the chapter proceedings.
“The FTX Debtors have knowledgeable the Bahamas Fee that none of Mr Bankman-Fried, Mr Wang or the Bahamas Fee had a proper to take cryptocurrency of the FTX Debtors,” the group acknowledged. Nonetheless, the Bahamas regulator earlier stated that it’s going to solely return the funds with a courtroom order.
The Securities Fee of The Bahamas (SCB) launched a press release on Monday to defend itself in opposition to the “materials misstatements” made by the newly appointed Chief Govt of FTX, John Ray, who’s overseeing the chapter proceedings of the collapsed cryptocurrency trade.
The statements got here in response to Ray’s problem in opposition to calculating the digital belongings held by the Bahamas regulator, which belonged to FTX prospects. The SCB final week revealed that it’s holding $3.5 billion in digital belongings that it obtained from the native entity of FTX with a courtroom order. It stated that the problem to the calculation of digital belongings was primarily based on incomplete info.
Moreover, the Bahamas regulator challenged Ray’s allegations on its order to mint $300 million price of FTT tokens and the SCB-held tokens of FTX being stolen.
“The US Debtors’ continued lack of diligence when making [a] public assertion in regards to the Fee is disappointing, and displays a cavalier perspective in the direction of the reality and in the 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 SCB acknowledged.
Securities Fee of The Bahamas Corrects Materials Misstatements made by Chapter 11 Debtors pic.twitter.com/FkSXEt9fz5
— Securities Fee of The Bahamas (@SCBgov_bs) January 3, 2023
A Battle to Management FTX’s Funds
The FTX fiasco exploded final month, resulting in the chapter submitting of the crypto trade and over 130 of its associates . Furthermore, the trade was hacked a day after the chapter submitting, resulting in the theft of no less than $372 million in cryptocurrencies. The Bahamas regulator cited the cyberattack and different unwell practices by FTX management to get a courtroom order to pay money for the FTX tokens held by the domestically registered entity, which additionally filed for chapter within the US.
Celebrities endorsing FTX
Ray, who changed Bankman-Fried as FTX’s CEO, questioned the Bahamas regulator’s transfer to acquire the cryptocurrencies final month. On November 30, a gaggle of debtors of FTX and its associates sought the return of the cryptocurrencies held by the Bahamas regulator, because the digital belongings have been obtained after the graduation of the chapter proceedings.
“The FTX Debtors have knowledgeable the Bahamas Fee that none of Mr Bankman-Fried, Mr Wang or the Bahamas Fee had a proper to take cryptocurrency of the FTX Debtors,” the group acknowledged. Nonetheless, the Bahamas regulator earlier stated that it’s going to solely return the funds with a courtroom order.
