Securities Commission of The Bahamas denies asking FTX to mint millions in tokens & More Trending News


The Securities Commission of The Bahamas (SCB) is denying allegations that it had directed the failed crypto-exchange, FTX, to mint US$300m tokens prior to its collapse.

“The Securities Commission of The Bahamas must once again correct material misstatements made by Mr. John J Ray III, the representative of the US FTX debtors (Chapter 11 Debtors), in both the press and court filings,” the SCB stated in an announcement because it challenged Ray on his allegations, they’d any management over the failed crypto-exchange belongings after its submitting for liquidation and Chapter 11 chapter.

The SCB stated on December 30, final yr, the Chapter 11 debtors publicly challenged the fee’s calculations of the digital belongings which have been transferred to digital wallets managed by the fee on November 12, 2022, for safekeeping in the train of its powers as regulator appearing beneath the authority of an order made by the Supreme Court.

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It stated such public assertions by the Chapter 11 debtors have been primarily based on incomplete info.

“The Chapter 11 debtors selected not to make the most of their capability to request info from the joint provisional liquidators pursuant to a court docket order of the Supreme Court of The Bahamas that the fee obtained in an effort to permit the Chapter 11 debtors to receive this info.

“The US debtors’ continued lack of diligence when making public statements concerning the Commission is disappointing and reflects a cavalier attitude towards the truth and towards The Bahamas that has been displayed by the current officers of the Chapter 11 Debtors from the date of their appointment by Sam Bankman-Fried.”

“These statements have been made in a court docket submitting on December 12, 2022, with out proof, after which made once more beneath oath, on December 13, earlier than the United States’ House Financial Services Committee.

“Statements suggesting that Bahamian officers directed FTX workers to mint US$300m in new FTT tokens have been extensively reported by the worldwide press. Such unfounded statements have the impression of selling distrust of public establishments in The Bahamas.

The SBC stated the Chapter 11 debtors have additionally alleged that the digital belongings managed by the fee in belief for the profit of prospects and collectors of FTXDM have been “stolen, with out offering any substantiated bases for such claims, notably, as to their claims to possession of the belongings.

The SBC stated Ray had by no means reached out to affirm any info earlier than making allegations and that it “has nonetheless not obtained a response to its 7 December 2022 letter to Mr. Ray providing cooperation with Chapter 11 debtors.

Last December, the chief govt officer of the of the collapsed cryptocurrency alternate, Sam Bankman-Fried, was extradited to the United States after he was arrested in The Bahamas.

A grand jury indictment charged Bankman-Fried with wire fraud and conspiracy to commit wire fraud towards lenders and prospects, conspiracy to commit securities fraud, conspiracy to commit cash laundering, and violations of marketing campaign finance legal guidelines.



Securities Commission of The Bahamas denies asking FTX to mint millions in tokens

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Securities Commission of The Bahamas denies asking FTX to mint millions in tokens

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Securities Commission of The Bahamas denies asking FTX to mint millions in tokens

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