Bahamian regulator calls statements of new FTX CEO “unfounded”. Assessing why…

1 year ago 81
  • A Bahamian regulator reported that it held implicit $3.5 cardinal successful FTX lawsuit assets since 12 November
  • Soon after, FTX Trading and its affiliated debtors claimed that they would question the instrumentality of that cryptocurrency to their Chapter 11 estates for the payment of creditors.

According to a 30 December 2022 tweet, the SCB shared connected Twitter that it has held much than $3.5 cardinal successful lawsuit assets since 12 November.

The Securities Commission of The Bahamas (SCB) further called the statements of the caller FTX CEO “unfounded.” This tweet was the latest successful the enactment of slings and arrows aimed astatine each different by the Bahamian regulator and the caller FTX management.

Securities Commission of The Bahamas Corrects Material Misstatements made by Chapter 11 Debtors

— Securities Commission of The Bahamas (@SCBgov_bs) January 3, 2023

The SCB took objection to 3 statements made by the caller FTX CEO, John Ray III. These see his statements questioning its calculation of the worth of the integer assets transferred into its custody connected 12 November, his statements astir the regulator instructing FTX to mint $300 cardinal successful caller FTT tokens, and his statements suggesting that assets held by the SCB were stolen.

Ray III’s situation to the SCB’s calculations, according to the SCB, was based connected incomplete information. Furthermore, the claims that the SCB had fixed FTX instructions connected FTT minting were allegedly “unfounded.”

Ray III’s charges of theft were unsubstantiated, according to the statement.

The SCB further said,

“The US Debtors’ continued deficiency of diligence erstwhile making nationalist connection concerning the Commission is disappointing, and reflects a cavalier cognition towards the information and towards The Bahamas that has been displayed by the existent officers of the Chapter 11 Debtors from the day of their assignment by Sam Bankman-Fried.”

FTX debtors to question assets worthy $3.5 cardinal held by the SCB

Soon after, FTX trading and its affiliated debtors issued a statement, wherein they claimed that they would question the instrumentality of that cryptocurrency to their Chapter 11 estates for the payment of creditors. FTX further claimed that the funds were transferred aft bankruptcy proceedings had begun.

Their grounds read,

“The FTX Debtors person informed the Bahamas Commission that nary of Mr. Bankman-Fried, Mr. Wang oregon the Bahamas Commission had a close to instrumentality cryptocurrency of the FTX Debtors.”

The debtors claimed that the cryptocurrency was successful a Fireblocks wallet controlled by the Bahamas regulator. It was worthy $296 cardinal astatine spot marketplace prices portion being transferred, but until the clip of the tweet, it was worthy $167 cardinal only.

Ser Suzuki Shillsalot has 8 years of acquisition moving arsenic a Senior Investigative writer astatine The SpamBot Times. He completed a two-hour people successful journalism from a fashionable YouTube video and was 1 of the fewer to springiness it a affirmative rating. Shillsalot's writings chiefly absorption connected shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is simply a flimsy anticipation the illustration pic is AI-generated. You see, this relationship is chiefly utilized by our freelancer writers and they privation to stay anonymous. Wait, are they Satoshi? :/

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