Sam Bankman-Fried transferred assets to Bahamas government after bankruptcy & More Trending News


Sam Bankman-Fried, founder and chief govt officer of FTX Cryptocurrency Derivatives Exchange, speaks throughout an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022.

Jeenah Moon | Bloomberg | Getty Images

FTX in a bombshell emergency court docket submitting Thursday stated it has credible proof that Bahamian regulators directed former CEO Sam Bankman-Fried to achieve “unauthorized access” to FTX methods to get hold of digital assets belonging to the corporate after it had filed for Chapter 11 bankruptcy safety.

The submitting stated Bankman-Fried transferred these assets to the custody of the Bahamian government. It cites an interview revealed by Vox on Wednesday, during which Bankman-Fried expresses critical disdain for regulators.

“F— regulators,” he stated within the interview. “They make everything worse. They don’t protect customers at all.”

“You know what was maybe my biggest single f—up?” he requested. “Chapter 11.”

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In the movement, filed within the U.S. Bankruptcy Court in Delaware, FTX stated the alleged conduct places “in serious question” a request by Bahamian regulators for recognition as liquidators within the bankruptcy.

“[I]n connection with investigating a hack on Sunday, November 13, Mr. Bankman-Fried and [FTX co-founder Gary] Wang, stated in recorded and verified texts that “Bahamas regulators” instructed that certain post-petition transfers of Debtor assets be made by Mr. Wang and Mr. Bankman-Fried (who the Debtors understand were both effectively in the custody of Bahamas authorities) and that such assets were “custodied on FireBlocks beneath management of Bahamian gov’t,” the motion said.

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“The Debtors thus have credible proof that the Bahamian government is chargeable for directing unauthorized entry to the Debtors’ methods for the aim of acquiring digital assets of the Debtors—that befell after the graduation of those instances. The appointment of the JPLs and recognition of the Chapter 15 Case are thus in critical query,” the motion said.

Bankman-Fried was not immediately available to comment. The law firms representing FTX, Landis Rath & Cobb and Sullivan & Cromwell, did not respond to requests for comment. CNBC did not immediately receive a response to an email to the Securities Commission of the Bahamas.

Sam Bankman-Fried transferred assets to Bahamas government after bankruptcy

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Sam Bankman-Fried transferred assets to Bahamas government after bankruptcy

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Sam Bankman-Fried transferred assets to Bahamas government after bankruptcy

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